21 July 2022
Cordel Group PLC
("Cordel" or the "Company" or the "Group")
Reissue of Options
Cordel Group PLC (AIM: CRDL), the Artificial Intelligence platform for transport corridor analytics, announces the cancellation and re-issue to Michael Turner, Chief Revenue Officer, of 2,000,000 share options to subscribe for ordinary shares ("Options"), under the Company's Enterprise Management Incentive ("EMI") plan.
Mr Turner was appointed as Chief Revenue Officer on 31 January 2022 and, following completion of his probationary period, is now deemed by the Company to be a PDMR. Options were granted to him on 2 February 2022, prior to him being deemed a PDMR, however due to an administrative oversight the required HMRC notification was not completed and the Options no longer qualify for EMI benefits.
After receiving advice from the Company's auditors, the Company has cancelled and re-issued the Options on the unchanged terms, as set out below:
|
Date of grant |
Name |
Position |
Options |
Exercise price* |
Vesting period |
|
20.07.22 |
Michael Turner |
Chief Revenue Officer (PDMR) |
2,000,000 |
8.25p |
Over 4 years, commencing 02.02.23 |
* Cordel closing price on day prior to original grant
Enquiries:
|
Cordel Group PLC |
c/o SEC Newgate |
|
Ian Buddery, Chairman Nick Smith, CEO |
|
|
Arden Partners plc Broker |
+44 (0)20 7614 5900 |
|
Ruari McGirr Strand Hanson Limited Nominated Advisor Richard Johnson / James Bellman |
+44 (0)20 7409 3494 |
|
SEC Newgate (Financial PR) |
+44 (0)7540 106366 |
|
Robin Tozer / Bob Huxford / George Esmond |
cordel@secnegwate.co.uk |
About Cordel
Cordel produces specialist hardware and software for capturing, analysing and reporting on large datasets within the transport sector, employing sophisticated artificial intelligence algorithms.
Further information on the Company is available at: www.cordel.ai
PDMR Notification Form:
The notification below is made in accordance with the requirements of the Market Abuse Regulation:
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1 |
Details of the person discharging managerial responsibilities / person closely associated |
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|
a) |
Name |
Michael Turner |
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2 |
Reason for the notification |
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|
a) |
Position/status |
Chief Revenue Officer |
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b) |
Initial notification /Amendment |
Initial notification |
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3 |
Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor |
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a) |
Name |
Cordel Group plc |
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|
b) |
LEI |
213800ZUBMOCVHSSJC14 |
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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 |
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|
a) |
Description of the financial instrument, type of instrument Identification code |
ordinary shares of £0.01 nominal value each ISIN: GB00BYZQM590 |
|||
|
b) |
Nature of the transaction |
Re-issue of options |
|||
|
c) |
Price(s) and volume(s) |
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|
Price(s) |
Volume(s) |
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|
8.25p |
2,000,000 |
||||
|
d) |
Aggregated information |
N/a - single transaction |
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|
e) |
Date of the transaction |
20 July 2022 |
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|
f) |
Place of the transaction |
Off Exchange |
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