TIDMAFN
RNS Number : 3146C
ADVFN PLC
09 June 2023
For immediate release
9 June 2023
ADVFN plc
("ADVFN" or the "Company")
Grant of options, issue of equity
Director / PDMR shareholding
The Board of ADVFN announces that the Company has adopted a new
share option scheme for Directors and employees and on 8 June 2023,
options for 1,900,000 ordinary shares of 0.2p in the Company
("Ordinary Shares") were awarded in aggregate to directors and
management ("Options") , with an exercise price of 33p each.
Options for up to 530,000 ordinary shares in the Company were
awarded to Directors ("Director Options") and 1,370,000 options
were awarded to management ("Management Options").
New option scheme
The Board has adopted a new option scheme for Directors and
employees ("Scheme"), and a copy of the Scheme rules is available
from the Company's website at www.advfnplc.com . Under the rules of
the Scheme, the Directors may, in their discretion, grant an Option
to any participant on behalf of the Company at any time over such
number of Ordinary Shares as they determine. Alternatively, the
Directors may request and authorise a third party, such as the
trustee of an employee benefit trust, to grant the option. There
shall be no payment for the grant of an Option.
The aggregate of the following shall not exceed 10 per cent. of
the Company's issued ordinary share capital for the time being:
(a) the maximum number of Ordinary Shares which may be placed
under option for subscription under the Scheme; and
(b) the number of shares placed under option for subscription
(or issued otherwise than in accordance with options) in the
preceding ten years under any other employees' share scheme adopted
by the Company.
Director Options
Pursuant to the new option scheme, in aggregate, the award of
new Director Options to the Directors represents approximately
1.15% per cent. of the Company's current issued share capital.
Further details of the Director Options awards are set out in the
table below:
Director New options Exercise Vesting exercise date Exercise
awarded price term
Vest over three years
in equal tranches of 7 years
Amit Tauman 460,000 33p one-third per annum from grant
------------ --------- ---------------------- ------------
Vest over three years
in equal tranches of 7 years
Matthew Collom 70,000 33p one-third per annum from grant
------------ --------- ---------------------- ------------
Note: Further details are set out in the Appendix
The Director Options have an exercise price of 33p per Ordinary
Share (being the issue price under the recent Open Offer) and which
represents a premium of approximately 40 per cent. to the last
closing mid-market price of 23.5p per Ordinary Share.
Management Options
Pursuant to the new option scheme, in aggregate, 1,370,000
Options have been awarded to management. The Management Options
have an exercise price of 33p per Ordinary Share and vest over four
years in equal one-quarter tranches. The Management Options have an
exercise period of 7 years from grant.
The Director Options and the Management Options will, unless
otherwise exercised, all expire on 8 June 2030. Following this
issue of Options, the Company has a total of 1,900,000 ordinary
shares under option, equivalent to approximately 4.13% per cent of
the Company's current issued ordinary share capital.
Issue of equity
The Board has also today agreed to issue, subject to shareholder
approval, 220,000 new Ordinary Shares to each of the non-executive
directors, Lord Gold and Anthony Wollenberg, in recognition of
their contribution to the reorganisation of the Company and the
Open Offer following the Board changes implemented last year
("Compensation Shares").
In aggregate 440,000 Compensation Shares will be issued, of
which 280,000 Compensation Shares will be issued immediately on
approval by shareholders. The balance of 160,000 Compensation
Shares will be issued subsequently on the earlier of (i) an
increase of 75 per cent. in the Company's share price over the
middle market share price at the date of Board approval of the
proposed share issue over a consecutive period of 28 days from such
date (being 8 June 2023); or an increase of 50 per cent. over two
consecutive half years in the Company's operating revenues compared
to the audited revenue for the year ended 30 June 2022 (as
published on 6 December 2022).
Application will be made in due course for the Compensation
Shares, which will rank pari passu with the existing Ordinary
Shares, to be admitted to trading on AIM.
For further information please contact:
ADVFN plc
Amit Tauman (CEO) +44 (0) 203 8794 460
Beaumont Cornish Limited
(Nominated Adviser)
Michael Cornish
Roland Cornish +44 (0) 207 628 3396
Peterhouse Capital Limited
(Broker)
Eran Zucker
Lucy Williams
Rose Greensmith +44 (0) 207 469 0930
APPIX
The notification below, made in accordance with the requirements
of the EU Market Abuse Regulations, provides further detail in
respect of the transaction as described above.
1 Details of t he p erson disc harging managerial responsib
ilities / p erson closely associated
a) Name Amit Tauman
-------------------------- --------------------------------------
2 Reason for notification
------------------------------------------------------------------
a) Position / status Chief Executive
-------------------------- --------------------------------------
b) I nitial notification Initial
/Amendment
-------------------------- --------------------------------------
3 Details of t he issu er, e mission allow a n ce m a
r k et participan t, au ct ion plat for m, au ction
eer or auc tion monitor
------------------------------------------------------------------
a) Name ADVFN plc
-------------------------- --------------------------------------
b) LEI 21380042SDV1E1ZVIY40
-------------------------- --------------------------------------
4 Details of t he t ransact ion (s): section to be re
p eated for ( i) e a ch type of instr u m e n t; (ii)
each type of transac tion; (iii) each date; and ( iv)
each place w h ere transactions have b een condu cted
------------------------------------------------------------------
a) Description of the Ordinary shares of 0.2 pence each
financial instrument, in ADVFN plc
t ype of instrument ISIN GB00BPT24C10
I d e ntification
code
-------------------------- --------------------------------------
Nature of the transaction Issued pursuant to an award of share
options by the Company
-------------------------- --------------------------------------
Price(s) and volumes(s) Exercise Price(s) Volumes(s)
GBP0.33 460,000 options
----------------
-------------------------- --------------------------------------
d) Aggregated information n/a
-------------------------- --------------------------------------
e) Date of the transaction 8 June 2023
-------------------------- --------------------------------------
f) Place of the transaction Outside a trading venue
-------------------------- --------------------------------------
1 Details of t he p erson disc harging managerial responsib
ilities / p erson closely associated
a) Name Matthew Collom
-------------------------- -------------------------------------
2 Reason for notification
-----------------------------------------------------------------
a) Position / status Director
-------------------------- -------------------------------------
b) I nitial notification Initial
/Amendment
-------------------------- -------------------------------------
3 Details of t he issu er, e mission allow a n ce m a
r k et participan t, au ct ion plat for m, au ction
eer or auc tion monitor
-----------------------------------------------------------------
a) Name ADVFN plc
-------------------------- -------------------------------------
b) LEI 21380042SDV1E1ZVIY40
-------------------------- -------------------------------------
4 Details of t he t ransact ion (s): section to be re
p eated for ( i) e a ch type of instr u m e n t; (ii)
each type of transac tion; (iii) each date; and ( iv)
each place w h ere transactions have b een condu cted
-----------------------------------------------------------------
a) Description of the Ordinary shares of 0.2 pence each
financial instrument, in ADVFN plc
t ype of instrument ISIN GB00BPT24C10
I d e ntification
code
-------------------------- -------------------------------------
Nature of the transaction Issued pursuant to an award of share
options by the Company
-------------------------- -------------------------------------
Price(s) and volumes(s) Exercise Price(s) Volumes(s)
GBP0.33 70,000 options
---------------
-------------------------- -------------------------------------
d) Aggregated information n/a
-------------------------- -------------------------------------
e) Date of the transaction 8 June 2023
-------------------------- -------------------------------------
f) Place of the transaction Outside a trading venue
-------------------------- -------------------------------------
ENDS
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END
DSHQKLFBXQLEBBQ
(END) Dow Jones Newswires
June 09, 2023 13:19 ET (17:19 GMT)
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