TIDMMIRI
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 GBP0.00001
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.
Details of the person discharging managerial responsibilities
1 / person closely associated
a) Name Mark Melvin
------------------------- --------------------------------------
Reason for the notification
2
-----------------------------------------------------------------
a) Position / status GM North America (PDMR)
------------------------- --------------------------------------
b) Initial notification Initial notification
/ amendment
------------------------- --------------------------------------
Details of the issuer, emission allowance market participant,
3 auction platform, auctioneer or auction monitor
-----------------------------------------------------------------
a) Name Mirriad Advertising plc
------------------------- --------------------------------------
b) LEI 213800ZKOK9GIME7HE62
------------------------- --------------------------------------
Details of the transaction(s): section to be repeated for
4 (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 Grant of Options over Ordinary Shares
transaction
------------------------- --------------------------------------
c) Price(s) and volume(s) Exercise price 3p, volume 1,307,638
------------------------- --------------------------------------
d) Aggregated information
- Aggregated volume
1,307,638
- Price
GBP39,229.14
------------------------- --------------------------------------
e) Date of the transaction 2 October 2023
------------------------- --------------------------------------
f) Place of the transaction Outside a trading venue
------------------------- --------------------------------------
Details of the person discharging managerial responsibilities
1 / person closely associated
a) Name Philip Mattimoe
------------------------- --------------------------------------
Reason for the notification
2
-----------------------------------------------------------------
a) Position / status CTO (PDMR)
------------------------- --------------------------------------
b) Initial notification Initial notification
/ amendment
------------------------- --------------------------------------
Details of the issuer, emission allowance market participant,
3 auction platform, auctioneer or auction monitor
-----------------------------------------------------------------
a) Name Mirriad Advertising plc
------------------------- --------------------------------------
b) LEI 213800ZKOK9GIME7HE62
------------------------- --------------------------------------
Details of the transaction(s): section to be repeated for
4 (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 Grant of Options over Ordinary Shares
transaction
------------------------- --------------------------------------
c) Price(s) and volume(s) Exercise price 3p, volume 1,255,083
------------------------- --------------------------------------
d) Aggregated information
- Aggregated volume
1,255,083
- Price
GBP37,652.49
------------------------- --------------------------------------
e) Date of the transaction 2 October 2023
------------------------- --------------------------------------
f) Place of the transaction Outside a trading venue
------------------------- --------------------------------------
Details of the person discharging managerial responsibilities
1 / person closely associated
a) Name Rajasekhar Parakkal
------------------------- --------------------------------------
Reason for the notification
2
-----------------------------------------------------------------
a) Position / status MD India (PDMR)
------------------------- --------------------------------------
b) Initial notification Initial notification
/ amendment
------------------------- --------------------------------------
Details of the issuer, emission allowance market participant,
3 auction platform, auctioneer or auction monitor
-----------------------------------------------------------------
a) Name Mirriad Advertising plc
------------------------- --------------------------------------
b) LEI 213800ZKOK9GIME7HE62
------------------------- --------------------------------------
Details of the transaction(s): section to be repeated for
4 (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 Grant of Options over Ordinary Shares
transaction
------------------------- --------------------------------------
c) Price(s) and volume(s) Exercise price 3p, volume 732,667
------------------------- --------------------------------------
d) Aggregated information
- Aggregated volume
732,667
- Price
GBP21,980.01
------------------------- --------------------------------------
e) Date of the transaction 2 October 2023
------------------------- --------------------------------------
f) Place of the transaction Outside a trading venue
------------------------- --------------------------------------
Details of the person discharging managerial responsibilities
1 / person closely associated
a) Name Tim Jones
------------------------- ------------------------------------------
Reason for the notification
2
---------------------------------------------------------------------
a) Position / status Global Head of Research & Insights (PDMR)
------------------------- ------------------------------------------
b) Initial notification Initial notification
/ amendment
------------------------- ------------------------------------------
Details of the issuer, emission allowance market participant,
3 auction platform, auctioneer or auction monitor
---------------------------------------------------------------------
a) Name Mirriad Advertising plc
------------------------- ------------------------------------------
b) LEI 213800ZKOK9GIME7HE62
------------------------- ------------------------------------------
Details of the transaction(s): section to be repeated for
4 (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 Grant of Options over Ordinary Shares
transaction
------------------------- ------------------------------------------
c) Price(s) and volume(s) Exercise price 3p, volume 435,960
------------------------- ------------------------------------------
d) Aggregated information
- Aggregated volume
435,960
- Price
GBP13,078.8
------------------------- ------------------------------------------
e) Date of the transaction 2 October 2023
------------------------- ------------------------------------------
f) Place of the transaction Outside a trading venue
------------------------- ------------------------------------------
Details of the person discharging managerial responsibilities
1 / person closely associated
a) Name Jamie Allen
------------------------- -----------------------------------------------
Reason for the notification
2
--------------------------------------------------------------------------
a) Position / status Group Financial Controller & Company Secretary
(PDMR)
------------------------- -----------------------------------------------
b) Initial notification Initial notification
/ amendment
------------------------- -----------------------------------------------
Details of the issuer, emission allowance market participant,
3 auction platform, auctioneer or auction monitor
--------------------------------------------------------------------------
a) Name Mirriad Advertising plc
------------------------- -----------------------------------------------
b) LEI 213800ZKOK9GIME7HE62
------------------------- -----------------------------------------------
Details of the transaction(s): section to be repeated for
4 (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 Grant of Options over Ordinary Shares
transaction
------------------------- -----------------------------------------------
c) Price(s) and volume(s) Exercise price 3p, volume 538,000
------------------------- -----------------------------------------------
d) Aggregated information
- Aggregated volume
538,000
- Price
GBP16,140
------------------------- -----------------------------------------------
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 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 McGowan Tel: +44 (0) 7590 049023
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.
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.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
DSHUKVSROAUKUAR
(END) Dow Jones Newswires
October 02, 2023 02:00 ET (06:00 GMT)
Mirriad Advertising (LSE:MIRI)
Historical Stock Chart
From Apr 2024 to May 2024
Mirriad Advertising (LSE:MIRI)
Historical Stock Chart
From May 2023 to May 2024
