Spinnaker Opportunities PLC Option Award and Warrants Update (8806P)
June 15 2020 - 1:00AM
UK Regulatory
TIDMSOP
RNS Number : 8806P
Spinnaker Opportunities PLC
15 June 2020
15 June 2020
Spinnaker Opportunities plc
("Spinnaker" or the "Company")
Option Award and Warrants Update
Spinnaker Opportunities plc (LON: SOP), the Standard Listed cash
shell focused on delivering a material acquisition in the cannabis
processing industry, today announces the award of Options to
Directors and advisers, mainly in replacement for those that
expired on 17 May 2020.
Option Award
The Board has approved the award of the following options under
its established Share Option Scheme.
Andy Morrison Director 1,250,000
Alan Hume Director 270,000
Tony Harpur Director 350,000
Three advisers Total 90,000
TOTAL Options Awarded 1,960,000
The options vest immediately, are valid for three years from
date of issue (15 June 2020) and are exercisable at 5.0 pence per
share.
Shareholders will be aware that in accordance with the IPO
prospectus, directors receive no cash salary prior to delivering an
RTO acquisition and re-admission to trading and for Andy Morrison
and Tony Harpur, these options simply replace those that have
expired since the IPO. Alan Hume joined the board in September 2018
and the award to him has been calculated using the same
metrics.
Warrants Update
The warrants that were issued to IPO subscribers on 17 May 2017
and to SI Capital subscribers on 3 January 2018 expired on 17 May
2020 and will expire on 19 June 2020, respectively. With the
consent of Kanabo Research Ltd ("Kanabo") the board intends to
issue fresh warrants to shareholders on the register at the time of
completion of the RTO acquisition of Kanabo. The terms of the fresh
warrants have not yet been finalised and any such award will be
conditional on the transaction proceeding to completion.
Commenting on the Options Awards, Andy Morrison, Chairman
said;
"On behalf of shareholders, I would like to thank my fellow
Directors and the wider advisory team for their patience and
endurance in pursuit of the RTO acquisition of Kanabo. In my view,
and of the Board as a whole, the prize of being an early mover in
UK public markets for a business in the medicinal cannabis space
remains a worthwhile goal and we are doing all we can to bring it
to fruition."
For further information, please visit
http://www.spinnakeropportunities.uk/ or contact the following:
Peterhouse Capital (Financial Adviser and Joint Broker)
Tel: +44 (0)20 7469 0930
Guy Miller / Eran Zucker
SI Capital (Joint Broker)
Tel: +44 (0)1483 413 500 / +44 (0) 203 871 4038
Nick Emerson / Greg Mahoney
Blytheweigh (Financial PR)
Tel: +44 (0) 207 138 3553
Camilla Horsfall / Megan Ray / Madeleine Gordon-Foxwell
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END
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