REG - Cordel Group PLC - Reissue of Options

CordelAnnouncement

21/07/2022 07:00

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RNS Number : 2176T  Cordel Group PLC  21 July 2022

21 July 2022

Cordel Group PLC

("Cordel" or the "Company" or the "Group")

 

Reissue of Options

 

Cordel Group PLC (AIM: CRDL), the Artificial Intelligence platform for
transport corridor analytics, announces the cancellation and re-issue to
Michael Turner, Chief Revenue Officer, of 2,000,000 share options to subscribe
for ordinary shares ("Options"),  under the Company's Enterprise Management
Incentive ("EMI") plan.

 

Mr Turner was appointed as Chief Revenue Officer on 31 January 2022 and,
following completion of his probationary period, is now deemed by the Company
to be a PDMR. Options were granted to him on 2 February 2022, prior to him
being deemed a PDMR, however due to an administrative oversight the required
HMRC notification was not completed and the Options no longer qualify for EMI
benefits.

 

After receiving advice from the Company's auditors, the Company has cancelled
and re-issued the Options on the unchanged terms, as set out below:

 Date of grant  Name            Position                      Options    Exercise price*  Vesting period
 20.07.22       Michael Turner  Chief Revenue Officer (PDMR)  2,000,000  8.25p            Over 4 years, commencing 02.02.23

 

 

* Cordel closing price on day prior to original grant

 

Enquiries:

 

 Cordel Group PLC                           c/o SEC Newgate
 Ian Buddery, Chairman

 Nick Smith, CEO

 Arden Partners plc Broker                  +44 (0)20 7614 5900
 Ruari McGirr

 Strand Hanson Limited Nominated Advisor    +44 (0)20 7409 3494

 Richard Johnson / James Bellman

 SEC Newgate (Financial PR)                 +44 (0)7540 106366
 Robin Tozer / Bob Huxford / George Esmond  cordel@secnegwate.co.uk

 

About Cordel

Cordel produces specialist hardware and software for capturing, analysing and
reporting on large datasets within the transport sector, employing
sophisticated artificial intelligence algorithms.

Further information on the Company is available at: www.cordel.ai
(http://www.cordel.ai)

PDMR Notification Form:

The notification below is made in accordance with the requirements of the
Market Abuse Regulation:

 1    Details of the person discharging managerial responsibilities / person closely
      associated
 a)   Name                                                         Michael Turner
 2    Reason for the notification
 a)   Position/status                                              Chief Revenue Officer

 b)   Initial notification /Amendment                              Initial notification
 3    Details of the issuer, emission allowance market participant, auction
      platform, auctioneer

      or auction monitor
 a)   Name                                                         Cordel Group plc
 b)   LEI                                                          213800ZUBMOCVHSSJC14
 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 £0.01 nominal value each

      Identification code                                          ISIN: GB00BYZQM590
 b)   Nature of the transaction                                    Re-issue of options
 c)   Price(s) and volume(s)

                                                                                     Price(s)          Volume(s)
                                                                                     8.25p             2,000,000

 d)   Aggregated information                                       N/a - single transaction
 e)   Date of the transaction                                      20 July 2022
 f)   Place of the transaction                                     Off Exchange

 

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