REG - Pelatro PLC - Issue of shares & options, PDMR dealing and TVR

PelatroAnnouncement

06/12/2022 07:01

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RNS Number : 6648I  Pelatro PLC  06 December 2022

6 December 2022

 

Pelatro Plc

("Pelatro" or the "Group")

Issue of new shares and options, dealings with PDMRs and total voting rights

 

Issue of new shares to employees

The Group put in place an employee share option plan in 2019 (the "ESOP") with
a view to aligning their remuneration with the performance of the business
whilst controlling the cash cost. Since that date the Group has successfully
transformed into one with predominantly recurring revenue and increasing
profitability; however, the share price has not reflected the transformation
and hence the option scheme, with an exercise price of 73 pence per share, has
not delivered the requisite staff incentivisation. Notwithstanding the global
economic situation, the demand for skilled personnel remains extremely high in
Bangalore and the Group needs to both attract potential new staff and
incentivise current staff in an appropriate way. Given the criticality of
qualified and experienced personnel in our business, it is therefore, in the
Board's and the remuneration committee's view, imperative that an appropriate
employee retention scheme in the form of a cash bonus or share issue be
implemented.

Accordingly, the Company has today approved the issue of 3,455,000 new
Ordinary shares of 2.5p each to certain key employees (all below Board level)
in lieu of a cash bonus (the "Share Award"), which is considered by the Board
to have an appropriate balance of incentivisation and conservation of cash
within the business.

As the cost of the Share Award falls outside the terms of the ESOP, the value
(approximately $0.6m at current market value) will be accounted for in the
profit and loss for the year and not offset against the c. $0.25m currently
provisioned in the share-based payments reserve (which will be written back on
cancellation of the ESOP).

Issue of options to a Director

In addition to the Share Award, 250,000 new options to subscribe for new
Ordinary shares, with an exercise price of 2.5p, have been allotted to Nic
Hellyer (Chief Financial Officer). The options vest immediately. After the
award Nic Hellyer owns 102,000 ordinary shares and has 300,000 shares under
option in the Company, excluding options held under the 2019 ESOP, which will
be cancelled as part of the above arrangements.

The Company intends to review how it remunerates and incentivises staff under
future employee share schemes but the Share Award outlined above is felt to be
in the best interest for all stakeholders in the Company in terms of speed and
impact.

Admission to trading and total shares in issue

Application has been made to the London Stock Exchange for the 3,455,000 new
Ordinary Shares to be admitted to trading on AIM ("Admission") and it is
expected that Admission will become effective, and trading will commence, at
8.00 a.m. on or around 9 December 2022.

After Admission, the total number of Ordinary Shares in issue will be
48,862,431 and the total number of voting rights will therefore be 48,862,431.
This figure may be used by shareholders as the denominator for the
calculations by which they will determine if they are required to notify their
interest in, or a change to their interest in, the share capital of the
Company under the FCA's Disclosure and Transparency Rules.

 

For further information contact:

 Pelatro Plc                                           c/o finnCap
 Subash Menon, Managing Director
 Nic Hellyer, Chief Financial Officer

 finnCap Limited (Nominated Adviser and Joint Broker)  Tel: +44 (0)20 7220 0500
 Carl Holmes / Milesh Hindocha (Corporate Finance)

 Dowgate Capital Limited (Joint Broker)                Tel: +44 (0)20 3903 7715
 Stephen Norcross

 

Notes to editors

The Pelatro Group was founded in March 2013 by Subash Menon and Sudeesh
Yezhuvath with the objective of offering specialised, enterprise class
software solutions for customer engagement principally to telcos who face a
series of challenges including market maturity, saturation and customer churn.

 Pelatro provides its "mViva" platform for use by customers in B2C and B2B
applications and is well positioned in the Customer Engagement space. Our
technology orchestrates the digital journey of the customers of the telcos
through contextual, relevant and real time offers and loyalty programs across
multiple channels including websites, social media, apps and others.

For more information about Pelatro, visit www.pelatro.com

 

 

Notification and public disclosure of transactions by persons discharging
managerial responsibilities and persons closely associated with them

 

 1    Details of the person discharging managerial responsibilities / person closely

    associated

 a)   Name                                                         Nicholos Hellyer
 2    Reason for the notification
 a)   Position/status                                              Director

 b)   Initial notification /Amendment                              Initial notification

 3    Details of the issuer, emission allowance market participant, auction

    platform, auctioneer or auction monitor

 a)   Name                                                         Pelatro Plc
 b)   LEI                                                          213800U45T7TEZX38V60
 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 2.5p each

      Identification code

                                                                   GB00BYXH8F66
 b)   Nature of the transaction                                    Grant of share options
 c)   Price(s) and volume(s)                                       Price(s)   Volume(s)

                                                            2.5 pence  250,000 Ordinary shares

 d)   Aggregated information

                                                                   n/a - single transaction

      - Aggregated volume

      - Price
 e)   Date of the transaction                                      5 December 2022

 f)   Place of the transaction                                     Outside a trading venue

d)

 

Aggregated information

 

 

- Aggregated volume

 

 

- Price

 

n/a - single transaction

e)

 

Date of the transaction

5 December 2022

f)

 

Place of the transaction

Outside a trading venue

 

 

 

 

 

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