TIDMIMTK
RNS Number : 8033V
Imaginatik PLC
18 December 2013
Imaginatik Plc
("Imaginatik" or "the Company")
Exercise and Grant of Options
Imaginatik plc (AIM: IMTK.L), the world's first full service
innovation provider offering a range of technology products and
consultancy, announces the exercise of options by certain directors
under the Imaginatik plc Enterprise Management Incentive Scheme
("EMI Scheme"), the grant of options to certain directors and
employees and the re-basing of options held by certain directors
and employees.
Exercise of Options
As announced at the time of the Company's fundraise in May this
year, pursuant to the Remuneration Re-investment Programme, further
details of which were set out in the circular sent to shareholders
on 26 April 2013, certain directors committed to subscribe for new
ordinary shares of 0.0625 pence each ("Ordinary Shares") at a price
of 0.0625 pence. The new Ordinary Shares were to be issued
following the contractual exercise of options which were to be
granted under the EMI Scheme in tranches between 31 May 2013 and 31
March 2014. To that end, on 17 December 2013, the following
directors (and former director) have exercised the following
options relating to those granted between 31 May and 30 November
2013 at a price of 0.0625 pence per Ordinary Share.
Director EMI Scheme Resulting % of total Remaining
Options Exercised Number of issued share Options to
Shares Held capital, vest under
as enlarged Remuneration
by the EMI Re-investment
Options Scheme*
------------------ ------------------- ------------- -------------- ---------------
Matt Cooper,
Executive
Chairman 151,681,792 311,821,407 10.04 27,518,208
------------------ ------------------- ------------- -------------- ---------------
Shawn Taylor,
CFO 11,298,258 17,903,558 0.58 3,101,742
------------------ ------------------- ------------- -------------- ---------------
Nick Goss,
former Director 6,799,248 6,799,248 0.22 0
------------------ ------------------- ------------- -------------- ---------------
Total 169,779,298 336,524,213 10.84 30,619,950
------------------ ------------------- ------------- -------------- ---------------
The remaining Options attributable to the Remuneration
Re-investment programme are to vest between 31 December and 31
March 2014.
The Company therefore announces the allotment of 169,779,298
Ordinary Shares under its block listing facility which were issued
for cash at a price of 0.0625 pence per Ordinary Share. The number
of Ordinary Shares in issue is now 3,104,694,741. The Company does
not hold any Ordinary Shares in treasury. Therefore, the total
number of shares with voting rights in the Company is
3,104,694,741. This figure may be used by shareholders in the
Company as the denominator for the calculations by which they will
determine if they are required to notify their interest in, or a
change to their interest in, the share capital of the Company.
Grant of Options
The Company announces that on 17 December 2013, it awarded
53,460,000 new options over Ordinary Shares ("Options") to
directors and employees as part of an annual grant as follows:
Matt Cooper and Shawn Taylor have been granted 4,000,000 and
3,200,000 Options respectively. The Options for Mr Cooper and Mr
Taylor will be a combination of options issued under the EMI scheme
as well as unapproved options.
Eligible employees of the Company have been granted 46,260,000
Options under the EMI scheme as well as the Imaginatik 2006 Stock
Option Plan.
Furthermore, the Company has awarded 248,240,000 Options as part
of a matching scheme for those directors and employees who
participated in the fundraise in May this year, on the basis of 1
Option for each Ordinary Share subscribed for at the time of the
fundraise, as follows:
Matt Cooper and Shawn Taylor have been granted 179,200,000 and
14,400,000 Options respectively which are a combination of those
issued under the EMI scheme as well as unapproved options.
Other employees who participated in the fundraise have been
granted a total of 54,640,000 Options under the EMI scheme as well
as the Imaginatik 2006 Stock Option Plan.
All of the Options referred to above have an exercise price of
0.0842 pence per share, being the average of the closing mid price
of an Ordinary Share for the three days ended 17 December 2013. 50
per cent. of the Options referred to above will vest after 2 years
with the remaining 50 per cent. vesting after 3 years. There are no
performance criteria attached to the above Options.
Re-basing of Options
Furthermore, the Company announces that on 17 December 2013, it
re-based the exercise price of 61,166,666 existing Options from 1
pence to 0.0842 pence per share, being the average closing mid
price of an Ordinary Share for the three days ending 17 December
2013. The re-based Options now have performance criteria attached
such that they are linked to an improvement in the Company's
financial performance and will only vest when the Company reaches
financial break-even on an operating profit level (pre any
adjustment for R&D tax credits) for any full financial year or
upon a sale of the Company. Following the above transactions, the
directors of Imaginatik hold the following Options:
Director Existing Options Option remaining New Options Total Options
Options* cancelled to be issued granted pursuant Held
under equity to annual
re-investment grant and
programme matching
scheme
---------------- ----------- ----------- ----------------- ------------------ --------------
Matt Cooper,
Executive
Chairman 19,722,500 0 27,518,208 183,200,000 230,440,708
---------------- ----------- ----------- ----------------- ------------------ --------------
Shawn Taylor,
CFO 14,841,000 0 3,101,742 17,600,000 35,542,742
---------------- ----------- ----------- ----------------- ------------------ --------------
David Gammon,
Non Executive
Director 2,000,000 2,000,000 0 0 0
---------------- ----------- ----------- ----------------- ------------------ --------------
Simon Charles,
Non Executive
Director 2,000,000 2,000,000 0 0 0
---------------- ----------- ----------- ----------------- ------------------ --------------
* Of which 19,062,500 in respect of Matt Cooper and 14,225,000
in respect of Shawn Taylor have been re-based as described above.
Those in respect of David Gammon and Simon Charles have been
cancelled.
Imaginatik now has 404,394,067 Options in issue, representing
approximately 13.03% of the current issued share capital and 10.65%
of the fully diluted share capital.
For further information please contact:
Imaginatik plc Tel: 020 7917
2975
Matt Cooper, Executive Chairman / Shawn
Taylor, CFO
finnCap Ltd Tel: 020 7220
0500
Charlotte Stranner/ Victoria Bates
Newgate Threadneedle Tel: 020 7653
9850
Caroline Evans-Jones / Hilary Millar
About Imaginatik
Imaginatik provides a range of Innovation solutions comprised of
consultancy, enterprise software and program management to deliver
innovation results to companies such as The World Bank, The Chubb
Group of Insurance Companies, State Farm, Exxon Mobil, Pfizer,
Goodyear, the Yorkshire Building Society, Pitney Bowes and Cargill.
Few companies possess the internal capability to consistently
generate fresh ideas, identify those worth pursuing and reliably
transform them into real, value-enhancing assets. Imaginatik's
mission is to help these companies build sustainable innovation
competencies.
Imaginatik is a public company whose shares are traded on the
AIM market of the London Stock Exchange (LSE:IMTK.L) and is a World
Economic Forum Technology Pioneer with offices in Boston, MA, and
Fareham, UK. For more information visit www.imaginatik.com.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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