TIDMSEEN
RNS Number : 1067R
SEEEN PLC
04 March 2021
SEEEN plc
("SEEEN" or the "Company")
Year End Trading Update in-line with Expectations,
Directorate Change
and
Issue of Options
SEEEN plc (AIM: SEEEN), the global media and technology video
experience platform (" V XP") for improved digital marketing yield
and connected audience experiences, is pleased to provide a trading
update for the Group's first full year of operations to 31 December
2020 ("2020").
2020 Technology Product Highlights
-- EIS and VCT funding delivered a proprietary video technology
platform, employing SEEEN's proprietary momentization algorithms,
including 4Q product launches of CreatorSuite, JetStream and Video
Experience Microsites to initial B-to-B customers
-- Subsequent Event: 1Q release of CreatorSuite 2.0 with rapid
AI-based recognition of Speaker-Based Moments
-- Balance Sheet strong with cash resources to execute on
Group's 2021 focus on commercialization
-- Increasing Capital Markets communication of powerful proprietary technology
2020 Financial Results Highlights
-- Results in-line with market expectations for both revenue and adjusted profit before tax
-- Multichannel network ("MCN") rebound from 1H Covid-influenced market
o MCN views increased 48.9% to 18.7bn (2019: 12.6bn)
o Revenues stable at $10.1m (2019: $10.3m); Sequential
improvement of 73% in semi-annual revenue (2H $6.4m vs. 1H:
$3.7m)
o RPM (revenue per thousand views) of $0.97 (2019: $1.49);
Sequential 2H increase of 42% (2H: $1.12 vs. 1H: $0.78)
-- Adjusted loss before tax of approximately $2.1m
-- Cash at year-end of $5.3m
Personnel / Corporate Development
-- Promotion of Independent Director Akiko Mikumo to Vice Chair
to lead strategic opportunities and accelerate execution of the
Group's growth plan
-- Promotion of Adrian Hargrave, Chief Financial Officer, to the Board of the Company
-- Recruitment of "Go-to-Market" personnel for product offerings
-- Issue of options at a significant premium to current market
price to certain directors and key staff in exchange for cash
compensation
Patrick DeSouza, Chairman, commented: "We navigated Covid well
and despite an AI and machine learning team based in different
locations in the US, UK and EU, launched our video technology
platform and installed features sought by our strategic trial
customers. We did all of this efficiently with our balance sheet
remaining strong for our 2021 Go-To-Market Plan.
We have already started recruiting professionals to accelerate
our next phase of this journey. Our revenue mix will begin to
reflect our various technology offerings, while our MCN will remain
a good incubator for testing our unique and proprietary
micro-moments technology.
We are excited about 2021 and appreciate the hard work of the
founders and the management team in staying on track during 2020.
We also appreciate our shareholders and their support as we raced
to complete our platform for a fast-growing market that is seeking
our offerings."
Issue of Options
Certain of the Directors and management of the Company have
agreed to reduce or waive their cash compensation to better align
their interests with those of shareholders. These individuals will
receive options over Shares in the Company ("Options"), exercisable
at a premium to both the prevailing price and the September 2019
fundraising price. In particular, each of the non-Executives
elected not to receive a cash payment for their 4Q 2020 fees and
for the entirety of 2021. The full breakdown of Options issued and
the aggregate interests of each relevant director/PDMR is as set
out below:
Current Options Options Total
no. Shares issued issued no. Options Total
held and Current pursuant pursuant held and Shares
as (%) Options to Tranche to Tranche as (%) and Options
Name of Company held 1* 2* of Company held
5,426,164
Patrick DeSouza (10.9%) - 600,000 - 600,000 6,026,164
(1.2%)
------------ ---------- ------------ ------------ ------------- -------------
Akiko Mikumo - 152,083 600,000 - 752,083 752,083
(1.5%)
------------ ---------- ------------ ------------ ------------- -------------
David Anton - 152,083 200,000 - 352,083 452,083
(0.7%)
------------ ---------- ------------ ------------ ------------- -------------
Mike Kelly - 152,083 200,000 - 352,083 452,083
(0.7%)
------------ ---------- ------------ ------------ ------------- -------------
2,813,309
Todd Carter (5.6%) 1,977,083 - 250,000 2,227,083 5,040,392
(4.5%)
------------ ---------- ------------ ------------ ------------- -------------
Adrian Hargrave - 273,749 50,000 250,000 573,749 573,749
(1.1%)
------------ ---------- ------------ ------------ ------------- -------------
Taro Koki 3,601,436 1,064,583 - 250,000 1,314,583 4,916,019
(7.2%) (2.6%)
------------ ---------- ------------ ------------ ------------- -------------
* Tranche 1 options are issued with an exercise price of 60
pence per ordinary share, vesting one-third on each of the first
three anniversaries of grant
** Tranche 2 options are issued with an exercise price of 65
pence per ordinary share, vesting one-third on each of the first
three anniversaries of grant and subject to individual performance
conditions
In addition to the above, the Board has also issued Options to
other employees totalling approximately 800,000 shares, exercisable
at a price of 65 pence per ordinary share. This grant of 3,200,000
Options equates to 6.4% of the Company's current issued share
capital. The annualised share-based payment charge for the above
issue of options is expected to be approximately $160,000.
In the event that the exercise of Options would result in the
Concert Party (as defined in the Company's admission document dated
11 September 2019) holding more than 30 per cent. of the Company or
increasing their holding between 30 per cent. and 50 per cent.,
shareholders may be asked to approve a whitewash, as defined under
rule 9 of The Takeover Code. In the absence of this, or unless it
was agreed that any such exercised shares would be sold
immediately, the Company will not allow the issue of shares
relating to the exercise of options that would result in the
Concert Party exceeding 30 per cent. or increasing their holding
between 30 per cent. and 50 per cent.
The FCA notification, made in accordance with the requirements
of the EU Market Abuse Regulation is appended below.
Directorate Change
Adrian Hargrave, aged 41, has been Chief Financial Officer of
SEEEN plc since its admission to AIM on 30 September 2019.
Previously, he has been Corporate Development Director at Water
Intelligence plc. Prior to this, he worked as a corporate financier
and Qualified Executive with AIM companies for the last 15 years.
Adrian has held no partnerships or directorships in the last 5
years. He currently has no shares in the Company and has options
over the Company's Shares as set out in the table above.
Save as set above there are no further disclosures required
pursuant to Rule 17 or Schedule Two, paragraph (g) of the AIM Rules
for Companies.
This announcement contains inside information for the purposes
of Article 7 of Regulation (EU) No 596/2014.
SEEEN plc - seeen.com
Patrick DeSouza, Chairman Tel: +1 203 654 5426
Todd Carter, CEO
Adrian Hargrave, CFO Tel: +44 7775 701 838
Dowgate Capital Ltd (Joint Tel: +44 7920 599 793
Broker)
Stephen Norcross
WH Ireland (Joint Broker and Tel: 020 7220 1666
Nomad)
Adrian Hadden / James Sinclair-Ford
/ Matthew Chan
1. Details of the PDMR / person closely associated
a) Name Patrick DeSouza
------------------------- -------------------------------
2. Reason for the notification
----------------------------------------------------------
a) Position Non-Executive Chairman
/ status
------------------------- -------------------------------
b) Initial notification Initial notification
/ amendment
------------------------- -------------------------------
3. Details of the issuer, emission allowance
market participant, auction platform,
auctioneer or auction monitor
----------------------------------------------------------
a) Name SEEEN plc
------------------------- -------------------------------
b) LEI 213800RQVRMW2KRORN22
------------------------- -------------------------------
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 Options over Ordinary Shares
of the financial
instrument,
type of instrument GB00BK6SHS41
Identification
code
------------------------- -------------------------------
b) Nature of Issue of Options over Ordinary
the transaction Shares in lieu of Director's
Fees
------------------------- -------------------------------
c) Price(s) Price 60p
and volume(s) Volume 600,000
------------------------- -------------------------------
d) Aggregated N/A (single transaction)
information
* Aggregated volume
* Price
------------------------- -------------------------------
e) Date of the 4 March 2021
transaction
------------------------- -------------------------------
f) Place of London Stock Exchange,
the transaction AIM Market
------------------------- -------------------------------
1. Details of the PDMR / person closely associated
a) Name Akiko Mikumo
------------------------- -------------------------------
2. Reason for the notification
----------------------------------------------------------
a) Position Vice Chair
/ status
------------------------- -------------------------------
b) Initial notification Initial notification
/ amendment
------------------------- -------------------------------
3. Details of the issuer, emission allowance
market participant, auction platform,
auctioneer or auction monitor
----------------------------------------------------------
a) Name SEEEN plc
------------------------- -------------------------------
b) LEI 213800RQVRMW2KRORN22
------------------------- -------------------------------
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 Options over Ordinary Shares
of the financial
instrument,
type of instrument GB00BK6SHS41
Identification
code
------------------------- -------------------------------
b) Nature of Issue of Options over Ordinary
the transaction Shares in lieu of Director's
Fees
------------------------- -------------------------------
c) Price(s) Price 60p
and volume(s) Volume 600,000
------------------------- -------------------------------
d) Aggregated N/A (single transaction)
information
* Aggregated volume
* Price
------------------------- -------------------------------
e) Date of the 4 March 2021
transaction
------------------------- -------------------------------
f) Place of London Stock Exchange,
the transaction AIM Market
------------------------- -------------------------------
1. Details of the PDMR / person closely associated
a) Name David Anton
------------------------- -------------------------------
2. Reason for the notification
----------------------------------------------------------
a) Position Non-Executive Director
/ status
------------------------- -------------------------------
b) Initial notification Initial notification
/ amendment
------------------------- -------------------------------
3. Details of the issuer, emission allowance
market participant, auction platform,
auctioneer or auction monitor
----------------------------------------------------------
a) Name SEEEN plc
------------------------- -------------------------------
b) LEI 213800RQVRMW2KRORN22
------------------------- -------------------------------
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 Options over Ordinary Shares
of the financial
instrument,
type of instrument GB00BK6SHS41
Identification
code
------------------------- -------------------------------
b) Nature of Issue of Options over Ordinary
the transaction Shares in lieu of Director's
Fees
------------------------- -------------------------------
c) Price(s) Price 60p
and volume(s) Volume 200,000
------------------------- -------------------------------
d) Aggregated N/A (single transaction)
information
* Aggregated volume
* Price
------------------------- -------------------------------
e) Date of the 4 March 2021
transaction
------------------------- -------------------------------
f) Place of London Stock Exchange,
the transaction AIM Market
------------------------- -------------------------------
1. Details of the PDMR / person closely associated
a) Name Mike Kelly
------------------------- -------------------------------
2. Reason for the notification
----------------------------------------------------------
a) Position Non-Executive Director
/ status
------------------------- -------------------------------
b) Initial notification Initial notification
/ amendment
------------------------- -------------------------------
3. Details of the issuer, emission allowance
market participant, auction platform,
auctioneer or auction monitor
----------------------------------------------------------
a) Name SEEEN plc
------------------------- -------------------------------
b) LEI 213800RQVRMW2KRORN22
------------------------- -------------------------------
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 Options over Ordinary Shares
of the financial
instrument,
type of instrument GB00BK6SHS41
Identification
code
------------------------- -------------------------------
b) Nature of Issue of Options over Ordinary
the transaction Shares in lieu of Director's
Fees
------------------------- -------------------------------
c) Price(s) Price 60p
and volume(s) Volume 200,000
------------------------- -------------------------------
d) Aggregated N/A (single transaction)
information
* Aggregated volume
* Price
------------------------- -------------------------------
e) Date of the 4 March 2021
transaction
------------------------- -------------------------------
f) Place of London Stock Exchange,
the transaction AIM Market
------------------------- -------------------------------
1. Details of the PDMR / person closely associated
a) Name Todd Carter
------------------------- -------------------------------
2. Reason for the notification
----------------------------------------------------------
a) Position Chief Executive Officer
/ status
------------------------- -------------------------------
b) Initial notification Initial notification
/ amendment
------------------------- -------------------------------
3. Details of the issuer, emission allowance
market participant, auction platform,
auctioneer or auction monitor
----------------------------------------------------------
a) Name SEEEN plc
------------------------- -------------------------------
b) LEI 213800RQVRMW2KRORN22
------------------------- -------------------------------
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 Options over Ordinary Shares
of the financial
instrument,
type of instrument GB00BK6SHS41
Identification
code
------------------------- -------------------------------
b) Nature of Issue of Options over Ordinary
the transaction Shares in lieu of Director's
Fees
------------------------- -------------------------------
c) Price(s) Price 65p
and volume(s) Volume 250,000
------------------------- -------------------------------
d) Aggregated N/A (single transaction)
information
* Aggregated volume
* Price
------------------------- -------------------------------
e) Date of the 4 March 2021
transaction
------------------------- -------------------------------
f) Place of London Stock Exchange,
the transaction AIM Market
------------------------- -------------------------------
1. Details of the PDMR / person closely associated
a) Name Adrian Hargrave
------------------------- -------------------------------
2. Reason for the notification
----------------------------------------------------------
a) Position Chief Financial Officer
/ status
------------------------- -------------------------------
b) Initial notification Initial notification
/ amendment
------------------------- -------------------------------
3. Details of the issuer, emission allowance
market participant, auction platform,
auctioneer or auction monitor
----------------------------------------------------------
a) Name SEEEN plc
------------------------- -------------------------------
b) LEI 213800RQVRMW2KRORN22
------------------------- -------------------------------
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 Options over Ordinary Shares
of the financial
instrument,
type of instrument GB00BK6SHS41
Identification
code
------------------------- -------------------------------
b) Nature of Issue of Options over Ordinary
the transaction Shares in lieu of Director's
Fees
------------------------- -------------------------------
c) Price(s) Price 60p
and volume(s) Volume 50,000
Price 65p
Volume 250,000
------------------------- -------------------------------
d) Aggregated See 4 c)
information
* Aggregated volume
* Price
------------------------- -------------------------------
e) Date of the 4 March 2021
transaction
------------------------- -------------------------------
f) Place of London Stock Exchange,
the transaction AIM Market
------------------------- -------------------------------
1. Details of the PDMR / person closely associated
a) Name Taro Koki
------------------------- -------------------------------
2. Reason for the notification
----------------------------------------------------------
a) Position Chief Creative Officer
/ status
------------------------- -------------------------------
b) Initial notification Initial notification
/ amendment
------------------------- -------------------------------
3. Details of the issuer, emission allowance
market participant, auction platform,
auctioneer or auction monitor
----------------------------------------------------------
a) Name SEEEN plc
------------------------- -------------------------------
b) LEI 213800RQVRMW2KRORN22
------------------------- -------------------------------
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 Options over Ordinary Shares
of the financial
instrument,
type of instrument GB00BK6SHS41
Identification
code
------------------------- -------------------------------
b) Nature of Issue of Options over Ordinary
the transaction Shares in lieu of Director's
Fees
------------------------- -------------------------------
c) Price(s) Price 65p
and volume(s) Volume 250,000
------------------------- -------------------------------
d) Aggregated N/A (single transaction)
information
* Aggregated volume
* Price
------------------------- -------------------------------
e) Date of the 4 March 2021
transaction
------------------------- -------------------------------
f) Place of London Stock Exchange,
the transaction AIM Market
------------------------- -------------------------------
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END
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March 04, 2021 02:00 ET (07:00 GMT)
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