Cordel Group PLC Reissue of Options (2176T)

TIDMCRDL

RNS Number : 2176T

Cordel Group PLC

21 July 2022

Cordel Group PLC

("Cordel" or the "Company" or the "Group")

Reissue of Options

Cordel Group PLC (AIM: CRDL), the Artificial Intelligence platform for transport corridor analytics, announces the cancellation and re-issue to Michael Turner, Chief Revenue Officer, of 2,000,000 share options to subscribe for ordinary shares ("Options"), under the Company's Enterprise Management Incentive ("EMI") plan.

Mr Turner was appointed as Chief Revenue Officer on 31 January 2022 and, following completion of his probationary period, is now deemed by the Company to be a PDMR. Options were granted to him on 2 February 2022, prior to him being deemed a PDMR, however due to an administrative oversight the required HMRC notification was not completed and the Options no longer qualify for EMI benefits.

After receiving advice from the Company's auditors, the Company has cancelled and re-issued the Options on the unchanged terms, as set out below:

 
 Date         Name              Position            Options    Exercise   Vesting period 
  of grant                                                      price* 
                                                                          Over 4 years, 
                                Chief Revenue                              commencing 
 20.07.22     Michael Turner     Officer (PDMR)    2,000,000    8.25p      02.02.23 
             ----------------  -----------------  ----------  ---------  ---------------

* Cordel closing price on day prior to original grant

Enquiries:

 
 Cordel Group PLC                             c/o SEC Newgate 
 Ian Buddery, Chairman 
  Nick Smith, CEO 
 Arden Partners plc Broker                    +44 (0)20 7614 5900 
 Ruari McGirr 
 
  Strand Hanson Limited Nominated Advisor 
  Richard Johnson / James Bellman               +44 (0)20 7409 3494 
 SEC Newgate (Financial PR)                   +44 (0)7540 106366 
 Robin Tozer / Bob Huxford / George Esmond    cordel@secnegwate.co.uk

About Cordel

Cordel produces 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:

 
       Details of the person discharging managerial responsibilities 
  1     / person closely associated 
 a)    Name                                           Michael Turner 
      ----------------------------------  ---------------------------------------------- 
       Reason for the notification 
  2 
      ---------------------------------------------------------------------------------- 
 a)    Position/status                                Chief Revenue Officer 
      ----------------------------------  ---------------------------------------------- 
 b)    Initial notification                Initial notification 
        /Amendment 
      ----------------------------------  ---------------------------------------------- 
       Details of the issuer, emission allowance market participant, 
  3     auction platform, auctioneer 
        or auction monitor 
      ---------------------------------------------------------------------------------- 
 a)    Name                                Cordel Group plc 
      ----------------------------------  ---------------------------------------------- 
 b)    LEI                                 213800ZUBMOCVHSSJC14 
      ----------------------------------  ---------------------------------------------- 
       Details of the transaction(s): section to be repeated for 
  4     (i) each type of instrument; 
        (ii) each type of transaction; (iii) each date; and (iv) 
        each place where transactions have been conducted 
      ---------------------------------------------------------------------------------- 
 a)    Description of the                  ordinary shares of GBP0.01 nominal value 
        financial instrument,               each 
        type of instrument                  ISIN: GB00BYZQM590 
        Identification code 
 b)    Nature of the transaction           Re-issue of options 
 c)    Price(s) and volume(s) 
                                           ----------------  ------------------------- 
                                            Price(s)          Volume(s) 
                                           ----------------  ------------------------- 
                                            8.25p                  2,000,000 
                                           ----------------  ------------------------- 
 
 d)    Aggregated information              N/a - single transaction 
 e)    Date of the transaction             20 July 2022 
 f)    Place of the transaction            Off Exchange 
      ----------------------------------  ----------------------------------------------

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