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Catenai PLC announced on 6 May 2025 that it has agreed to issue Non-Executive Director Sarfraz Munshi warrants over 42,500,000 new ordinary shares. These warrants have an exercise price of 0.35 pence per share, representing a 16.7% discount to the 2 May 2025 mid-market closing price, and can be exercised for a period of 18 months from the date of grant. The proposed issue is conditional on receiving shareholder approval of sufficient allotment authorities at the forthcoming annual general meeting.
| Date | 6 May 2025 |
| Time | 10:37:36 |
| Category | Miscellaneous |
| ID | 4997H |
6 May 2025
Catenai PLC
("Catenai" or the "Company")
Proposed Issue of Warrants
Catenai PLC (AIM: CTAI), the AIM quoted provider of digital media and technology, announces that the Company has agreed to issue Sarfraz Munshi, Non-Executive Director of the Company, warrants over 42,500,000 new ordinary shares in the Company ("Warrants") in lieu of director remuneration. The Warrants have an exercise price of 0.35 pence per share (being a 16.7 per cent. discount to the mid-market closing price on 2 May 2025) and can be exercised for a period of 18 months from the date of grant.
The Warrants are conditional on the Company receiving shareholder approval of sufficient allotment authorities at the forthcoming annual general meeting.
The Company has carefully managed its cash position, and as such, Sarfraz Munshi has not taken a salary since his appointment as Non-Executive Director in March 2024. Mr Munshi has spent significant time on the Company's affairs, far greater than that expected of a non-executive director, since his appointment. Mr Munshi has agreed to forgo remuneration owed to him for the last 12 months. More importantly, this proposed issue of Warrants would align his interests with that of shareholders in the Company.
This announcement contains inside information for the purposes of the UK Market Abuse Regulation. The person who arranged for release of this announcement on behalf of the Company was John Farthing, Interim Chief Executive Officer of the Company and the Directors of the Company are responsible for the release of this announcement.
For further information please contact:
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Catenai PLC |
+44 (0)20 7183 8666 |
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John Farthing, Interim Chief Executive Officer |
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Cairn Financial Advisers LLP (Nominated Adviser) |
+44(0)20 7213 0880 |
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Liam Murray/Ludovico Lazzaretti/James Western |
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Shard Capital Partners LLP (Broker) |
+44 (0)20 7186 9952 |
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Damon Heath |
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Notes to Editors:
About Catenai PLC
Catenai is an AIM quoted provider of digital media and technology services. The Company specialises in IT solutions that solve commercial challenges and create opportunities for its clients, with an increasing focus incorporating AI into its platforms. The Company has an experienced IT team of project managers and integrators who have deployed systems across corporate, government and educational sectors.
Caution regarding forward looking statements
Certain statements in this announcement, are, or may be deemed to be, forward looking statements. Forward looking statements are identified by their use of terms and phrases such as ''believe'', ''could'', "should" ''envisage'', ''estimate'', ''intend'', ''may'', ''plan'', ''potentially'', "expect", ''will'' or the negative of those, variations or comparable expressions, including references to assumptions. These forward looking statements are not based on historical facts but rather on the Directors' current expectations and assumptions regarding the Company's future growth, results of operations, performance, future capital and other expenditures (including the amount, nature and sources of funding thereof), competitive advantages, business prospects and opportunities. Such forward looking statements reflect the Directors' current beliefs and assumptions and are based on information currently available to the Directors.