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Sativa Group PLC - Management Incentive Plan

RNS Number : 8934O
Sativa Group PLC
04 June 2020
 

The information contained within this announcement is deemed by the Company to constitute inside information stipulated under the Market Abuse Regulation (EU) No. 596/2014.  Upon the publication of this announcement via the Regulatory Information Service, this inside information is now considered to be in the public domain. 

 

 

Sativa Group Plc

("Sativa" or the "Company" or the "Group")

 

Management Incentive Plan ("MIP")

 

4 June 2020

 

Sativa Group Plc (AQSE: SATI), (or "Sativa" or "the Company" or "the Group"), the UK's leading quoted CBD wellness and medicinal cannabis company, is pleased to announce the implementation of a new management incentive plan ("MIP") to retain and incentivise Henry Lees-Buckley, Chief Executive Officer, and to replace the existing options held by certain Directors of Sativa.

Directors will be entitled to exchange their existing options for an equivalent award consisting of Value Capped Options and MIP Shares.

Such options, which currently subsist over a specific number of Ordinary Shares in the Company, will be exchanged for MIP Shares and/or Value Capped Options which relate to the same number of Sativa shares.

The MIP Shares and the Value Capped Options will, together, deliver the same gross value to the holders of the existing options.  

The MIP Shares and Value Capped Options are non-dilutive, as the number of Ordinary Shares which may be issued pursuant to the exchange of the MIP Shares and the exercise of the Value Capped Options shall never exceed the number of Ordinary Shares subject to the options foregone in exchange for the MIP Shares and Value Capped Options.

As part of this implementation, Geremy Thomas, the founder and Non-executive Deputy Chairman, will surrender options over 30,000,000 shares to the Company, otherwise exercisable at a price of 0.5p per share, which had been granted to him on the Company's admission to trading on the AQSE Growth Market.  The Company will award 30,000,000 Value Capped Options and MIP Shares, to Henry Lees-Buckley, CEO.

 

After the surrender of options detailed above, Geremy Thomas, Mark Blower and Angus Kerr will exchange their existing options, for Value Capped Options and MIP Shares.

 

The Value Capped Options and MIP Shares vest immediately, and upon the successful acquisition of Sativa Group Plc by Stillcanna Inc, subject to shareholder approval of the scheme of arrangement, will be locked-in for three years under Escrow, upon the scheme becoming effective.  

 

Following the grant of MIP set out above, the number and percentage of existing options to be exchanged for Value Capped Options and MIP Shares is unchanged at 78,423,074 and 14% of the current issued share capital.     

 

The Directors of the Company accept responsibility for the contents of this announcement.

 

Jonathan Wearing

Non-Executive Chairman

Sativa Group Plc

+44 (0) 20 7971 1255

[email protected]

www.sativagroup.co.uk

 

 

Joseph Colliver

Chief Financial Officer

Sativa Group Plc

+44 (0) 20 7971 1255

[email protected]

www.sativagroup.co.uk

 

 

AQSE Growth Market Corporate Adviser

Corporate Finance 

Guy Miller/Allie Feuerlein

Peterhouse Capital Limited

+44 (0) 20 7220 9795


 

Notification and public disclosure of transactions by persons discharging managerial responsibilities and persons closely associated with them.

 

1

Details of the person discharging managerial responsibilities / person closely associated

a)

Name

Henry Lees-Buckley

2

Reason for the notification

a/)

Position/status

Chief Executive officer (Chief Executive Officer, Sativa Group PLC)

/b)

 

Initial notification /Amendment

Initial notification

3

 

Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor

a)

Name

 Sativa Group Plc

b)

LEI

213800UBHKVCNXTZEZ74

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 0.25p each

 

ISIN: GB00BFX17474

 

b)

Nature of the transaction

Grant of MIP Shares and Value Capped Options

c)

Price(s) and volume(s)

 

30,000,000 at an exercise price of 0.5p (£0.05)

d)

Aggregated information

- Aggregated volume

- Price

 

 

e)

Date of the transaction

03 June 2020

f)

Place of the transaction

AQSE Growth Market

 

 


This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.
 
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Market: AQSE
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