REG - Mirriad Advertising - LTIP option awards and PDMR dealings

Mirriad AdvertisingAnnouncement

19/07/2023 07:00

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RNS Number : 4279G  Mirriad Advertising PLC  19 July 2023

19 July 2023

 

 

Mirriad Advertising plc

("Mirriad" or the "Company")

 

LTIP option awards and PDMR dealings

 

Mirriad Advertising plc, the leading in-content advertising company, announces
that, under the terms of the Company's long-term incentive plan ("LTIP"), a
total of 25,687,322 options over Ordinary Shares of £0.00001 each in the
Company (the "Options") were granted on 19 July 2023 to a director, senior
managers and employees, as detailed below.

 

The Options consist of three grants:

 

1.    New three year Options granted to Mirriad's three senior executives:
the Chief Executive Officer (CEO), the General Manager (GM) of North America
and the Chief Technology Officer (CTO).  These have been issued at a strike
price of 3p each (equivalent to the price of the recent placing and open
offer).  The Options will vest annually over three years;

2.    Grants to the same three senior executives in return for agreeing to
one-off 12 month salary cuts of 10%, in the case of the CEO, and 5% for the GM
North America and CTO respectively.  In the case of the CEO and the CTO these
Options will have a strike price equivalent to the nominal value of the
Company's ordinary shares(£0.00001).  For the GM North America these Options
have a strike price of 3p as the personal tax treatment of nominal value
options differs in the US .  All these Options have a one year vesting
period; and

3.    Grants to certain other senior managers some of whom are regarded as
PDMRs.  These grants continue the programme of annual Option grants to senior
managers which commenced in 2022.  These Options have a strike price of 3p
and vest after two years.

 

Director and PDMR Option awards: new three year options with a strike price of
3p

 

 Name and position                                 Number of shares subject to option
 Stephan Beringer, CEO (Executive Director)        12,740,584
 Mark Melvin, GM North America (PDMR)                 1,800,000
 Philip Mattimoe, Chief Technology Officer (PDMR)     4,069,999
 Total option grants in this category              18,610,583

 

Director and PDMR Option awards: new one year options with a strike price of
£0.00001

 

 Name and position                                 Number of shares subject to option
 Stephan Beringer, CEO (Executive Director)        1,512,712
 Philip Mattimoe, Chief Technology Officer (PDMR)      366,102
 Total option grants in this category              1,878,814

 

 

Director and PDMR Option awards: new one year options with a strike price of
3p

 

 Name and position                     Number of shares subject to option
 Mark Melvin, GM North America (PDMR)  1,448,400

 

PDMR Option awards: new two year options with a strike price of 3p

 

 Name and position                                                       Number of shares subject to option
 Rajasekhar Parakkal, MD India (PDMR)                                    280,000
 Tim Jones, Global Head of Research & Insights (PDMR)                    214,288
 Jamie Allen, Group Financial Controller & Company Secretary (PDMR)      195,431
 Total option grants in this category                                    689,719

 

 

In total the Company has granted 22,627,516 Options to senior managers who are
either Directors or deemed PDMRs.

 

Other senior managers and employee option awards

 

The Company has also granted 2,152,555 Options to ten existing senior
managers, who are not regarded as PDMRs. These options have a strike price of
3p and will also vest after two years on 19 July 2025 and will add to existing
option grants, which were initially granted on 6 June 2022.

 

Total options granted

 

In total this grant of 24,780,071 Options equates to 5.1% of the Company's
existing issued share capital (the "ISC"). In total, following the grant of
these Options, 48,229,831 options are now under grant but not exercised under
the Mirriad Advertising plc LTIP scheme (the "Total Options"), which equates
to 9.9% of the ISC. The weighted average price of the Total Options is
approximately 9.1p.

 

 

The notifications below are made in accordance with the requirements of the
Market Abuse Regulations.

 

 1    Details of the person discharging managerial responsibilities / person closely
      associated
 a)   Name                                                         Stephan Beringer
 2    Reason for the notification
 a)   Position / status                                            Chief Executive Officer (Director)
 b)   Initial notification / amendment                             Initial notification
 3    Details of the issuer, emission allowance market participant, auction

    platform, auctioneer or auction monitor

 a)   Name                                                         Mirriad Advertising plc
 b)   LEI                                                          213800ZKOK9GIME7HE62
 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 £0.00001 each

      Identification code                                          ISIN: GB00BF52QY14
 b)   Nature of the transaction                                    Grant of Options over Ordinary Shares

 c)   Price(s) and volume(s)                                       Exercise price 3p, volume 12,740,584

                                                                   Exercise price £0.00001, volume 1,512,712
 d)   Aggregated information

      - Aggregated volume                                          14,253,296

      - Price                                                      £382,233
 e)   Date of the transaction                                      19 July 2023
 f)   Place of the transaction                                     Outside a trading venue

 

 

 1    Details of the person discharging managerial responsibilities / person closely
      associated
 a)   Name                                                         Mark Melvin
 2    Reason for the notification
 a)   Position / status                                            GM North America (PDMR)
 b)   Initial notification / amendment                             Initial notification
 3    Details of the issuer, emission allowance market participant, auction

    platform, auctioneer or auction monitor

 a)   Name                                                         Mirriad Advertising plc
 b)   LEI                                                          213800ZKOK9GIME7HE62
 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 £0.00001 each

      Identification code                                          ISIN: GB00BF52QY14
 b)   Nature of the transaction                                    Grant of Options over Ordinary Shares

 c)   Price(s) and volume(s)                                       Exercise price 3p, volume 3,248,400

 d)   Aggregated information

      - Aggregated volume                                          3,248,400

      - Price                                                      £97,452
 e)   Date of the transaction                                      19 July 2023
 f)   Place of the transaction                                     Outside a trading venue

 

 

 

 1    Details of the person discharging managerial responsibilities / person closely
      associated
 a)   Name                                                         Philip Mattimoe
 2    Reason for the notification
 a)   Position / status                                            CTO (PDMR)
 b)   Initial notification / amendment                             Initial notification
 3    Details of the issuer, emission allowance market participant, auction

    platform, auctioneer or auction monitor

 a)   Name                                                         Mirriad Advertising plc
 b)   LEI                                                          213800ZKOK9GIME7HE62
 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 £0.00001 each

      Identification code                                          ISIN: GB00BF52QY14
 b)   Nature of the transaction                                    Grant of Options over Ordinary Shares

 c)   Price(s) and volume(s)                                       Exercise price 3p, volume 4,069,999

                                                                   Exercise price £0.00001, volume 366,102
 d)   Aggregated information

      - Aggregated volume                                          4,436,101

      - Price                                                      £122,104
 e)   Date of the transaction                                      19 July 2023
 f)   Place of the transaction                                     Outside a trading venue

 

 

 1    Details of the person discharging managerial responsibilities / person closely
      associated
 a)   Name                                                         Rajasekhar Parakkal
 2    Reason for the notification
 a)   Position / status                                            MD India (PDMR)
 b)   Initial notification / amendment                             Initial notification
 3    Details of the issuer, emission allowance market participant, auction

    platform, auctioneer or auction monitor

 a)   Name                                                         Mirriad Advertising plc
 b)   LEI                                                          213800ZKOK9GIME7HE62
 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 £0.00001 each

      Identification code                                          ISIN: GB00BF52QY14
 b)   Nature of the transaction                                    Grant of Options over Ordinary Shares

 c)   Price(s) and volume(s)                                       Exercise price 3p, volume 280,000

 d)   Aggregated information

      - Aggregated volume                                          280,000

      - Price                                                      £8,400
 e)   Date of the transaction                                      19 July 2023
 f)   Place of the transaction                                     Outside a trading venue

 

 

 

 1    Details of the person discharging managerial responsibilities / person closely
      associated
 a)   Name                                                         Tim Jones
 2    Reason for the notification
 a)   Position / status                                            Global Head of Research & Insights (PDMR)
 b)   Initial notification / amendment                             Initial notification
 3    Details of the issuer, emission allowance market participant, auction

    platform, auctioneer or auction monitor

 a)   Name                                                         Mirriad Advertising plc
 b)   LEI                                                          213800ZKOK9GIME7HE62
 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 £0.00001 each

      Identification code                                          ISIN: GB00BF52QY14
 b)   Nature of the transaction                                    Grant of Options over Ordinary Shares

 c)   Price(s) and volume(s)                                       Exercise price 3p, volume 214,288

 d)   Aggregated information

      - Aggregated volume                                          214,288

      - Price                                                      £6,429
 e)   Date of the transaction                                      19 July 2023
 f)   Place of the transaction                                     Outside a trading venue

 

 

 1    Details of the person discharging managerial responsibilities / person closely
      associated
 a)   Name                                                         Jamie Allen
 2    Reason for the notification
 a)   Position / status                                            Group Financial Controller & Company Secretary (PDMR)
 b)   Initial notification / amendment                             Initial notification
 3    Details of the issuer, emission allowance market participant, auction

    platform, auctioneer or auction monitor

 a)   Name                                                         Mirriad Advertising plc
 b)   LEI                                                          213800ZKOK9GIME7HE62
 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 £0.00001 each

      Identification code                                          ISIN: GB00BF52QY14
 b)   Nature of the transaction                                    Grant of Options over Ordinary Shares

 c)   Price(s) and volume(s)                                       Exercise price 3p, volume 195,431

 d)   Aggregated information

      - Aggregated volume                                          195,431

      - Price                                                      £5,863
 e)   Date of the transaction                                      19 July 2023
 f)   Place of the transaction                                     Outside a trading venue

 

 

 

ENDS

 

 

For further information please visit www.mirriad.com (http://www.mirriad.com)
or contact:

 

 Mirriad Advertising plc                                                                                                         Tel: +44 (0)207 884 2530

 Stephan Beringer, Chief Executive Officer

 David Dorans, Chief Financial Officer

 Nominated Adviser & Broker:                                                                                                     Tel: +44 (0)20 7886 2500

 Panmure Gordon

 James Sinclair-Ford/Daphne Zhang (Corporate Advisory)

 Rupert Dearden (Corporate Broking)

 Financial Communications:

 Charlotte Street Partners

 Tom Gillingham                                                                                                                  Tel: +44 (0) 7741 659021

 Fergus                                                                                                                          Tel: +44 (0) 7590 049023
 McGowan

 

 

About Mirriad

 

Mirriad's award-winning solution unleashes new revenue for content producers
and distributors by creating new advertising inventory in content. Our
patented, AI and computer vision technology dynamically inserts products and
innovative signage formats after content is produced. Mirriad's market-first
solution seamlessly integrates with existing subscription and advertising
models, and dramatically improves the viewer experience by limiting commercial
interruptions.

 

Mirriad currently operates in the US, Europe and the Middle East.

 

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