24 Mar 2015 07:00
For immediate release
24 March 2015
Minds + Machines Group Limited
("MMX", the "Company" or "Group")
Award of Share Options
Minds + Machines Group Limited (AIM:MMX), the publicly quoted owner and operator of Internet top-level domains, announces that the board of directors of MMX (the "Board") has today agreed to award in aggregate 36,950,000 new options over ordinary shares to directors and officers of the Company. The option grants are issued under the Company's Amended 2012 Stock Plan.
The options have an exercise price of 8.49 pence per Ordinary Share, being the higher of the 30 day volume weighted average on the date immediately prior to the recommendation of the remuneration committee and the date of formal grant by the Board. The closing Ordinary Share price as at 23 March 2015 was 8.25 pence. The award represents 4.4 per cent. of the current issued share capital of 835,969,485 Ordinary Shares. Options granted to directors of the Company are as follows:
Director | Number of new options over Ordinary Shares | Option exercise price per Ordinary Share |
Vested options |
Expiry date |
Fred Krueger | 2,130,000 | 9.34p | 355,000 | 12/03/2025 |
8,370,000 | 8.49p | 1,395,000 | 12/03/2025 | |
Antony Van Couvering | 10,500,000 | 8.49p | 1,750,000 | 12/03/2025 |
Michael Salazar | 7,250,000 | 8.49p | 1,208,333 | 12/03/2025 |
Caspar Veltheim | 2,200,000 | 8.49p | 366,667 | 12/03/2025 |
Elliot Noss | 750,000 | 8.49p | 125,000 | 12/03/2025 |
Keith Teare
| 750,000 | 8.49p | 125,000 | 12/03/2025 |
Total | 31,950,000 | n.a. | 5,325,000 | n.a. |
In aggregate 6,158,333 of the options vest immediately and the balance vests in three monthly instalments at the rate equivalent of one twelfth of the grant (being 3,079,167 options in aggregate per three month period) subject to the participant continuing to be an employee and / or director at the vesting date.
In conjunction with the options grants, the Board approved: an increase in the number of ordinary shares underlying and issuable pursuant to its Amended 2012 Stock Plan by 15,000,000 with a corresponding reduction to the number of ordinary shares underlying and issuable under its Restricted Stock Unit Plan by an equivalent amount. In total both plans continue to account for 12.5% of the Company's outstanding shares as of the time of re-admission in early 2014.
Following the grant of the new options, there is in aggregate a total of 76,312,500 outstanding options (including awards under the RSU plan) representing 9.13 per cent. of the Company's issued share capital.
Further Information:
Minds + Machines Group Limited
Antony Van Couvering Tel: +1 310 452-1491
Beaumont Cornish Limited (Nomad) Tel: +44(0)20 7628 3396
Roland Cornish / Michael Cornish
N+1 Singer (Broker)
Shaun Dobson/Ben Wright Tel: +44 (0)20 7496 3000
gth media relations
Toby Hall Tel: +44(0)20 7822 7493 / +44 7713 341072
For further information, please go to http://investors.mindsandmachines.com
About Minds + Machines
Minds + Machines (LSE:MMX) is a leading owner and operator of new generic Top Level Domains ("gTLDs"), and provides registry services to a range of high-profile clients. The Group also provides domain name services to consumers through its wholly owned registrar operations in the US and Europe. For more information on Minds + Machines and its services and companies within the Group, please go to http://investors.mindsandmachines.com.
ENDS