22 December 2014
Milestone announces that on 22 December 2014, it awarded 89,415,000 options to subscribe for new ordinary shares in the Company to directors and others under its approved and unapproved share option schemes.
The options have an exercise price of 1 pence each. 50% of the options issued will be exercisable when the Company’s share price exceeds 2 pence for 15 consecutive days, with the remainder exercisable when the Company’s share price exceeds 3 pence for 15 consecutive days at any time before the tenth anniversary of the issue date.
The Company does not currently have the requisite authority to issue the shares pursuant to the award of options, and therefore the issue of these options is conditional on shareholder approval of the requisite authority, which will be proposed at the next Annual General Meeting of the Company planned for March 2015.
The table below sets out the schedule of options that have been issued to directors and others.
| Number of new options issued | Number of existing options held | Total number of options held |
Number of ordinary shares held |
Maximum beneficial interest (number of shares) | |
| Deborah White | 40,056,000 |
6,000,000 |
46,056,000 |
34,883,774 |
80,939,774 |
|
Tony Sanders |
15,352,000 |
15,352,000 |
1,500,000 |
16,852,000 |
|
| David Hill |
3,676,000 |
4,000,000 |
7,676,000 |
1,000,000 |
8,676,000 |
| Kevin Everett |
3,582,000 |
3,582,000 |
3,582,000 |
||
| Others |
23,121,000 |
9,085,000 |
32,206,000 |
532,752,258 |
564,958,258 |
The total number of 104,872,000 options in issue represents 18.4 per cent. of the Company’s share capital of 570,136,032.
The issue of 62,666,000 options to directors is a related party transaction under the AIM Rules for Companies. Jim Brown, who is the Company director independent of the transaction, having consulted with the Company’s nominated adviser, Cairn Financial Advisers LLP, considers that the terms of the transaction are fair and reasonable insofar as its shareholders are concerned.
Catenae Innovation Plc
Tony Sanders
Tel: 020 7929 7826
Cairn Financial Advisers LLP, Nominated Adviser
Liam Murray/Jo Turner
Tel: 020 7213 0880
Alexander David Securities Limited, Broker
David Scott
Tel: 020 7448 9820