29 Jan 2018 07:00
CyanConnode Holdings plc
("CyanConnode" or the "Company")
Director Share Purchases
CyanConnode (AIM:CYAN.L), the world leader in narrowband radio mesh networks, announces that John Cronin, Executive Chairman, has purchased 200,000 ordinary shares of 2.0p in the Company ("Ordinary Shares"), at a price of 14.8 pence per share.
This brings John Cronin's interest in the Company's current issued share capital to 2,413,467 Ordinary Shares, being approximately 1.89% of the current issued share capital. The total amount invested to date in the Company by Mr Cronin is £886k.
John Cronin commented: "Over recent weeks we've seen the share price decline and believe this has been largely down to the sale of shares by CapMan following the end of the lock-in period imposed on these shares which was agreed as part of the purchase of Connode in July 2016. CapMan had always advised it was their intention to sell their shares due to their funds being in the wind-down phase for final distribution to their investors and now this sale is complete, with all the shares successfully placed with CyanConnode shareholders. I decided to purchase further shares in the market to further demonstrate my commitment to the Company and its shareholders."
Furthermore, pursuant to the CyanConnode Matching Share Plan (the "Plan"), details of which were set out most recently in the Company's RNS dated 27 June 2017, and following the above purchases, the Company will now grant options over 200,000 Ordinary Shares to John Cronin. Under the terms of this Plan the options would have been granted at the same price at which the shares were purchased, however Mr Cronin has agreed to having these options issued at a price twice that of the purchase price of the shares. The exercise price will therefore be 29.6 pence per Ordinary Share. The higher strike price means that the options will have no value whatsoever until the share price doubles and will only have significant value if the share price increases by a large multiple from that today.
Following this grant, John Cronin will hold options over 758,101 Ordinary Shares. In addition, he holds interests over 4,601,625 Ordinary Shares under the Company's Joint Share Ownership Plan.
The information communicated in this announcement is inside information for the purposes of Article 7 of Regulation 596/2014.
Enquiries:
CyanConnode Holdings plc | Tel: +44 (0) 1223 225 060 |
John Cronin, Executive Chairman
| www.cyanconnode.com |
FinnCap Limited (Nomad and Broker) Adrian Hargrave/Giles Rolls (Corporate Finance) Alice Lane (Corporate Broking) | Tel: +44 (0) 20 7220 0500
|
Walbrook PR (Investor Relations) |
Tel: +44(0) 20 7933 8780 |
Paul Cornelius / Nick Rome | cyanconnode@walbrookpr.com |
Notification and public disclosure of transactions by persons discharging managerial responsibilities and persons closely associated with them
1. | Details of the person discharging managerial responsibilities / person closely associated | |||||||||
a) | Name | John Cronin | ||||||||
2. | Reason for the Notification | |||||||||
a) | Position/status | Executive Chairman | ||||||||
b) | Initial notification/Amendment |
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3. | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||||||
a) | Name | CyanConnode Holdings plc | ||||||||
b) | LEI | 213800MDLW3GKKW5TT58 | ||||||||
4. | Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted | |||||||||
a) | Description of the Financial instrument, type of instrument |
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Identification code | GB00B0P66Q02 | |||||||||
b) | Nature of the transaction |
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c) | Price(s) and volume(s) | Purchase of Ordinary Shares
Grant of Options
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d) | Aggregated information: · Aggregated volume · Price |
See above | ||||||||
e) | Date of the transaction | 25 January 2018 | ||||||||
f) | Place of the transaction | London Stock Exchange, AIM Market (XLON) | ||||||||
Cyanconnode (CYAN)