Last checked at 9 Feb 2016 10:45
Pinnacle Technology Group plc
(the "Company" or "Pinnacle")
Grant of Share Options
Pinnacle Technology Group plc (AIM: PINN), the AIM listed provider of converged technology solutions, announces that further to the appointment of Ian Winn to the Board as Finance Director and Chief Operating Officer the Company has, on 8 February 2016, granted Ian options over 1,190,000 ordinary shares of 1p each in the capital of the Company ("Ordinary Shares") under the provisions of the Company's approved EMI share option scheme. The Options have an exercise price of 4.2 pence per Ordinary Share (being the price of the new Ordinary Shares proposed by way of a placing ("Placing")). All of the options shall vest and may be exercised at any time on or after 8 February 2019, being the third anniversary of the date of the grant. The options will lapse on or after the tenth anniversary of the date of grant.
The grant of EMI options to Ian is in lieu of an annual bonus for the period 1 February 2016 until 31 March 2018 which Ian agreed to waive in favour of a mechanism which aligns his reward more closely with shareholders. Additionally as previously announced, subject to shareholder approval of the Placing, Ian will invest £60,000 through the Placing.
Following the grant of Options Ian Winn holds 1,190,000 Options representing 2% of the Company's current issued share capital (this would reduce to 0.54% upon shareholder's approval of the Placing). Ian Winn's total beneficial interest in the Ordinary Share capital of the Company is currently nil.
For further information please contact: |
|
Pinnacle Technology Group plc Gavin Lyons, Executive Chairman Nicholas Scallan, Chief Executive | 0208 185 6393 |
N+1 Singer (Nominated Adviser and Broker) Shaun Dobson Jen Boorer |
020 7496 3000 |
Beattie Communications Chris Gilmour David Walker | 0844 842 5490 |