Transfer of Share Options
CEO Richard Bernstein transferred 2m share options to a non-PDMR consultant.
- Options transferred 2,000,000
- Exercise price 20 pence
- Expiry date 5 June 2029
- Revenue vesting criteria (50% each) £2.0m and £3.0m
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Insig AI plc (AIM: INSG), the data science and machine learning group, announces that Richard Bernstein has transferred 2,000,000 options in the Company previously granted to him to a non-PDMR consultant to the Company.
These options were originally granted to Richard Bernstein on 6 June 2024 (see RNS number 3246R), have an exercise price of 20 pence and expire on 5 June 2029. They vest equally over a three-year period, on the first, second and third anniversary of the date of grant and are subject to certain vesting criteria, namely:
- Revenue exceeding £2.0m for a preceding 12 month rolling period (50% of the award); and
- Revenue exceeding £3.0m for a preceding 12 month rolling period (50% of the award).
The transfer was performed to potentially remunerate the consultant (assuming the options vest) whilst avoiding any cash outflow from the business, and also by avoiding further potential dilution had new options been granted.
Following the transfer, Richard Bernstein continues to hold 3,666,667 options and warrants in the Company, which represent approximately 2.75% of the total fully diluted issued share capital of the Company (following the pending issue of new ordinary shares on 31 March 2025).
The total number of share options and warrants granted by the Company remains at 13,160,471, which represents 9.89% of the total issued share capital of the Company (following the pending issue of new ordinary shares on 31 March 2025).
| 1 | Details of the person discharging managerial responsibilities / person closely associated | |
| a) | Name | Richard Bernstein |
| 2 | Reason for the notification | |
| a) | Position/status | CEO |
| b) | Initial notification /Amendment | Initial Notification |
| a) | Name | Insig AI plc |
| b) | LEI | 21380098CKBAG1NWCD98 |
| a) | Description of the financial instrument, type of instrument | Ordinary Shares of 1 pence each |
| Identification code | GB00BYV31355 | |
| b) | Nature of the transaction | Transfer of previously granted options from Richarda Bernstein to a non-PDMR consultant to the Company |
| c) | Price(s) and volume(s) | |
| Price(s) | Volume(s) | |
| 20 pence | 2,000,000 | |
| d) | Aggregated information | N/A single transaction |
| - Aggregated volume | ||
| - Price | ||
| e) | Date of the transaction | 24 March 2025 |
| f) | Place of the transaction | London Stock Exchange |
Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.