Minds + Machines Group Limited Grant of Options and PDMR Notification (8023V)

TIDMMMX

RNS Number : 8023V

Minds + Machines Group Limited

02 February 2017

2 February 2017

Minds + Machines Group Limited

("MMX", the "Company" or "Group")

Grant of Options and PDMR Notification

Minds + Machines Group Limited (AIM:MMX), the top-level domain registry company, announces that on 1 February 2017, awards of options over ordinary shares of the Company ("Ordinary Shares") were made to certain directors of the Company ("Directors") and certain senior managers of the Company ("Senior Managers").

Details of the options granted are as follows:

 
 Name                                               Number of Options   Exercise Price 
                                                              Granted 
 Toby Hall (CEO)                                           3,000,000*         Nil Paid 
 Michael Salazar                                           3,000,000*         Nil Paid 
  (COO / CFO) 
 Senior Management                                          2,000,000           9.375p 
 

*performance conditions apply

The options granted to the Directors ("Director Options") are structured as nil-cost options and, subject to the achievement of vesting conditions, will vest on the publication of the accounts of the Company for the year ended 31 December 2019.

The Director Options will vest on a straight line basis, based on total shareholder return from a base price of 9.375p per share up to full vesting at 18.75p 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 9.375p at the time of the publication of the accounts for the year ended 31 December 2019, then none of the Director Options will vest whereas in order for the Director Options to vest in full, VWAP will need to have increased to 18.75p per Ordinary Share or more. As with the 2016 option award, the Director Options include provisions for early vesting of options in the event of a change of control.

The options granted to the Senior Managers ("Senior Manager Options") are exercisable at 9.375p and will vest on the publication of the accounts of the Company for the year ended 31 December 2019. The Senior Manager Options include provisions for early vesting of options in the event of a change of control.

Following the grant of the Directors' Options, Mr Hall and Mr Salazar's interests in the Company are as follows:

 
 Name          Ordinary    % of Existing      Options    % of Existing 
                 Shares    share capital                 share capital 
 Toby Hall      500,000             0.07   10,500,000              1.5 
 Michael 
  Salazar     1,925,000             0.28   10,500,000              1.5 
 

Outstanding options, as a result of the awards to the Directors and Senior Managers outlined above, now stand at 33,612,500.

PDMR Notification

The notification below is made in accordance with the requirements of the EU Market Abuse Regulation, requiring 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                     A. Toby Hall 
                                B. Michael Salazar 
---  -----------------------  ---------------------------------- 
 2    Reasons for Notification 
---  ----------------------------------------------------------- 
 a)   Position / status        A. CEO 
                                B. CFO / COO 
---  -----------------------  ---------------------------------- 
 b)   Initial notification     Initial notification 
       / Amendment 
---  -----------------------  ---------------------------------- 
 3    Details of the issuer, emission allowance 
       market participant, auction platform, auctioneer 
       or auction monitor 
---  ----------------------------------------------------------- 
 a)   Name                     Minds + Machines Group Limited 
---  -----------------------  ---------------------------------- 
 b)   LEI                      (Pending) 
---  -----------------------  ---------------------------------- 
 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              Ordinary shares of nil par 
       of the financial         value 
       instrument,              ISIN: VGG614091012 
       type of instrument 
       Identification 
       code 
---  -----------------------  ---------------------------------- 
 b)   Nature of the            Grant of Options 
       transaction 
---  -----------------------  ---------------------------------- 
 c)   Price(s) and                    Exercise    No. of shares 
       volume(s)                        Price 
                                 ---  ----------  -------------- 
                                  A    Nil         3,000,000 
                                 ---  ----------  -------------- 
                                  B    Nil         3,000,000 
                                 ---  ----------  -------------- 
---  -----------------------  ---------------------------------- 
 d)   Aggregated information   Volume: 6,000,000 
       - Aggregated             Price: Nil 
       volume 
       - Price 
---  -----------------------  ---------------------------------- 
 e)   Date of the              1 February 2017 
       transaction 
---  -----------------------  ---------------------------------- 
 f)   Place of the             AIM Market, London Stock Exchange 
       transaction 
---  -----------------------  ---------------------------------- 
 

For further information:

 
 Minds + Machines Group Limited 
 Toby Hall, CEO                       Tel: [phone] 
  Michael Salazar, COO/CFO             341072 
                                       Tel: +1 (310) 
                                       740 7499 
 finnCap Ltd                          Tel: [phone] 
                                       0500 
 Corporate finance - Stuart Andrews 
  / Carl Holmes / Simon Hicks 
  Corporate broking - Tim Redfern 
  / Camille Gochez 
 

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

This information is provided by RNS

The company news service from the London Stock Exchange

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February 02, 2017 02:00 ET (07:00 GMT)