Cloudcoco Group PLC Grant of Options (0797G)
November 23 2020 - 2:00AM
UK Regulatory
TIDMCLCO
RNS Number : 0797G
Cloudcoco Group PLC
23 November 2020
23 November 2020
CloudCoCo Group plc
("CloudCoCo" or "the Company")
Grant of Options
CloudCoCo (AIM: CLCO), a UK provider of IT and communications
solutions to businesses and public sector organisations, announces
that on 20 November 2020 it granted options ("Employee Options")
over a total of 55,103,500 ordinary shares of 1 pence each in the
Company ("Ordinary Shares") to members of the senior management
team and other employees pursuant to the Company's EMI Share Option
Scheme ("Scheme"). A further 4,000,000 options over Ordinary Shares
have been granted pursuant to the Company's Unapproved Share Option
Scheme (together with Employee Options, "Options"). The Options
amount to approximately 11.9% of the Company's current non-diluted
issued share capital and are issued within the parameters of the
proposed incentive scheme detailed at the time of the Company's
acquisition of CloudCoCo Limited in October 2019.
The grant of Options is part of the Company's new 'CoCo-One'
initiative in which all qualifying colleagues are awarded options
to encourage shared ownership and enhance retention, recruitment
and incentivisation across the business. The Options will only
accrue value in the event the Company's share price increases,
thereby aligning the interests of recipients with those of
shareholders.
Of the 55,103,500 Employee Options, 22,000,000 were granted to
certain of the Company's Persons Discharging Managerial
Responsibilities as follows (representing the relevant individuals'
total interests in Employee Options):
Role No. Employee Options
granted
Mark Halpin Chief Executive Officer 7,500,000
------------------------- ---------------------
Mike Lacey Chief Financial Officer 7,500,000
------------------------- ---------------------
Darron Giddens Company Secretary 7,000,000
------------------------- ---------------------
The Options, which have an exercise price of 1 penny per
Ordinary Share, can be exercised at any time between 20 November
2022 (or earlier if there is a qualifying transaction) and 20
November 2030. The Options vest subject to various performance
criteria and can only be exercised subject to the Company's share
price being greater than 2 pence per Ordinary Share at the date of
exercise.
The Company had previously granted options over a total of
4,747,692 Ordinary Shares (of which 1,342,692 had been awarded to
Mr Giddens) pursuant to the Scheme. The relevant employees have
agreed to waive these options prior to the grant of the Employee
Options as described above, such that the Options will be the only
share options in issue .
Simon Duckworth, Chairman, commented:
"Culture and a shared sense of purpose are integral to achieving
the Company's long-term ambitions. By aligning our loyal employees'
interests with those of all shareholders we can enable them to
properly benefit from the success they create. I'm delighted that
this initial award will allow over 90% of our workforce to become
shareholders in our company."
Contacts
CloudCoCo via Alma PR
Simon Duckworth OBE DL
Non-Executive Chairman and Head of Remuneration Committee
N+1 Singer (nominated adviser & broker) +44 (0)20 7496 3000
Peter Steel
Alma PR (financial PR adviser) +44 (0)20 3405 0205
David Ison cloudcoco@almapr.co.uk
Josh Royston
Kieran Breheny
About CloudCoCo
Supported by a team of industry experts and harnessing a diverse
ecosystem of partnerships with blue-chip technology vendors,
CloudCoCo makes it easy for businesses and public sector
organisations to work smarter, faster and more securely by
providing a single point of purchase for their connectivity,
telephony, cyber security, cloud, IT hardware and support
needs.
CloudCoCo has offices in Warrington and Leeds in the UK.
www.cloudcoco.co.uk
Notification and public disclosure of transactions by PDMRs and
persons closely associated with them
1 Details of the person discharging managerial responsibilities
/ person closely associated
a) Name Mark Halpin
---------------------------------- --------------------------------------
2 Reason for the notification
--------------------------------------------------------------------------
a) Position/status Chief Executive Officer
---------------------------------- --------------------------------------
b) Initial notification Initial Notification
/Amendment
---------------------------------- --------------------------------------
3 Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
--------------------------------------------------------------------------
a) Name CloudCoCo Group plc
---------------------------------- --------------------------------------
b) LEI 213800D4GJKAFHT5TB32
---------------------------------- --------------------------------------
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 Ordinary Shares of 1 pence each
financial instrument,
type of instrument
Identification code ISIN: GB00B8GRBX01
b) Nature of the transaction Grant of Options
---------------------------------- --------------------------------------
c) Price(s) and volume(s)
--------------------- ------------
Price(s) Volume(s)
--------------------- ------------
Exercise price
of 1 pence per
share 7,500,000
------------------------------------------------------------- ------------
d) Aggregated information N/A
- Aggregated volume
- Price
e) Date of the transaction 20 November 2020
---------------------------------- --------------------------------------
f) Place of the transaction Outside a trading venue
---------------------------------- --------------------------------------
1 Details of the person discharging managerial responsibilities
/ person closely associated
--------------------------------------------------------------------------
a) Name Michael Lacey
---------------------------------- --------------------------------------
2 Reason for the notification
--------------------------------------------------------------------------
a) Position/status Chief Financial Officer
---------------------------------- --------------------------------------
b) Initial notification Initial Notification
/Amendment
---------------------------------- --------------------------------------
3 Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
--------------------------------------------------------------------------
a) Name CloudCoCo Group plc
---------------------------------- --------------------------------------
b) LEI 213800D4GJKAFHT5TB32
---------------------------------- --------------------------------------
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 Ordinary Shares of 1 pence each
financial instrument,
type of instrument
Identification code ISIN: GB00B8GRBX01
b) Nature of the transaction Grant of Options
---------------------------------- --------------------------------------
c) Price(s) and volume(s)
--------------------- ------------
Price(s) Volume(s)
--------------------- ------------
Exercise price
of 1 pence per
share 7,500,000
------------------------------------------------------------- ------------
d) Aggregated information N/A
- Aggregated volume
- Price
e) Date of the transaction 20 November 2020
---------------------------------- --------------------------------------
f) Place of the transaction Outside a trading venue
---------------------------------- --------------------------------------
1 Details of the person discharging managerial responsibilities
/ person closely associated
--------------------------------------------------------------------------
a) Name Darron Giddens
---------------------------------- --------------------------------------
2 Reason for the notification
--------------------------------------------------------------------------
a) Position/status Company Secretary
---------------------------------- --------------------------------------
b) Initial notification Initial Notification
/Amendment
---------------------------------- --------------------------------------
3 Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
--------------------------------------------------------------------------
a) Name CloudCoCo Group plc
---------------------------------- --------------------------------------
b) LEI 213800D4GJKAFHT5TB32
---------------------------------- --------------------------------------
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 Ordinary Shares of 1 pence each
financial instrument,
type of instrument
Identification code ISIN: GB00B8GRBX01
b) Nature of the transaction Grant of Options
---------------------------------- --------------------------------------
c) Price(s) and volume(s)
--------------------- ------------
Price(s) Volume(s)
--------------------- ------------
Exercise price
of 1 pence per
share 7,000,000
------------------------------------------------------------- ------------
d) Aggregated information N/A
- Aggregated volume
- Price
e) Date of the transaction 20 November 2020
---------------------------------- --------------------------------------
f) Place of the transaction Outside a trading venue
---------------------------------- --------------------------------------
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