Pelatro PLC Issue of shares & options, PDMR dealing and TVR (6648I)
06 Diciembre 2022 - 1:00AM
UK Regulatory
TIDMPTRO
RNS Number : 6648I
Pelatro PLC
06 December 2022
6 December 2022
Pelatro Plc
("Pelatro" or the "Group")
Issue of new shares and options, dealings with PDMRs and total
voting rights
Issue of new shares to employees
The Group put in place an employee share option plan in 2019
(the "ESOP") with a view to aligning their remuneration with the
performance of the business whilst controlling the cash cost. Since
that date the Group has successfully transformed into one with
predominantly recurring revenue and increasing profitability;
however, the share price has not reflected the transformation and
hence the option scheme, with an exercise price of 73 pence per
share, has not delivered the requisite staff incentivisation.
Notwithstanding the global economic situation, the demand for
skilled personnel remains extremely high in Bangalore and the Group
needs to both attract potential new staff and incentivise current
staff in an appropriate way. Given the criticality of qualified and
experienced personnel in our business, it is therefore, in the
Board's and the remuneration committee's view, imperative that an
appropriate employee retention scheme in the form of a cash bonus
or share issue be implemented.
Accordingly, the Company has today approved the issue of
3,455,000 new Ordinary shares of 2.5p each to certain key employees
(all below Board level) in lieu of a cash bonus (the "Share
Award"), which is considered by the Board to have an appropriate
balance of incentivisation and conservation of cash within the
business.
As the cost of the Share Award falls outside the terms of the
ESOP, the value (approximately $0.6m at current market value) will
be accounted for in the profit and loss for the year and not offset
against the c. $0.25m currently provisioned in the share-based
payments reserve (which will be written back on cancellation of the
ESOP).
Issue of options to a Director
In addition to the Share Award, 250,000 new options to subscribe
for new Ordinary shares, with an exercise price of 2.5p, have been
allotted to Nic Hellyer (Chief Financial Officer). The options vest
immediately. After the award Nic Hellyer owns 102,000 ordinary
shares and has 300,000 shares under option in the Company,
excluding options held under the 2019 ESOP, which will be cancelled
as part of the above arrangements.
The Company intends to review how it remunerates and
incentivises staff under future employee share schemes but the
Share Award outlined above is felt to be in the best interest for
all stakeholders in the Company in terms of speed and impact.
Admission to trading and total shares in issue
Application has been made to the London Stock Exchange for the
3,455,000 new Ordinary Shares to be admitted to trading on AIM
("Admission") and it is expected that Admission will become
effective, and trading will commence, at 8.00 a.m. on or around 9
December 2022.
After Admission, the total number of Ordinary Shares in issue
will be 48,862,431 and the total number of voting rights will
therefore be 48,862,431. This figure may be used by shareholders 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 share capital of the Company under the FCA's
Disclosure and Transparency Rules.
For further information contact:
Pelatro Plc c/o finnCap
Subash Menon, Managing Director
Nic Hellyer, Chief Financial Officer
finnCap Limited (Nominated Adviser and Joint Tel: +44 (0)20 7220
Broker) 0500
Carl Holmes / Milesh Hindocha (Corporate Finance)
Dowgate Capital Limited (Joint Broker) Tel: +44 (0)20 3903
7715
Stephen Norcross
Notes to editors
The Pelatro Group was founded in March 2013 by Subash Menon and
Sudeesh Yezhuvath with the objective of offering specialised,
enterprise class software solutions for customer engagement
principally to telcos who face a series of challenges including
market maturity, saturation and customer churn.
Pelatro provides its "mViva" platform for use by customers in
B2C and B2B applications and is well positioned in the Customer
Engagement space. Our technology orchestrates the digital journey
of the customers of the telcos through contextual, relevant and
real time offers and loyalty programs across multiple channels
including websites, social media, apps and others.
For more information about Pelatro, visit www.pelatro.com
Notification and public disclosure of transactions by persons
discharging managerial responsibilities and persons closely
associated with them
Details of the person discharging managerial responsibilities
1 / person closely associated
a) Name Nicholos Hellyer
--------------------------- -----------------------------------
Reason for the notification
2
----------------------------------------------------------------
a) Position/status Director
--------------------------- -----------------------------------
b) Initial notification Initial notification
/Amendment
--------------------------- -----------------------------------
Details of the issuer, emission allowance market participant,
3 auction platform, auctioneer or auction monitor
----------------------------------------------------------------
a) Name Pelatro Plc
--------------------------- -----------------------------------
b) LEI 213800U45T7TEZX38V60
--------------------------- -----------------------------------
Details of the transaction(s): section to be repeated for
4 (i) each type of instrument; (ii) each type of transaction;
(iii) each date; and (iv) each place where transactions
have been conducted
----------------------------------------------------------------
a) Description Ordinary shares of 2.5p each
of the financial
instrument,
type of instrument
GB00BYXH8F66
Identification
code
--------------------------- -----------------------------------
b) Nature of the
transaction Grant of share options
--------------------------- -----------------------------------
c) Price(s) and
volume(s) Price(s) Volume(s)
-----------------
2.5 pence 250,000 Ordinary
shares
-----------------
--------------------------- -----------------------------------
d) Aggregated information
n/a - single transaction
- Aggregated
volume
- Price
--------------------------- -----------------------------------
e) Date of the 5 December 2022
transaction
--------------------------- -----------------------------------
f) Place of the Outside a trading venue
transaction
--------------------------- -----------------------------------
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END
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(END) Dow Jones Newswires
December 06, 2022 02:00 ET (07:00 GMT)
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