RE: Placing18 Feb 2021 14:53
The Company has agreed to issue Trevor Brown with 8 million shares in place of his remaining 14.8m options and the director fees that he would have been entitled to had Trevor stayed until the annual general meeting later this year, at which he had previously agreed to step down.
The Company has also agreed pay FortOak Rolls Limited (a company wholly owned by Alex Vergopoulos and part of the FortOak group of companies ("FortOak")) a sum of £150,000 and provide Alex with 8 million shares and options over a further 7 million shares (the "Options") in recognition of the work, and related expenses, that Alex and the team at FortOak have provided in bringing the machine into operation and securing raw material supplies. The 8 million shares will be issued to Ordian Limited, a company wholly owned by Alex Vergopoulos. The Options will have an exercise period of three years and the exercise price will be set as the closing price on the day of this announcement. The Company and FortOak are also looking to enter into a distribution agreement as one of a number of routes to market being explored by the Company.
Lastly, the Company has agreed to issue John Richardson with 5 million shares in recognition of his work supporting the Company and P2F over the last year and his salary sacrifice taken in 2020. John has also played a key role in providing the finance function for the Company during this time.
Following this announcement, a total of 21 million new ordinary shares in the capital of the Company will be issued, consisting of 8 million shares to Trevor Brown, 8 million shares to Alex Vergopoulos and 5 million shares to John Richardson (together, the "New Shares"). I AM JUST WONDERING IF THESE GUYS STARTED DUMPING THESE SHARES.
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