REG - Kinovo PLC - Share Incentive Plan purchase

KinovoAnnouncement

26/08/2022 08:00

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RNS Number : 3486X  Kinovo PLC  26 August 2022

26 August 2022

Kinovo plc

("Kinovo" or the "Company")

 

Share Incentive Plan ("SIP") purchase

 

Kinovo plc (AIM: KINO), the specialist property services Company that delivers
compliance and sustainability solutions, was notified on 25 August 2022 that
Yorkshire Building Society ("YBS"), the trustee of the Company's SIP Trust,
had purchased 364,402 ordinary shares of £0.10 each ("Ordinary Shares") at an
average price of 36.26 pence per Ordinary Share on 25 August 2022. These
Ordinary Shares are to be held by the SIP Trust and are intended to be used to
satisfy the exercise of share options by the Company's employees. The SIP
Trust is a discretionary trust for the benefit of all of the Company's
employees, including David Bullen, Clive Lovett, Lee Venables and John Lord as
PDMRs of the Company.

 

Following this transaction, a total of 1,074,970 Ordinary Shares are held by
the SIP Trust, representing approximately 1.73 per cent of the Company's total
voting rights.

 

The SIP is an all-employee trust arrangement approved by HM Revenue and
Customs, under which the trust will acquire Ordinary Shares on behalf of each
participating employee, at the prevailing market price per share at the start
of the accumulation period, using contributions deducted from pre-tax salary
in each calendar month ("Partnership Shares"), with each participating
employee being entitled to one Ordinary Share ("Matching Share") for each
Partnership Share, subject to the SIP rules, using newly issued shares.  If
an employee voluntarily leaves the Company within three years from when the
Matching Share is issued, these will be forfeited.

 

The purchase of the 194,713 Partnership Shares has been funded by the
contributions from participating employees and the balance of the Matching
Shares required have been purchased by the Company from its existing cash
resources.

 

Enquiries

 

 Kinovo plc
 Sangita Shah, Chairman                                          +44 (0)20 7796 4133

 David Bullen, Chief Executive Officer                           (via Hudson Sandler)

 Canaccord Genuity Limited (Nominated Adviser and Sole Broker)   +44 (0)20 7523 8000
 Andrew Potts

 Bobbie Hilliam

 Hudson Sandler (Financial PR)                                   +44 (0)20 7796 4133
 Dan de Belder

 Harry Griffiths

 

This announcement contains inside information for the purposes of article 7 of
the Market Abuse Regulation (EU) 596/2014 as amended by regulation 11 of the
Market Abuse (Amendment) (EU Exit) Regulations 2019/310. With the publication
of this announcement, this information is now considered to be in the public
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