Last checked at 26 Aug 2022 07:54
26 August 2022
Kinovo plc
("Kinovo" or the "Company")
Share Incentive Plan ("SIP") purchase
Kinovo plc (AIM: KINO), the specialist property services Company that delivers compliance and sustainability solutions, was notified on 25 August 2022 that Yorkshire Building Society ("YBS"), the trustee of the Company's SIP Trust, had purchased 364,402 ordinary shares of £0.10 each ("Ordinary Shares") at an average price of 36.26 pence per Ordinary Share on 25 August 2022. These Ordinary Shares are to be held by the SIP Trust and are intended to be used to satisfy the exercise of share options by the Company's employees. The SIP Trust is a discretionary trust for the benefit of all of the Company's employees, including David Bullen, Clive Lovett, Lee Venables and John Lord as PDMRs of the Company.
Following this transaction, a total of 1,074,970 Ordinary Shares are held by the SIP Trust, representing approximately 1.73 per cent of the Company's total voting rights.
The SIP is an all-employee trust arrangement approved by HM Revenue and Customs, under which the trust will acquire Ordinary Shares on behalf of each participating employee, at the prevailing market price per share at the start of the accumulation period, using contributions deducted from pre-tax salary in each calendar month ("Partnership Shares"), with each participating employee being entitled to one Ordinary Share ("Matching Share") for each Partnership Share, subject to the SIP rules, using newly issued shares. If an employee voluntarily leaves the Company within three years from when the Matching Share is issued, these will be forfeited.
The purchase of the 194,713 Partnership Shares has been funded by the contributions from participating employees and the balance of the Matching Shares required have been purchased by the Company from its existing cash resources.
Enquiries
Kinovo plc | |
Sangita Shah, Chairman David Bullen, Chief Executive Officer | +44 (0)20 7796 4133 (via Hudson Sandler) |
Canaccord Genuity Limited (Nominated Adviser and Sole Broker) | +44 (0)20 7523 8000 |
Andrew Potts Bobbie Hilliam | |
Hudson Sandler (Financial PR) | +44 (0)20 7796 4133 |
Dan de Belder Harry Griffiths |
This announcement contains inside information for the purposes of article 7 of the Market Abuse Regulation (EU) 596/2014 as amended by regulation 11 of the Market Abuse (Amendment) (EU Exit) Regulations 2019/310. With the publication of this announcement, this information is now considered to be in the public domain.