5 Feb 2019 16:22
5 February 2019
Big Sofa Technologies Group plc
("Big Sofa" or the "Company")
Grant of Share Options
Big Sofa (AIM:BST), an international video analytics provider to the consumer insight industry, has granted options over ordinary shares of 3 pence each in the Company ("Options") to certain directors and employees, as outlined below.
New Option grants
The following new Options have been granted to certain executive directors:
Director | Position | Number of Options granted | Exercise price* |
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Kirsty Fuller | Executive Director | 7,500,000 | 3.5 pence |
Matthew Lynch | Executive Director | 3,500,000 | 3.5 pence |
Joe MacCarthy | Executive Director | 2,500,000 | 3.5 pence |
*Mid-market closing share price on 4 February 2019
Vesting conditions: all of the above Options vest on 19 December 2019, save for those granted to Kirsty Fuller which vest in three equal annual tranches on 19 December 2019, 19 December 2020 and 19 December 2021, and require that the recipients remain in employment with the Company at the date of exercise. All of the above Options may only be exercised if the volume weighted average share price on a 28-day rolling basis prior to the date of exercise is at least 6 pence per share.
The executive directors have, since 1 October 2018, agreed to defer 20 per cent of their gross salaries to preserve working capital.
Re-issued Options
The following directors have had existing Options cancelled and the following Options reissued:
Director | Position | Number of Options granted | Exercise price* |
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Matthew Lynch | Executive Director | 451,485 | 3.5 pence |
Joe MacCarthy | Executive Director | 1,920,448 | 3.5 pence |
Nicholas Mustoe | Non-executive Director | 1,276,944 | 3.5 pence |
Steven Metcalfe | Non-executive Director | 1,064,120 | 3.5 pence |
Simon Lidington | Non-executive Director | 554,426 | 3.5 pence |
*Mid-market closing share price on 4 February 2019
Vesting conditions: all of the above Options vest on 19 December 2019. All of the above Options may only be exercised if the volume weighted average share price on a 28-day rolling basis prior to the date of exercise is at least 6 pence per share.
Employee Options
In addition to the directors' Options described above, an aggregate 4,097,661 new and cancelled-and-reissued Options have been granted to employees of the Company on the same terms as the re-issued Options described above which, together with the Options described above, and 1,377,608 Options granted at admission of the Company's shares to AIM which have not been cancelled-and-reissued, would, if fully exercised, result in the issue of an additional 24,242,692 ordinary shares of 3 pence each in the Company, representing 17.5 per cent of the current issued share capital of 138,750,692 as at the date of this announcement. This percentage is consistent with the Company limit described in the Company's AIM Admission Document dated 30 November 2016.
John Haworth, an independent director for the purposes of the grant of Options, considers, having consulted with Arden Partners Plc, the Company's nominated adviser, that the terms of the Options are fair and reasonable insofar as shareholders are concerned.
Enquiries:
Big Sofa Technologies Group plc | via Vigo Communications |
Kirsty Fuller, CEO |
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Joe MacCarthy, CFO |
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Arden Partners plc (Nominated Adviser and Joint Broker) | +44 (0)20 7614 5900 |
Paul Shackleton / Ben Cryer |
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Novum Securities (Joint Broker) | +44 (0)20 7399 9427 |
Colin Rowbury |
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Vigo Communications (Financial Public Relations) | +44 (0)20 7390 0237 |
Ben Simons / Jeremy Garcia / Antonia Pollock |
About Big Sofa Technologies Group plc
Big Sofa is a B2B technology business providing the marketing and consumer insight industries with video observation and analytics services, as video emerges as a key platform in a massive US$40 billion consumer research market.
Our software platform collates, analyses and organises large volumes of raw/unstructured video enabling our clients, which include leading market research organisations and major household brands, to perform detailed and sophisticated consumer insight analysis; and make genuine use of video content.
Big Sofa's shares are admitted to trading on the London Stock Exchange's AIM market under the ticker BST.L.
To find out more, visit www.bigsofatech.com
Follow us on twitter at @bigsofatech