Minds + Machines Group Limited (AIM:MMX), announced today, that Frederick Krueger, a director of the Company, has today exercised options to subscribe for 5,000,000 new Ordinary Shares at a price of 4p per new Ordinary Share.
Shares of Minds + Machines closed in trading today at 9.63p, having a 52 week high of 19.38p and a 52-week Low of 5.38p.
Frederick Krueger held options to subscribe for 5,000,000 new Ordinary Shares which, if not exercised, would otherwise have expired on November 13, 2014 and therefore has elected to exercise the options today.
No shares under the exercise can be disposed as Frederick Krueger entered into a lock-in agreement at the time of the Company’s readmission to AIM under which he may not dispose of any shares in the Company before the first anniversary of re-admission in April 2015.
As a result, he has elected to exercise the options by way of a net exercise.
Under a net exercise, options are in effect surrendered to the Company and the option holder receives an amount equal to the difference between the option exercise price and the volume weighted average price in the preceding 30 day period (“VWAP”).
No new Shares are issued and the total number of shares in issue and the total number of Ordinary Shares in the Company with voting rights remains unchanged.
Through the net exercise Frederick Krueger receives £327,500 (and no Shares), less any relevant tax, based on a VWAP of 10.55p and the exercise price of 4p per Share.
Frederick Krueger intends to use the net proceeds to increase his interest in the Company through market purchases of existing Shares as soon as practical.
Fred Krueger, Chairman of Minds + Machines, commented:
“I look forward to being able to support the Company in the market through the proceeds from the net exercise as we are all excited about the outlook for the Company. Average prices being achieved on address sales in those domains already launched are in line with management expectations. Over the next three months our focus will continue to be on building the premier portfolio of top level domains through the private auction process, preparing for our next set of domain launches and growing sales across our portfolio of domains.”
Minds + Machines has a market cap based on today’s close of just under $80 Million.
