Mind Gym PLC Establishment of Share Incentive Plan (3948D)
October 09 2018 - 2:30AM
UK Regulatory
TIDMMIND
RNS Number : 3948D
Mind Gym PLC
09 October 2018
9 October 2018
Mind Gym plc
("Mind Gym" or the "Company" or "Group")
Establishment of Share Incentive Plan
Mind Gym (AIM: MIND), the behavioural science business that uses
scalable proprietary products to deliver human capital business
improvement solutions to large corporations, is pleased to announce
that it has launched the Mind Gym plc Share Incentive Plan ("SIP"),
as anticipated in its AIM Admission Document. The purpose of the
SIP is to incentivise all eligible employees (with the exception of
the Chief Executive Officer) of the Group by the award of ordinary
shares in the capital of the Company ("Ordinary Shares") at no cost
to them. Ordinary Shares issued under this plan will not exceed
1.5% per cent. of the Company's current issued share capital
without the prior approval of shareholders of the Company.
Establishment of Share Incentive Plan
The Company has invited all eligible employees of the Company to
participate in the SIP. The SIP is an HMRC tax advantaged
all-employee share scheme whereby eligible employees will each
receive GBP1,000 worth of free shares (the "Award") based on a
price of 146 pence per share, equivalent to the placing price per
share on the Company's admission to trading on AIM.
The SIP Shares are held in trust for a minimum holding period of
3 years and there is a forfeiture period of 3 years during which
employees who participated in the SIP will lose their Award if they
resign or are dismissed from their employment.
Issue of Equity and Total Voting Rights
Under the SIP, applications have been received from eligible
employees for 130,835 Ordinary Shares of 0.001 pence each.
Accordingly, the trustee of the SIP has subscribed for, and the
Company intends to issue, 130,835 new Ordinary Shares of 0.001
pence each in the Company, at nominal value per share at an
aggregate cost to the Company of GBP1.31, such shares representing
0.132% of the current issued ordinary share capital of the
Company.
Application will be made to the London Stock Exchange for the
130,835 new Ordinary Shares of 0.001 pence each, which when issued
will rank pari passu with the existing ordinary shares in issue, to
be admitted to trading on AIM, with dealings expected to commence
on 12 October 2018 ("Admission").
Following Admission, the Company's issued ordinary share capital
will consist of 99,493,210 Ordinary Shares with a nominal value of
0.001 pence each, with voting rights. The Company does not hold any
Ordinary Shares in Treasury.
The above figure of 99,493,210 Ordinary Shares may be used by
shareholders in the Company 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 ordinary share
capital of the Company under the Financial Conduct Authority's
Disclosure and Transparency Rules.
Octavius Black, Chief Executive Officer of Mind Gym,
commented:
"We have always been keen for colleagues who commit to Mind Gym
to have a direct stake in the business and we're delighted that all
employees will now have that opportunity through the introduction
of this scheme."
Enquiries
Mind Gym plc +44 (0) 20 7376 0626
Octavius Black (CEO)
Joanne Black (Chair)
Richard Steele (CFO)
investors@themindgym.com
Liberum (Nominated Adviser and
Sole Broker) +44 (0) 20 3100 2000
Bidhi Bhoma
Joshua Hughes
Euan Brown
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
MSCEAXENEANPFEF
(END) Dow Jones Newswires
October 09, 2018 03:30 ET (07:30 GMT)
Mind Gym (LSE:MIND)
Historical Stock Chart
From Apr 2024 to May 2024
Mind Gym (LSE:MIND)
Historical Stock Chart
From May 2023 to May 2024