REG - ADVFN PLC - Director/PDMR Shareholding

ADVFNAnnouncement

09/06/2023 18:15

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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 (http://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 awarded  Exercise price  Vesting exercise date                                           Exercise term
 Amit Tauman     460,000              33p             Vest over three years in equal tranches of one-third per annum  7 years from grant
 Matthew Collom  70,000               33p             Vest over three years in equal tranches of one-third per annum  7 years 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                                     +44 (0) 203 8794 460

 Amit Tauman (CEO)
 Beaumont Cornish Limited (Nominated Adviser)  +44 (0) 207 628 3396

 Michael Cornish

 Roland Cornish
 Peterhouse Capital Limited (Broker)           +44 (0) 207 469 0930

 Eran Zucker

 Lucy Williams

 Rose Greensmith

 

 

 

APPENDIX

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  the  person  discharging  managerial  responsibilities  /
      person  closely associated
 a)  Name                                                             Amit Tauman
 2   Reason for notification
 a)  Position / status                                                Chief Executive
 b)  Initial notification                                             Initial

     /Amendment
 3   Details of the issuer,  emission allowance market participant, auction
     platform, auctioneer or auction monitor
 a)  Name                                                             ADVFN plc
 b)  LEI                                                              21380042SDV1E1ZVIY40
 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    Ordinary shares of 0.2 pence each in ADVFN plc

     Identification code                                              ISIN GB00BPT24C10
     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)

                                                                £0.33              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

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  the  person  discharging  managerial  responsibilities  /
      person  closely associated
 a)  Name                                                             Matthew Collom
 2   Reason for notification
 a)  Position / status                                                Director
 b)  Initial notification                                             Initial

     /Amendment
 3   Details of the issuer,  emission allowance market participant, auction
     platform, auctioneer or auction monitor
 a)  Name                                                             ADVFN plc
 b)  LEI                                                              21380042SDV1E1ZVIY40
 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    Ordinary shares of 0.2 pence each in ADVFN plc

     Identification code                                              ISIN GB00BPT24C10
     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)

                                                                £0.33              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

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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