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Cordel Group PLC announced the grant of 1,000,000 options to Michael Turner, Chief Revenue Officer. These options were granted on 6 February 2024 with an exercise price of 4.3p per option. The options will vest in two tranches of 500,000 each, contingent on the achievement of Group revenue targets for the financial years ending 30 June 2024 and 30 June 2025, with one tranche also linked to achieving £500,000 above the FY2024 revenue target.
| Date | 7 Feb 2024 |
| Time | 07:00:06 |
| Category | Director/PDMR dealings |
| ID | 2118C |
7 February 2024
Cordel Group PLC
("Cordel" or the "Company" or the "Group")
Issue of Options to PDMR
Cordel Group PLC (AIM: CRDL), the Artificial Intelligence platform for transport corridor analytics, announces the grant of options to Michael Turner, Chief Revenue Officer, under the Company's Enterprise Management Incentive ("EMI") plan, as detailed below:
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Date of grant |
Name |
Position |
Options |
Exercise price* |
|
06.02.24 |
Michael Turner |
Chief Revenue Officer (PDMR) |
1,000,000 |
4.3p |
The options will vest in two tranches subject to the satisfaction of performance criteria linked to the achievement of Group revenue targets, as follows:
- Tranche 1 - 500,000 options will vest upon achievement of the Group revenue target for the financial year ending 30 June 2024; and
- Tranche 2 - 500,000 options will vest upon achievement of £500,000 above the Group revenue target for the financial year ending 30 June 2024; or, if this target is not met, Tranche 2 500,000 options will vest upon achievement of the Group revenue target for the financial year ending 30 June 2025.
* Cordel average closing price for 5-day period prior to grant
Enquiries:
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Cordel Group PLC |
c/o Zeus |
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Ian Buddery, Chairman John Davis, Interim Chief Executive Officer
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Zeus Capital Limited Broker |
+44 (0)20 3829 5000 |
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Simon Johnson / Alexandra Campbell-Harris
Strand Hanson Limited Nominated Adviser Richard Johnson / James Bellman |
+44 (0)20 7409 3494
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About Cordel
Cordel offers a patented cloud-based platform for master data management and business analytics, together with specialist hardware and software for capturing, analysing and reporting on large datasets within the transport sector, employing sophisticated artificial intelligence algorithms.
Further information on the Company is available at: www.cordel.ai
PDMR Notification Form:
The notification below is made in accordance with the requirements of the Market Abuse Regulation:
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1 |
Details of the person discharging managerial responsibilities / person closely associated |
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a) |
Name |
Michael Turner |
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2 |
Reason for the notification |
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a) |
Position/status |
PDMR - Chief Revenue Officer
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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 |
Cordel Group plc |
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b) |
LEI |
213800ZUBMOCVHSSJC14 |
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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 Identification code |
ordinary shares of £0.01 nominal value each ISIN: GB00BYZQM590 |
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b) |
Nature of the transaction |
Issue of options |
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c)
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Price(s) and volume(s) |
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Price(s) |
Volume(s) |
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4.3p |
1,000,000 |
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d) |
Aggregated information |
N/a - single transaction |
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e) |
Date of the transaction |
6 February 2024 |
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f) |
Place of the transaction |
Off Exchange |
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