Proposed Issue of Warrants
Company proposes issuing 42.5m warrant options to Non-Executive Director Sarfraz Munshi in lieu of unpaid remuneration.
- Warrant exercise price 0.35 pence per share
- Discount to mid-market closing price 16.7 per cent
- Number of new ordinary shares covered 42,500,000
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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.
Caution regarding forward looking statements
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