TIDMWATR
RNS Number : 1889S
Water Intelligence PLC
15 March 2021
Water Intelligence plc
Appointment of Non-Executive Director
Issue of Options
Sale of Treasury Shares
Water Intelligence plc (AIM: WATR.L) a leading multinational
provider of precision, minimally-invasive leak detection and
remediation solutions for both potable and non-potable water is
pleased to announce the proposed appointment C. Daniel Ewell as a
Non-Executive Director, pending completion of customary regulatory
due diligence by the Company's Nominated Adviser.
Mr. Ewell is currently a Senior Advisor at Morgan Stanley, where
he has worked as an investment banker for over 33 years. Prior to
assuming his current role, Mr. Ewell served as Vice Chairman and
Head of Western Region Investment Banking for Morgan Stanley. Mr.
Ewell has extensive experience in advising companies and helping
them grow through capital raising and strategic transactions. His
experience spans a range of sectors including consumer/retails,
industrial, healthcare and media/technology, and included companies
with franchised business models.
Dr. Patrick DeSouza, Executive Chairman commented: "We are
delighted to have Dan join our board as we position ourselves for
the next level of corporate development. In February, we released,
once again, an outstanding trading update in terms of revenue and
profits and we discussed a five-year growth plan with ambitious
targets. Dan has both the drive and experience to help us deliver
on our plan both organically and through accretive
acquisitions.
Dan's breadth of experience will inform our vision of delivering
"technology-enabled services" - an important investment thesis
emerging from Silicon Valley. During our last five-year plan, we
invested in cutting edge technologies to create a "One Stop Shop"
for water infrastructure services, including to enable video
e-commerce and field service automation via Salesforce. Moreover,
our receipt of the Green Economy Mark from the London Stock
Exchange and inclusion in various MSCI indices position us well for
ESG institutional investment as a leading Green Economy technology
company for water infrastructure. As a unique added bonus, Dan's
past experience working with growing franchise businesses will be
exciting for our shareholders as we unlock value from our core
American Leak Detection franchise business.
Dan's experience reinforces our board's commitment to private
sector leadership of the Green Economy."
Mr. Ewell added: "I am honoured to be joining the Water
Intelligence Board at this time, and am excited about the prospect
of helping Pat, the management team and the franchisees build on
their outstanding record of past success and implement their vision
to take the Company to the next level. The Company has meaningful
growth opportunities organically, through leveraging
technology-enabled services, and through acquisitions. I look
forward to serving the Water Intelligence shareholders in my new
role as a Director."
A further announcement confirming his appointment on completion
of customary regulatory due diligence checks and disclosing
information in respect of Schedule 2(g) of the AIM Rules will be
made in due course.
Sale of Treasury Shares to Dan Ewell
Dan Ewell has agreed with the Company that he will invest
US$200,000 at a price of 635p, being the mid-market price on 12
March 2021. The Company will satisfy this amount through the sale
of 20,538 Ordinary Shares from the Company's existing holding of
Ordinary Shares in treasury and the issuance of 2,121 Ordinary
Shares ("New Ordinary Shares"). Following this purchase, he will
own 22,659 Ordinary Shares, representing 0.1 per cent. of the
Company's total voting rights.
Issue of Options
The Company has agreed to grant options to each of the directors
of the Company (including Dan Ewell upon appointment) as part of
its compensation and structured in alignment with the interests of
its shareholders at higher than market price. Hence, the Company
issues 2021 Director options, exercisable at 750 pence, an 18%
premium to the closing mid-market price of the Company's Ordinary
Shares on 12 March 2021. These options will also carry a vesting
period of three years. Full details of the option grants and
directors' holding in the Company are outlined below. For the
avoidance of doubt, the allotment of the options to Dan Ewell will
be held by the Company and allotted to Dan Ewell upon formal
confirmation of his appointment to the board of directors. A
further announcement will be made at that point. All other options
have been allotted to the respective directors.
Director Options Issued Total Options Total Voting Rights
held (% of Company)
Patrick DeSouza 25,000 75,000 4,987,110 (28.1%)
--------------- -------------- --------------------
Michael Reisman 25,000 125,000 184,126 (1.0%)
--------------- -------------- --------------------
Laura Hills 25,000 115,000 120,757 (0.7%)
--------------- -------------- --------------------
Bobby Knell 25,000 25,000 27,000 (0.2%)
--------------- -------------- --------------------
Dan Ewell 200,000 200,000 22,659 (0.1%)
--------------- -------------- --------------------
Admission to AIM and Total Voting Rights
Application has been made for the New Ordinary Shares to be
admitted to trading on the AIM market ("AIM") of London Stock
Exchange plc (the "London Stock Exchange"), ("Admission").
Admission is expected to occur on or around 8.00 a.m. on 19 March
2021.
Following the sale of Ordinary Shares held in treasury and newly
issued, the Company will have an issued share capital of 17,728,943
shares, divided into 15,528,943 ordinary shares of 1 penny each
which are admitted to trading on AIM and which entitle the holder
to one vote per ordinary share; 2,200,000 B Ordinary Shares of 1
penny each which are not admitted to trading on AIM, but do still
entitle to holder to one vote per ordinary share, but no economic
rights; and no Ordinary Shares held by the Company in Treasury.
Accordingly, the Company's total voting rights are 17,728,943
shares. This total voting rights number may be used by shareholders
at Admission as the denominator for the calculations by which they
will determine if they are required to notify their interest in, or
a change to their interest in the Company under the FCA's
Disclosure Guidance and Transparency Rules.
The information communicated in this announcement is inside
information for the purposes of Article 7 of Regulation
596/2014
Enquiries:
Water Intelligence plc
Patrick DeSouza, Executive Chairman Tel: +1 203 654 5426
Adrian Hargrave, VP Corporate Development + 44 (0)7775 701 838
WH Ireland Limited - NOMAD & Broker Tel: +44 (0)207 220
1666
Adrian Hadden
James Sinclair-Ford
Matthew Chan
Dowgate Capital - Joint Broker Tel: +44 (0)20 3903
7721
Stephen Norcross
Notification and public disclosure of transactions by persons
discharging managerial responsibilities and persons closely
associated with them.
1. Details of the PDMR / person closely associated
a) Name Patrick DeSouza
------------------------------------------------------------ -------------------------------------------------
2. Reason for the notification
---------------------------------------------------------------------------------------------------------------
a) Position / status Executive Chairman
------------------------------------------------------------ -------------------------------------------------
b) Initial notification / amendment Initial notification
------------------------------------------------------------ -------------------------------------------------
3. Details of the issuer, emission allowance market participant, auction platform, auctioneer
or auction monitor
---------------------------------------------------------------------------------------------------------------
a) Name Water Intelligence plc
------------------------------------------------------------ -------------------------------------------------
b) LEI 213800AL3BNXJ1HQLP10
------------------------------------------------------------ -------------------------------------------------
4. Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii)
each type of transaction; (iii) each date; and (iv) each place where transactions have been
conducted
---------------------------------------------------------------------------------------------------------------
a) Description of the financial instrument, type of instrument Option over Ordinary Shares
Identification code Ordinary Shares
GB00BZ973D04
------------------------------------------------------------ -------------------------------------------------
b) Nature of the transaction Grant of Options
------------------------------------------------------------ -------------------------------------------------
c) Price(s) and volume(s) 25,000 options at an exercise price of 750 pence
------------------------------------------------------------ -------------------------------------------------
d) Aggregated information See above
* Aggregated volume
* Price
------------------------------------------------------------ -------------------------------------------------
e) Date of the transaction 15 March 2021
------------------------------------------------------------ -------------------------------------------------
f) Place of the transaction London Stock Exchange, AIM Market
------------------------------------------------------------ -------------------------------------------------
1. Details of the PDMR / person closely associated
a) Name Michael Reisman
------------------------------------------------------------ -------------------------------------------------
2. Reason for the notification
---------------------------------------------------------------------------------------------------------------
a) Position / status Independent Non-executive Director
------------------------------------------------------------ -------------------------------------------------
b) Initial notification / amendment Initial notification
------------------------------------------------------------ -------------------------------------------------
3. Details of the issuer, emission allowance market participant, auction platform, auctioneer
or auction monitor
---------------------------------------------------------------------------------------------------------------
a) Name Water Intelligence plc
------------------------------------------------------------ -------------------------------------------------
b) LEI 213800AL3BNXJ1HQLP10
------------------------------------------------------------ -------------------------------------------------
4. Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii)
each type of transaction; (iii) each date; and (iv) each place where transactions have been
conducted
---------------------------------------------------------------------------------------------------------------
a) Description of the financial instrument, type of instrument Option over Ordinary Shares
Identification code Ordinary Shares
GB00BZ973D04
------------------------------------------------------------ -------------------------------------------------
b) Nature of the transaction Grant of Options
------------------------------------------------------------ -------------------------------------------------
c) Price(s) and volume(s) 25,000 options at an exercise price of 750 pence
------------------------------------------------------------ -------------------------------------------------
d) Aggregated information See above
* Aggregated volume
* Price
------------------------------------------------------------ -------------------------------------------------
e) Date of the transaction 15 March 2021
------------------------------------------------------------ -------------------------------------------------
f) Place of the transaction London Stock Exchange, AIM Market
------------------------------------------------------------ -------------------------------------------------
1. Details of the PDMR / person closely associated
a) Name Laura Hills
------------------------------------------------------------ -------------------------------------------------
2. Reason for the notification
---------------------------------------------------------------------------------------------------------------
a) Position / status Vice Chair
------------------------------------------------------------ -------------------------------------------------
b) Initial notification / amendment Initial notification
------------------------------------------------------------ -------------------------------------------------
3. Details of the issuer, emission allowance market participant, auction platform, auctioneer
or auction monitor
---------------------------------------------------------------------------------------------------------------
a) Name Water Intelligence plc
------------------------------------------------------------ -------------------------------------------------
b) LEI 213800AL3BNXJ1HQLP10
------------------------------------------------------------ -------------------------------------------------
4. Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii)
each type of transaction; (iii) each date; and (iv) each place where transactions have been
conducted
---------------------------------------------------------------------------------------------------------------
a) Description of the financial instrument, type of instrument Option over Ordinary Shares
Identification code Ordinary Shares
GB00BZ973D04
------------------------------------------------------------ -------------------------------------------------
b) Nature of the transaction Grant of Options
------------------------------------------------------------ -------------------------------------------------
c) Price(s) and volume(s) 25,000 options at an exercise price of 750 pence
------------------------------------------------------------ -------------------------------------------------
d) Aggregated information See above
* Aggregated volume
* Price
------------------------------------------------------------ -------------------------------------------------
e) Date of the transaction 15 March 2021
------------------------------------------------------------ -------------------------------------------------
f) Place of the transaction London Stock Exchange, AIM Market
------------------------------------------------------------ -------------------------------------------------
1. Details of the PDMR / person closely associated
a) Name Bobby Knell
------------------------------------------------------------ -------------------------------------------------
2. Reason for the notification
---------------------------------------------------------------------------------------------------------------
a) Position / status Executive Director
------------------------------------------------------------ -------------------------------------------------
b) Initial notification / amendment Initial notification
------------------------------------------------------------ -------------------------------------------------
3. Details of the issuer, emission allowance market participant, auction platform, auctioneer
or auction monitor
---------------------------------------------------------------------------------------------------------------
a) Name Water Intelligence plc
------------------------------------------------------------ -------------------------------------------------
b) LEI 213800AL3BNXJ1HQLP10
------------------------------------------------------------ -------------------------------------------------
4. Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii)
each type of transaction; (iii) each date; and (iv) each place where transactions have been
conducted
---------------------------------------------------------------------------------------------------------------
a) Description of the financial instrument, type of instrument Option over Ordinary Shares
Identification code Ordinary Shares
GB00BZ973D04
------------------------------------------------------------ -------------------------------------------------
b) Nature of the transaction Grant of Options
------------------------------------------------------------ -------------------------------------------------
c) Price(s) and volume(s) 25,000 options at an exercise price of 750 pence
------------------------------------------------------------ -------------------------------------------------
d) Aggregated information See above
* Aggregated volume
* Price
------------------------------------------------------------ -------------------------------------------------
e) Date of the transaction 15 March 2021
------------------------------------------------------------ -------------------------------------------------
f) Place of the transaction London Stock Exchange, AIM Market
------------------------------------------------------------ -------------------------------------------------
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END
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