Company Announcements

For immediate release

9 June 2023

ADVFN plc

("ADVFN" or the "Company")

Grant of options, issue of equity

Director / PDMR shareholding

The Board of ADVFN announces that the Company has adopted a new share option scheme for Directors and employees and on 8 June 2023, options for 1,900,000 ordinary shares of 0.2p in the Company ("Ordinary Shares") were awarded in aggregate to directors and management ("Options"), with an exercise price of 33p each. Options for up to 530,000 ordinary shares in the Company were awarded to Directors ("Director Options") and 1,370,000 options were awarded to management ("Management Options").

New option scheme

The Board has adopted a new option scheme for Directors and employees ("Scheme"), and a copy of the Scheme rules is available from the Company's website at www.advfnplc.com. Under the rules of the Scheme, the Directors may, in their discretion, grant an Option to any participant on behalf of the Company at any time over such number of Ordinary Shares as they determine. Alternatively, the Directors may request and authorise a third party, such as the trustee of an employee benefit trust, to grant the option. There shall be no payment for the grant of an Option.

The aggregate of the following shall not exceed 10 per cent. of the Company's issued ordinary share capital for the time being:

(a)     the maximum number of Ordinary Shares which may be placed under option for subscription under the Scheme; and

(b)     the number of shares placed under option for subscription (or issued otherwise than in accordance with options) in the preceding ten years under any other employees' share scheme adopted by the Company.

Director Options

Pursuant to the new option scheme, in aggregate, the award of new Director Options to the Directors represents approximately 1.15% per cent. of the Company's current issued share capital. Further details of the Director Options awards are set out in the table below:

Note: Further details are set out in the Appendix

The Director Options have an exercise price of 33p per Ordinary Share (being the issue price under the recent Open Offer) and which represents a premium of approximately 40 per cent. to the last closing mid-market price of 23.5p per Ordinary Share.

Management Options

Pursuant to the new option scheme, in aggregate, 1,370,000 Options have been awarded to management. The Management Options have an exercise price of 33p per Ordinary Share and vest over four years in equal one-quarter tranches. The Management Options have an exercise period of 7 years from grant.

The Director Options and the Management Options will, unless otherwise exercised, all expire on 8 June 2030. Following this issue of Options, the Company has a total of 1,900,000 ordinary shares under option, equivalent to approximately 4.13% per cent of the Company's current issued ordinary share capital.

Issue of equity

The Board has also today agreed to issue, subject to shareholder approval, 220,000 new Ordinary Shares to each of the non-executive directors, Lord Gold and Anthony Wollenberg, in recognition of their contribution to the reorganisation of the Company and the Open Offer following the Board changes implemented last year ("Compensation Shares").

In aggregate 440,000 Compensation Shares will be issued, of which 280,000 Compensation Shares will be issued immediately on approval by shareholders. The balance of 160,000 Compensation Shares will be issued subsequently on the earlier of (i) an increase of 75 per cent.  in the Company's share price over the middle market share price at the date of Board approval of the proposed share issue over a consecutive period of 28 days from such date (being 8 June 2023); or an increase of 50 per cent. over two consecutive half years in the Company's operating revenues compared to the audited revenue for the year ended 30 June 2022 (as  published on 6 December 2022).

Application will be made in due course for the Compensation Shares, which will rank pari passu with the existing Ordinary Shares, to be admitted to trading on AIM.

For further information please contact:

APPENDIX

The notification below, made in accordance with the requirements of the EU Market Abuse Regulations, provides further detail in respect of the transaction as described above.  

ENDS