Business
Grant of Options
Grant of Options.
About this update from Cyanconnode Holdings Plc
[{"type":"text","content":"\n \nRNS Number : 0206T Cyan Holdings Plc 30 September 2014 \n \n\nCyan Holdings plc\n(\"Cyan\" or the \"Company\")\nExecutive Chairman role and grant of options\nCyan Holdings plc (AIM:CYAN.L), the integrated system and software design company delivering mesh based flexible wireless solutions for utility metering and lighting control, is pleased to announce that John Cronin, Executive Chairman, has agreed to expand his part-time appointment and take a more substantive role with Cyan. This involves Mr. Cronin spending more of his time on developing Cyan's business, including travel to meet with key customers and strategic partners. Mr Cronin has agreed to be compensated for this additional commitment through more share options rather than the equivalent in cash.\nAccordingly, Cyan has today awarded options to acquire ordinary shares of 0.01p each in the Company (\"Options\") to Mr Cronin, as well as to Simon Smith, Chief Financial Officer, as follows:\n\n\n\n\nName\n\n\nPosition\n\n\nCurrent number of Options held\n\n\nTotal number of new Options granted\n\n\nOf which EMI Options\n\n\nOf which Unapproved Options\n\n\nExercise price (in pence)\n\n\nTotal number of Options now held\n\n\nPer cent. of current issued share capital\n\n\n\n\nJohn Cronin\n\n\nExecutive Chairman\n\n\n76,560,756\n\n\n101,689,440\n\n\n35,059,688\n\n\n66,629,752\n\n\n0.42\n\n\n178,250,195\n\n\n4.00%\n\n\n\n\nSimon Smith\n\n\nChief Financial Officer\n\n\n42,006,335\n\n\n26,149,218\n\n\n26,149,218\n\n\n-\n\n\n0.42\n\n\n68,155,553\n\n\n1.53%\n\n\n\n\n \n\nThe new Options for John Cronin and Simon Smith are exercisable as to 25 per cent. of the issued amount from 30 September 2015 and in three further tranches of 25 per cent. of the issued amount on 30 September in each of the following three years. \nAll of the new Options have an exercise price of 0.42 pence per share, being a 31% premium over the closing mid-market price of 0.32 pence per share on 29 September 2014, the day before the Options were issued, and will lapse if unexercised after 10 years from the date of grant.\nFollowing the grant of the Options, the total number of options outstanding over ordinary shares is 485,226,835 representing 10.9% of the Company's issued share capital.\nJohn Cronin, Executive Chairman commented: \"I'm delighted to be taking a more substantive role at Cya...