TIDMMIRI
RNS Number : 4971I
Mirriad Advertising PLC
02 April 2020
2 April 2020
Mirriad Advertising plc
("Mirriad" or the "Company")
Director Dealing
Mirriad Advertising plc, the computer vision and AI platform
company, announces grants of Options over the Company's ordinary
shares of GBP0.00001 ("Options") under its Long-Term Incentive Plan
("LTIP") set up as part of its IPO in December 2017. This is to
align the Chief Executive Officer's incentive and issue grants to
its Chairman and an independent Non-executive director. This step
reflects the Company's recent fundraise and aligns the incentives
of the Chief Executive and independent Non-executive directors with
those of shareholders over the longer term. The performance options
have a 15 pence strike price.
The Company previously announced awards of Options to its Chief
Executive Officer, Stephan Beringer, on 1(st) October 2018. As a
consequence of the Company's desire to ensure that its Chief
Executive is remunerated in line with the market the Board has
reviewed the grant of Options made in 2018. Stephan was awarded two
grants of Options, one of 2,102,454 nominal value Options and one
of 2,628,068 performance based Options. In total these grants
represented 4.5% of the Company's then issued share capital. In
August 2019 following the Company's successful fundraising the
Company's issued share capital increased from 105,122,717 ordinary
shares of GBP0.00001 to 213,108,250 ordinary shares of GBP0.00001.
Consequently, Stephan's percentage holding in the Company reduced
from c.4.5% to c.2.2% of ISC.
In the light of the capital increase and, having consulted with
significant shareholders and the Company's NOMAD, the Board believe
that it is appropriate to revisit and amend the performance element
of the previous Options grant. Stephan will now be incentivised
with a grant of new performance related Options priced at 15 pence,
equivalent to the price paid by investors in the placing in 2019.
These Options will vest if certain trigger share prices are
attained as follows:
price (GBP) Award
0.30 500,000
0.45 500,000
0.60 1,500,000
0.75 600,000
0.90 700,000
1.05 800,000
1.20 900,000
Total Options 5,500,000
The Options will only be capable of vesting and exercise if the
Company's share price is equal to or exceeds each trigger price for
at least 15 trading days immediately prior to the vesting event.
The price will be determined by reference to the middle-market
quotation of the Company's share price as derived from the London
Stock Exchange's Daily Official List. The Options remain capable of
vesting up to ten years from the date of grant subject to Stephan's
continued employment by the Company.
The Board has agreed with Stephan that the performance related
Options granted in 2018 will be surrendered and cancelled.
Following the grant of these new Options and assuming the
performance conditions are met, Stephan has Options representing
3.7% of the Company's issued share capital.
The Board also announces the award of Options to purchase the
Company's shares to both its Non-executive Chairman, John Pearson,
and Bob Head, an independent Non-executive director.
These awards are not made under the Company's Long-Term
Incentive Scheme as that only applies to employees and Executive
directors. The grants are consistent with the incentivisation
adopted for Stephan Beringer and consist of both nominal value
Options priced at GBP0.00001 and performance related Options with
the same trigger prices as Stephan's Options.
John Pearson's grant is in two parts:
1. The first option has been granted over 1,250,600 shares with
an exercise price of GBP0.00001 and with one third vesting
immediately and the remaining two third vesting on 1 October 2020,
and 1 October 2021 in line with the vesting dates of Stephan
Beringer's Options granted in 2018.
2. The second performance option has been granted over 1,349,400
shares with an exercise price of 15 pence. The Options become
capable of vesting in accordance with the following schedule:
price (GBP) Award
0.30 122,673
0.45 122,673
0.60 368,018
0.75 147,207
0.90 171,742
1.05 196,276
1.20 220,811
Total Options 1,349,400
Bob Head's grant is also in two parts:
1. The first option has been granted over 400,000 shares with an
exercise price of GBP0.00001 and with one third vesting on 13 June
2020 (being the first anniversary of Bob Head's appointment) and
the remaining two third vesting on 13 June 2021 and 13 June 2022
respectively.
2. The second performance option has been granted over 400,000
shares with an exercise price of 15 pence. The Options become
capable of vesting in accordance with the following schedule:
Price (GBP) Award
0.30 36,364
0.45 36,364
0.60 109,090
0.75 43,636
0.90 50,909
1.05 58,182
1.20 65,455
Total Options 400,000
The total interest of each of the directors in the Company's ISC
assuming all Options become capable of vesting is as follows:
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 (PDMR)
-------------------------- ------------------------------------
b) Initial notification Amdendment
/ amendment
-------------------------- ------------------------------------
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 Ordinary shares of GBP0.00001 each
the financial ISIN: GB00BF52QY14
instrument, type
of instrument
Identification
code
-------------------------- ------------------------------------
b) Nature of the Amendment to grant of Options
transaction
-------------------------- ------------------------------------
c) Price(s) and volume(s) Price (GBP) Options
0.30 500,000
0.45 500,000
0.60 1,500,000
0.75 600,000
0.90 700,000
1.05 800,000
1.20 900,000
-------------- ----------
Total Options 5,500,000
-------------------------- ------------------------------------
d) Aggregated information
- Aggregated volume 5,500,000
- Price N/A
-------------------------- ------------------------------------
e) Date of the transaction 2 April 2020
-------------------------- ------------------------------------
f) Place of the transaction Outside a trading venue
-------------------------- ------------------------------------
1 Details of the person discharging managerial responsibilities
/ person closely associated
a) Name John Pearson
-------------------------- ------------------------------------
2 Reason for the notification
----------------------------------------------------------------
a) Position / status Non-executive Chairman (PDMR)
-------------------------- ------------------------------------
b) Initial notification Amdendment
/ amendment
-------------------------- ------------------------------------
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 Ordinary shares of GBP0.00001 each
the financial ISIN: GB00BF52QY14
instrument, type
of instrument
Identification
code
-------------------------- ------------------------------------
b) Nature of the Amendment to grant of Options
transaction
-------------------------- ------------------------------------
c) Price(s) and volume(s) price (GBP) Options
0.30 122,673
0.45 122,673
0.60 368,018
0.75 147,207
0.90 171,742
1.05 196,276
1.20 220,811
-------------- ----------
Total Options 1,349,400
-------------------------- ------------------------------------
d) Aggregated information
- Aggregated volume 1,349,400
- Price N/A
-------------------------- ------------------------------------
e) Date of the transaction 2 April 2020
-------------------------- ------------------------------------
f) Place of the transaction Outside a trading venue
-------------------------- ------------------------------------
1 Details of the person discharging managerial responsibilities
/ person closely associated
a) Name Bob Head
------------------------- ------------------------------------------
2 Reason for the notification
---------------------------------------------------------------------
a) Position / status Independent Non-Executive Director (PDMR)
------------------------- ------------------------------------------
b) Initial notification Amdendment
/ amendment
------------------------- ------------------------------------------
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 Ordinary shares of GBP0.00001 each
the financial ISIN: GB00BF52QY14
instrument, type
of instrument
Identification
code
------------------------- ------------------------------------------
b) Nature of the Amendment to grant of Options
transaction
------------------------- ------------------------------------------
c) Price(s) and volume(s) Price (GBP) Options
0.30 36,364
0.45 36,364
0.60 109,090
0.75 43,636
0.90 50,909
1.05 58,182
1.20 65,455
-------------- --------
Total Options 400,000
------------------------- ------------------------------------------
d) Aggregated information
- Aggregated volume 400,000
- Price N/A
------------------------- ------------------------------------------
e) Date of the transaction 2 April 2020
------------------------- ------------------------------------------
f) Place of the transaction Outside a trading venue
------------------------- ------------------------------------------
ENDS
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 China.
Enquiries:
For further information please visit www.mirriad.com or
contact:
Mirriad Advertising plc
Stephan Beringer, Chief Executive Officer
David Dorans, Chief Financial Officer
Tel: +44 (0)207 884 2530
Nominated Adviser & Broker:
Canaccord Genuity Limited
Simon Bridges
Thomas Diehl
Tel: +44 (0)20 7523 8000
Financial Communications:
Charlotte Street Partners
Tom Gillingham Tel: +44 (0) 7741 659021
Andrew Wilson Tel: +44 (0) 7810 636995
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END
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