RNS Number : 8149Z
Cordel Group PLC
09 August 2024
 

9 August 2024

Cordel Group PLC

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

 

Issue of Options to PDMR

 

Cordel Group PLC (AIM: CRDL), the Artificial Intelligence platform for transport corridor analytics, announces the grant of options to Michael Turner, Chief Revenue Officer, under the Company's Enterprise Management Incentive ("EMI") plan, as detailed below:


Date of grant

Name

Position

Options

Exercise price*

08.08.24

Michael Turner

Chief Revenue Officer (PDMR)

500,000

4.4p

 

 

The options will fully vest subject to the achievement of the Group revenue target for the financial year ending 30 June 2025. At 90% of that revenue target, 80% of the options will vest and between 90-100% of target, the options vesting will be pro-rated between 80% and 100%.

 

Following this grant, Michael Turner has 3,170,000 of outstanding options.

 

* Cordel average closing price for 5-day period prior to grant

 

Enquiries:

 

Cordel Group PLC

c/o Cavendish

Ian Buddery, Chairman

John Davis, Interim Chief Executive Officer

 


 

Cavendish Capital Markets Limited, Broker

 

+44 (0)20 7908 6000

 

Marc Milmo / George Dollemore / Rory Sale (Corporate Finance)

Sunila de Silva (ECM)

Strand Hanson Limited, Nominated Adviser

Richard Johnson / James Bellman

 

 

 

+44 (0)20 7409 3494

 

 

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

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

PDMR - 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

Identification code

ordinary shares of £0.01 nominal value each

ISIN: GB00BYZQM590

b)

Nature of the transaction

Grant of options

c)

 

Price(s) and volume(s)







Price(s)

Volume(s)




4.4p

500,000







d)

Aggregated information

N/a - single transaction

e)

Date of the transaction

9 August 2024

f)

Place of the transaction

Off Exchange

 

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