CyanConnode Holdings PLC Changes to Executive Director Remuneration (5121S)
June 26 2018 - 2:00AM
UK Regulatory
TIDMCYAN
RNS Number : 5121S
CyanConnode Holdings PLC
26 June 2018
CyanConnode Holdings plc
("CyanConnode" or "the Company")
Changes To Executive Directors Pay
CyanConnode Holdings plc (AIM:CYAN), the world leader in
narrowband radio mesh networks, announces changes to Executive
Directors' remuneration, with effect from 1 July 2018.
At the Company's AGM on Monday 18 June 2018, the Executive
Directors announced that there were ongoing discussions relating to
a reduction to their total remuneration package, including their
bonuses. The changes which have been agreed with the company's
Remuneration Committee are as follows:
John Cronin
Remuneration to be paid in cash GBP170,000
-----------
*Remuneration to be paid in ordinary GBP70,000
shares
-----------
Total Annual Remuneration GBP240,000
-----------
Harry Berry
-----------
Remuneration to be paid in cash GBP100,000
-----------
*Remuneration to be paid in ordinary GBP50,000
shares
-----------
Total Annual Remuneration GBP150,000
-----------
* The terms relating to the remuneration paid in ordinary shares
are as follows:-
i) The remuneration to be paid in ordinary shares will only
proceed if the Company's revenues for the year ended 31 December
2018 exceeds GBP7M.
ii) The shares will be allotted 10 days after the January 2019
trading update, (should the Company be in a close period at that
time, the allotment will be as soon as the close period comes to an
end).
iii) The price of the allotted shares will be calculated as the
average mid-market closing price for the five days prior to the day
that the allotment of the shares becomes due.
These changes are aligned with the Company's strategic focus
which, in the last year, has resulted in order book increases, with
orders won from a range of customers opening up new territories.
The Board and management team were also streamlined and
strengthened, with the Group firmly focused on converting its order
book into revenue.
In respect of these reductions in Director remuneration, Paul
Ratcliff, Chairman of the Remuneration Committee commented:
"The Committee has listened to shareholders' feedback and taken
decisive cost-saving action. This payment reduction has seen the
remuneration for these two Executive Directors significantly
reduced when compared to their remuneration for 2017.
Furthermore, the share element of the Executive Directors
remuneration will only be made on the achievement of the Company
achieving revenues of GBP7M in 2018. This performance related
target provides a clear metric of success for both the Company and
its investors. This is a clear statement of intent that the
Directors remain focused on the sustainable long-term delivery of
the business plan."
The company has taken a number of positive steps to manage and
reduce its cost base, with significant reductions being made in the
last six months. The cost base from July 2018 onwards is expected
to be around GBP650k per month, which is significantly lower than
the average operating cost per month in 2017 of approximately
GBP808k.
Enquiries:
CyanConnode Holdings plc www.cyanconnode.com
John Cronin, Executive Chairman Tel: +44 (0) 1223 225 060
---------------------------
FinnCap Ltd (Nomad and Broker) Tel: +44 (0) 20 7220 0500
---------------------------
Adrian Hargrave / Giles Rolls
---------------------------
Walbrook PR (Investor Relations) cyanconnode@walbrookpr.com
---------------------------
Paul Cornelius / Nick Rome Tel: +44(0) 20 7933 8780
---------------------------
About CyanConnode
CyanConnode is a world leader in the design and development of
narrowband RF mesh networks that enable Omni Internet of Things
(IoT) communications. Its innovative solutions use sub GHz
frequencies which are optimised for exceptional performance.
Optimal solutions provide end-to-end quality of service with
reduced total cost of ownership and IPv6 6LoWPAN delivers
standards-based IPv6 solutions, enabling rapid innovation and
implementation of third party applications. Through global
partnerships, CyanConnode provides customers with the flexibility
and choice required to converge networks for applications in smart
cities and IoT, delivering increased customer value.
For more information, please visit www.cyanconnode.com.
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END
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