13 May 2016 08:02
13 May 2016
Minds + Machines Group Limited
("MMX", the "Company" or "Group")
Settlement of Options
Minds + Machines Group Limited (AIM:MMX), the publicly quoted owner and operator of Internet top-level domains, announces that Antony Van Couvering, a former director of the Company, no longer holds any options in the Company. Mr Van Couvering previously held options in the Company as follows:
Tranche | Number of options over ordinary shares exercised | Exercise price (pence) |
1 | 8,156,500 | 8.49 |
2 | 2,343,500 | 8.49 |
3 | 3,025,143 | 6.30 |
4 | 9,474,857 | 6.30 |
Total | 23,000,000 | - |
Mr Van Couvering, has, with the Company's consent, elected to exercise the options by way of a net exercise. Under the net exercise, Mr Van Couvering's options were surrendered to the Company in exchange for a cash settlement in an amount equal to the difference between the option exercise price and the volume weighted average price in the preceding 30 day period ("VWAP"). The total cost to the Company was £386,056 (US$556,449), of which the Company has remitted £182,555 (US$263,059), net of taxes to Mr Van Couvering to settle the amount due to him pursuant to the net exercise. Following the above exercise, Mr Van Couvering no longer holds any options in the Company.
No new ordinary shares have been issued pursuant to the net exercise and the total number of ordinary shares in issue and the total voting rights of the Company therefore remains unchanged at 756,446,117. Outstanding options, as a result of Mr Van Couvering's net exercise and headcount reductions, now stand at 25,462,500 (31 December 2015: 55,207,318).
Further Information:
Minds + Machines Group Limited
Toby Hall (CEO) Tel: +44 (0)7713 341072
toby@mmx.co
Michael Salazar (COO/CFO) Tel: +1 (424) 214-7908
michael@mmx.co
N+1 Singer (Nomad and Broker)
Shaun Dobson / Liz Yong Tel: +44 (0)20 7496 3000
For further information, please go to www.mmx.co
About MMX
Minds + Machines Group Limited (LSE:MMX) is the owner and operator of a world class portfolio of top-level domain assets (gTLDs). As a sales and marketing-led registry business, we are focused on commercializing our portfolio in partnership with our expanding global network of distribution partners.
The MMX portfolio is currently focused around geographic domains (e.g. .london, .boston, .miami, .bayern), professional occupations (e.g. .law, .abogado, and .dds), consumer interests (e.g. .fashion, .wedding, .vip), lifestyle (e.g. .fit, .surf, .yoga), outdoor activities (e.g..fishing, .garden, .horse) and generic names such as .work and .casa. As a business, we work through our expanding international network of registrars and distribution partners to bring the benefits of affinity based domain addresses to B2B and consumer audiences. For more information on MMX, please visit www.mmx.co.
ENDS