REG - Mirriad Advertising - Update on LTIP and PDMR dealings
02/10/2023 07:00
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RNS Number : 2320O Mirriad Advertising PLC 02 October 2023
2 October 2023
Mirriad Advertising plc
("Mirriad" or the "Company")
Update on LTIP and PDMR dealings
Mirriad Advertising plc, the leading in-content advertising company, announces
that it has reviewed existing option grants under the Company's long-term
incentive plan ("LTIP") following its recent placing and open offer completed
in June 2023 ("2023 Placing").
The board views that many of the options granted historically under the LTIP
have a relatively high exercise price compared to the 2023 Placing price of 3
pence per ordinary share of £0.00001 each ("Ordinary Share"). The Board
therefore believes that the existing LTIP options are not acting as an
important additional incentive to motivate and retain staff.
Appropriately incentivised staff will help drive the Company forward and
ultimately generate long term value for shareholders. At the same time, it is
key that the Company can use all of the levers at its disposal to retain
talent that understands the business as it builds its programmatic
capability.
As a result, the Company has offered staff holding options granted before 1
January 2023 under the LTIP with a strike price of over 3 pence each
("Existing Options") the opportunity to surrender their existing options over
the Ordinary Shares (under the current LTIP) in exchange for new three-year
options over Ordinary Shares with a strike price of 3 pence each (being equal
to the 2023 Placing price) ("New Options"). The New Options will vest in equal
annual instalments over three years from the date of issue.
The terms of the offer to staff are that they may surrender one Existing
Option in return for one New Option, so the total volume of issued options
over the Company's Ordinary Shares remains unchanged.
This offer has not been made to the Directors.
Of the total of 10,004,914 Existing Options, 8,635,490 options have been
surrendered and replaced with such equal number of New Options.
The total 8,635,490 New Options consist of two grants:
1. 4,269,348 New Options granted to PDMRs; and
2. 4,366,142 New Options granted to 23 non-PDMRs
A list of PDMRs who have surrendered Existing Options for New Options is set
out in the following table:
Name and position Number of shares subject to New Options
Mark Melvin, GM North America (PDMR) 1,307,638
Philip Mattimoe, Chief Technology Officer (PDMR) 1,255,083
Rajasekhar Parakkal, MD India (PDMR) 732,667
Tim Jones, Global Head of Research & Insights (PDMR) 435,960
Jamie Allen, Group Financial Controller & Company Secretary (PDMR) 538,000
Total New Option grants in this category 4,269,348
Total options
The grant of 8,635,490 New Options equates to 1.76% of the Company's existing
issued share capital (the "ISC"). The total number of options under grant by
the Company remains unchanged following the grant of New Options (the "Total
Options"), which is 50,308,831 and equates to 10.3% of the ISC. Following the
surrender of Existing Options and the issue of New Options, the weighted
average strike price of the Total Options is approximately 6.5p each.
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 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 1,307,638
d) Aggregated information
- Aggregated volume
1,307,638
- Price
£39,229.14
e) Date of the transaction 2 October 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 1,255,083
d) Aggregated information
- Aggregated volume
1,255,083
- Price
£37,652.49
e) Date of the transaction 2 October 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 732,667
d) Aggregated information
- Aggregated volume
732,667
- Price
£21,980.01
e) Date of the transaction 2 October 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 435,960
d) Aggregated information
- Aggregated volume
435,960
- Price
£13,078.8
e) Date of the transaction 2 October 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 538,000
d) Aggregated information
- Aggregated volume
538,000
- Price
£16,140
e) Date of the transaction 2 October 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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