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Argo Blockchain plc announced the grant of equity awards under its 2022 Equity Incentive Plan. On March 22, 2023, the Company granted interim CEO Seif El-Bakly 1,973,892 Performance Share Units and 658,623 Share Options at 12.88 pence per share, both vesting over three years. Additionally, on March 9, 2023, 6,839,980 Restricted Share Units were granted in aggregate to 38 other employees, also vesting over three years.
| Date | 24 Mar 2023 |
| Time | 07:00:02 |
| Category | Miscellaneous |
| ID | 0793U |
Press Release
24 March 2023
Argo Blockchain plc
("Argo" or "the Company")
Argo Blockchain plc, a global leader in cryptocurrency mining (LSE: ARB; NASDAQ: ARBK), announces that is has granted Restricted Share Units ("RSUs"), Performance Share Units ("PSUs"), and share options ("Share Options") under the 2022 Equity Incentive Plan (the "Plan") approved by shareholders at the Company's 2022 Annual General Meeting.
Grant of Equity Awards
On 22 March 2023, the Company granted 1,973,892 PSUs and 658,623 Share Options to Seif El-Bakly, the Company's interim Chief Executive Officer. In accordance with the Company's remuneration policy, which applies to the Company's CEO, the PSUs and Share Options both contain performance conditions relevant to Mr. El-Bakly's role. The PSUs and Share Options vest over a three-year period, with first vesting occurring twelve months from the date of grant (at which point 12/36ths vest) and, thereafter the PSUs and Share Options vest at a rate of 3/36th per quarter for the remainder of the vesting period subject to the continued employment of Mr. El-Bakly and satisfaction of the performance conditions by Mr. El-Bakly.
On 9 March 2023, the Company granted 6,839,980 RSUs in aggregate to the rest of the 38 employees in order to align incentives across the full team. The RSUs vest over a three-year period, with first vesting occurring six months from the date of grant (at which point 6/36ths vest) and, thereafter, the RSUs vest at a rate of 3/36th per quarter for the remainder of the vesting period subject to the continued employment of the grantee.
The information communicated in this announcement is inside information for the purposes of Article 7 of Regulation 596/2014.
PDMR Notifications
Grant of PSUs and Options
Notification and public disclosure of transactions by persons discharging managerial responsibilities and persons closely associated with them.
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1. |
Details of the person discharging managerial responsibilities / person closely associated |
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a) |
Name |
Seif El-Bakly |
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2. |
Reason for the Notification |
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a) |
Position/status |
PDMR |
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b) |
Initial notification / Amendment |
Initial notification |
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3. |
Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor |
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a) |
Name |
Argo Blockchain PLC |
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b) |
LEI |
213800WPCCYSDYY26J54 |
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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 |
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a) |
Description of the Financial instrument, type of instrument |
PSUs in respect of ordinary shares Options over ordinary shares |
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Identification Code |
GB00BZ15CS02 |
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b) |
Nature of the transaction |
Grant of PSUs in respect of ordinary shares Grant of options over ordinary shares |
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c) |
Price(s) and volume(s) |
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d) |
Aggregated information: Aggregated volume · Price |
N/A |
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e) |
Date of the transaction |
22 March 2023 |
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f) |
Place of the Transaction |
Not on a trading venue |
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For further information please contact:
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Argo Blockchain |
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Investor Relations |
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finnCap Ltd |
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Corporate Finance Jonny Franklin-Adams Seamus Fricker Joint Corporate Broker Sunila de Silva |
+44 207 220 0500
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Tennyson Securities |
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Joint Corporate Broker Peter Krens |
+44 207 186 9030 |
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Tancredi Intelligent Communication UK & Europe Media Relations |
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Salamander Davoudi Emma Valgimigli Fabio Galloni-Roversi Monaco Nasser Al-Sayed |
About Argo:
Argo Blockchain plc is a dual-listed (LSE: ARB; NASDAQ: ARBK) blockchain technology company focused on large-scale cryptocurrency mining. With mining facilities in Quebec, mining operations in Texas, and offices in the US, Canada, and the UK, Argo's global, sustainable operations are predominantly powered by renewable energy. In 2021, Argo became the first climate positive cryptocurrency mining company, and a signatory to the Crypto Climate Accord. Argo also participates in several Web 3.0, DeFi and GameFi projects through its Argo Labs division, further contributing to its business operations, as well as the development of the cryptocurrency markets. For more information, visit www.argoblockchain.com.