CYANCONNODE HOLDINGS PLC — Remuneration Information 2021

Jul 5, 2021

National Storage Mechanism | Additional information

RNS Number : 0880E

CyanConnode Holdings PLC

05 July 2021

CyanConnode Holdings plc

("CyanConnode" or the "Company")

Restructuring of Share incentive arrangements - Director / PDMR Shareholdings

CyanConnode (AIM:CYAN.L), a world leader in narrowband radio mesh networks, announces that it intends to restructure its incentive arrangements for the executive Directors.

Following a review of executive director rewards and incentives, the Remuneration Committee of the Company determined that certain existing share options were no longer fit for purpose as an incentive and should be replaced in order to make incentive arrangements both effective and simpler. It also means outstanding contractual commitments with respect to such incentives for the executives are honoured. 

The following terms have been agreed between the Directors:-

Options to be retired

The Remuneration Committee has approved the transfer of the existing legal and beneficial interests held by John Cronin and those held by Heather Peacock back to the Company's EBT as set out below.

Date of issue	Strike Price	John Cronin (Executive Chairman)	Heather Peacock (CFO)
23 Oct 2017	33.33p	1,382,425	296,568
	43.40p		267,396
	49.64p	3,219,200
Total		4,601,625	563,964

The Company also intends to cancel all EMI and unapproved share options held by John Cronin and Heather Peacock other than those options granted pursuant to the Company's Matching Option Scheme which will be retained. (Under the Matching Option Scheme employees receive Matching options for all shares purchased in the market. The existing Matching Options were all issued at premiums of at least 98% of the price paid for the shares for which these Matching Options were issued.) The EMI and Unapproved options to be cancelled are set out below:

	John Cronin (Executive Chairman)	Heather Peacock (CFO)
EMI	558,102	619,424
Unapproved		745,222

New options to be awarded

Following the above transfers and cancellations the Company intends to award the following options or interests in the ordinary shares of 2p each ('Ordinary Shares') of the Company to John Cronin and Heather Peacock on terms such that the interests / options will entitle the holders to the value of such Ordinary Shares above 14.5p per Ordinary Share, (a 50% premium to the recent placing price). It is expected that the majority of the awards will be made pursuant to its Employee Benefit Trust ("EBT") Plan, with awards as EMI options being made where possible. These will be the first share options awarded to the directors, other than Matching Options, in over three years.

Director	Interest in Ordinary Shares  to be awarded	Exercise Price (pence per share)
John Cronin	6,819,498	14.5
Heather Peacock	2,749,797	14.5

These awards are expected to be made as soon as practicable and shall vest as follows:-

33% of the new options shall vest immediately 33% vesting after 12 months and the remaining 33% vesting after 24 months.

John Cronin and Heather Peacock's interests' in existing issued ordinary shares in the Company remains unchanged.

Related Party Transaction

The Changes to the Director's incentivisation arrangements ("Arrangements") are a Related Party transaction pursuant to the AIM Rules for Companies. The Independent Directors (being the Directors other than John Cronin and Heather Peacock) having consulted with the Company's Nominated Adviser, consider that the Arrangements are fair and reasonable in so far as shareholders are concerned.

Enquiries:

CyanConnode Holdings plc	www.cyanconnode.com
John Cronin, Executive Chairman	Tel: +44 (0) 1223 225 060
Arden Partners plc (NOMAD and Broker)
Paul Shackleton / Akhil Shah (Corporate Finance) Simon Johnson (Corporate Broking)	Tel: +44 (0) 20 7614 5900

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