Minds + Machines Group Limited Completion of Tender Offer and Director Dealing (8095A)
February 07 2022 - 12:59AM
UK Regulatory
TIDMMMX
RNS Number : 8095A
Minds + Machines Group Limited
07 February 2022
Minds + Machines Group Limited
("MMX", the "Company" or "Group")
Completion of Tender Offer
and
Exercise of Options/RSUs
Further to the announcements of 14 January 2022 and 3 February
2022, Minds + Machines Group Limited (AIM: MMX) is pleased to
announce the completion of its Tender Offer.
The Company confirms the Tender Offer was fully subscribed and
182,692,308 Ordinary Shares have been purchased at a price of 10.4
pence per Ordinary Share, for aggregate consideration of GBP19
million. Tenders for up to and including the Tender Offer
Entitlement of 1 Ordinary Share for every 1.485 Ordinary Shares
were met in full, representing approximately 93.35% of the Ordinary
Shares being purchased by the Company. In addition, 16.59832% of
shares tendered in excess of a shareholders Basic Entitlement will
be purchased, accounting for the remaining 6.65% of the Ordinary
Shares being bought back under the Tender Offer, The Ordinary
Shares to be purchased under the Tender Offer represent
approximately 67.3% of the current Ordinary Shares in issue.
All of the 182,692,308 Ordinary Shares bought back have been
cancelled by the Company.
Total Voting Rights
Following completion of the Tender Offer, the total number of
exercisable voting rights in the Company is now 88,624,033. 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
Company.
Exercise of Options
The Company also announces that, following the completion of the
Tender Offer, certain Directors of the Company have exercised
options over Ordinary Shares ("Options") or restricted stock units
("RSUs") as follows:
Director/PDMR Number of Total cash Number of Number of % of revised
Options settlement remaining remaining issued share
/RSUs exercised value of Options/RSUs Options/RSUs capital
Options/RSUs vested and not yet held
exercised outstanding vested and
outstanding
Tony Farrow 78,778 GBP 8,193 29,497 - 0.03%
----------------- -------------- -------------- ------------- --------------
Bryan Disher 1,037,283 GBP 107,877 388,393 - 0.44%
----------------- -------------- -------------- ------------- --------------
As permitted under the terms of the Minds + Machines Group
Limited Restricted Stock Unit Plan and the Minds + Machines Group
Limited Amended 2012 Stock Plan, the Company's Remuneration
Committee has approved that these Options and RSUs will be settled
for cash at the Tender Offer price of 10.4 pence per Ordinary
Share. The number of Options and RSUs exercised and settled for
cash represent the same pro rata proportion of those Options and
RSUs currently vested as all Shareholders received in the Tender
Offer.
Following settlement of these Options and RSUs, the Company has
2,217,890 Options and RSUs outstanding, representing approximately
2.50% of the Company's revised issued share capital.
Unless otherwise defined herein, capitalised terms used in this
announcement shall have the same meanings as defined in the
Circulars to shareholders dated 14 January 2022 and available on
the Company's website www.mmx.co .
Further Information:
Minds + Machines Group Limited
Tony Farrow (CEO)
Bryan Disher (CFO)
finnCap Ltd Tel: +44 (0) 20 7220
0500
Corporate finance - Stuart Andrews /
Carl Holmes / Simon Hicks
Corporate broking - Tim Redfern / Richard
Chambers
For further information, please go to www.mmx.co
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 Tony Farrow
------------------------------- --------------------------------------
2. Reason for the Notification
-----------------------------------------------------------------------
a) Position/status Chief Executive Officer
------------------------------- --------------------------------------
b) Initial notification/Amendment Initial notification
------------------------------- --------------------------------------
3. Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
-----------------------------------------------------------------------
a) Name Minds + Machines Group Limited
------------------------------- --------------------------------------
b) LEI 2138008VAFDJAYYYNP95
------------------------------- --------------------------------------
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 RSUs over Ordinary Shares
Financial instrument,
type of instrument
Identification code VGG614091012
------------------------------- --------------------------------------
b) Nature of the transaction Exercise of RSUs over Ordinary Shares
------------------------------- --------------------------------------
c) Price(s) and volume(s) Price(s) Volume(s)
10.4p 78,778
----------
------------------------------- --------------------------------------
d) Aggregated information: Cash settlement of 78,778 RSUs at
* Aggregated volume a price of 10.4 pence per Ordinary
Share
* Price
------------------------------- --------------------------------------
e) Date of the transaction 7 February 2022
------------------------------- --------------------------------------
f) Place of the transaction Off market transaction
------------------------------- --------------------------------------
1. Details of the person discharging managerial responsibilities
/ person closely associated
a) Name Bryan Disher
------------------------------- --------------------------------------
2. Reason for the Notification
-----------------------------------------------------------------------
a) Position/status Chief Financial Officer
------------------------------- --------------------------------------
b) Initial notification/Amendment Initial notification
------------------------------- --------------------------------------
3. Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
-----------------------------------------------------------------------
a) Name Minds + Machines Group Limited
------------------------------- --------------------------------------
b) LEI 2138008VAFDJAYYYNP95
------------------------------- --------------------------------------
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 Options over Ordinary Shares
Financial instrument,
type of instrument
Identification code VGG614091012
------------------------------- --------------------------------------
b) Nature of the transaction Exercise of Options over Ordinary
Shares
------------------------------- --------------------------------------
c) Price(s) and volume(s) Price(s) Volume(s)
10.4p 1,037,283
----------
------------------------------- --------------------------------------
d) Aggregated information: Cash settlement of Options at a price
* Aggregated volume of 10.4 pence per Ordinary Share
* Price
------------------------------- --------------------------------------
e) Date of the transaction 7 February 2022
------------------------------- --------------------------------------
f) Place of the transaction Off market transaction
------------------------------- --------------------------------------
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END
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