CORERO NETWORK SECURITY PLC

Major Shareholding Notification • Jun 5, 2018

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RNS Number : 3694Q

Corero Network Security PLC

05 June 2018

5 June 2018

Corero Network Security plc

("Corero," the "Company" or the 'Group')

Cancellation and Grant of Options

Corero Network Security plc (AIM: CNS), the AIM listed network security company, announces that pursuant to the announcement made by the Company on 10 May 2018, certain existing options over new ordinary shares of one pence each ("Ordinary Shares") granted to Jens Montanana and Andrew Miller ("Existing CP Share Options") have been cancelled and new options over the same number of new Ordinary Shares ("Regrant CP Share Options") have been granted to them at a revised exercise price as detailed below. The cancellation and regrant was approved by shareholders at today's AGM. Details of the cancellation of the Existing CP Share Options and the grant of Regrant CP Share Options is set out below. 

Name	Role	Number of Existing CP Share Options held prior to the cancellation and grant of New Options	Number of Existing CP Share Options cancelled	Number of Regrant CP Share Options granted	Relevant scheme under which the Regrant CP Share Options have been granted	Subsequent number of CP Share Options held
Andrew Miller	CFO	4,415,000	2,356,000	2,356,000	Executive EMI	4,415,000
Jens Montanana	Chairman	1,419,000	425,000	425,000	Unapproved	1,419,000

"Executive EMI" refers to the Corero Executive EMI Option Plan

"Unapproved" refers to the Corero Unapproved Share Option Plan

The Regrant CP Share Options carry an exercise price of 13.6 pence per Ordinary Share, being the weighted average price of the Company fundraises from 2010 up to 8 June 2017 (being the date in which certain share options of other directors and employees were cancelled and regranted as announced on 9 June 2017), and they will vest in equal proportions on 8 June 2018, 8 June 2019 and 8 June 2020 to match the vesting of the regrant share options granted to other directors and employees on 8 June 2017. Any new Ordinary Shares issued pursuant to the exercise of the Regrant CP Share Options may not be sold or otherwise transferred until 8 June 2019 being the second anniversary of the date of grant of the regrant share options to other directors and employees. There are no performance conditions associated to the vesting of the Regrant CP Share Options. 

Capitalised terms used in this announcement shall have the same meaning as those definitions set out in the Circular to shareholders dated 10 May 2018.

Enquiries:

Corero Network Security plc
Andrew Miller, CFO							Tel: 01895 876 382
Cenkos Securities plc							Tel: 020 7397 8900
Mark Connelly - NOMAD Michael Johnson - Sales
Vigo Communications							Tel: 020 7830 9703
Jeremy Garcia / Ben Simons corero@vigocomms.com
	Notification of a Transaction pursuant to Article 19(1) of Regulation (EU) No. 596/2014
	1	Details of the person discharging managerial responsibilities/person closely associated
	a.	Name	Jens Montanana
	2	Reason for notification
	a.	Position/Status	Chairman
	b.	Initial notification/ Amendment	Initial Notification
	3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
	a.	Name	Corero Network Security plc
	b.	LEI	2138001EVYT2OI1C4Y98
	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 financial instrument, type of instrument Identification Code	Ordinary Shares of 1p each ISIN: GB00B54X0432
	b.	Nature of the transaction	Grant of share options
	c.	Price(s) and volume(s)
		Price(s)	Volume(s)
	Nil	425,000
	d.	Aggregated information - Aggregated Volume - Price	N/A - single transaction
	e.	Date of the transaction	5 June 2018
	f.	Place of the transaction	N/A

Notification of a Transaction pursuant to Article 19(1) of Regulation (EU) No. 596/2014
1	Details of the person discharging managerial responsibilities/person closely associated
a.	Name	Andrew Miller
2	Reason for notification
a.	Position/Status	CFO
b.	Initial notification/ Amendment	Initial Notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a.	Name	Corero Network Security plc
b.	LEI	2138001EVYT2OI1C4Y98
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 financial instrument, type of instrument Identification Code	Ordinary Shares of 1p each ISIN: GB00B54X0432
b.	Nature of the transaction	Grant of share options
c.	Price(s) and volume(s)
	Price(s)	Volume(s)
Nil	2,356,000
d.	Aggregated information - Aggregated Volume - Price	N/A - single transaction
e.	Date of the transaction	5 June 2018
f.	Place of the transaction	N/A

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