16 May 2016 07:00
16 May 2016
Minds + Machines Group Limited
("MMX", the "Company" or "Group")
Grant of options
Minds + Machines Group Limited (AIM:MMX), the top-level domain registry company, announces that on 13 May 2016, awards of options (the "Options") over ordinary shares of the Company ("Ordinary Shares") were made to certain Directors of the Company.
Details of the Awards are as follows:
Name | Number of options granted, subject to performance conditions |
Toby Hall (CEO) | 7,500,000 |
Michael Salazar (COO/CFO) | 7,500,000 |
The Awards are structured as nil-cost options and, subject to the achievement of the vesting condition, will vest on the publication of the accounts of the Company for the year ended 31 December 2018.
The Options will vest on a straight line basis, based on total shareholder return from a base price of 8p per share up to full vesting at 16p per share. This condition will be measured against the volume weighted average price of the Company's Ordinary Shares over the 20 trading days prior to the vesting date ("VWAP").
As an example, were VWAP to be 8p at the time of the publication of the accounts for the year ended 31 December 2018, then none of the Options will vest whereas in order for the Options to vest in full, VWAP will need to have increased to 16p per ordinary share or more.
As part of this award, Michael Salazar has surrendered all of his existing 8,500,000 options, many of which were in the money and capable of exercise, and agreed to reduce his base salary by over 10%. The Remuneration Committee, having taken external specialist advice, believes that the current balance between fixed remuneration and long term incentives of the senior executives is now much more aligned with shareholders' interests compared with previous arrangements.
Following the grant of the Awards, Mr Hall and Mr Salazar's interests in the Company are as follows:
Name | Ordinary Shares | Percentage of existing share capital | Options | Percentage of existing share capital |
Toby Hall | 250,000 | 0.03% | 7,500,000 | 0.99% |
Michael Salazar | 1,925,050 | 0.25% | 7,500,000 | 0.99% |
Outstanding options, as a result of the award of the Options, now stand at 31,962,500 (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