CyanConnode Holdings PLC Board Realignment and Issue of Options (9641K)
July 13 2017 - 3:44AM
UK Regulatory
TIDMCYAN
RNS Number : 9641K
CyanConnode Holdings PLC
13 July 2017
CyanConnode Holdings plc
("CyanConnode" or the "Company")
Board Realignment and Issue of Options
CyanConnode (AIM:CYAN.L), the world leader in narrowband radio
mesh networks, announces the appointment of Harry Berry as Chief
Operating Officer (COO) and an additional Board role change.
Since the acquisition of Connode in July 2016, Harry has been
working closely with the Leadership Team, firstly in the
integration of the two organisations, and subsequently with the
teams to ensure that the Company is resourced with a single, world
class team consisting of a number of experts in their fields. We
now believe that this team is in place, aligned and ready to
execute on the orders announced over the past few months and that
due to his extensive experience operating at this level, Harry is
the best person to be placed in this critical role for the Company.
This appointment as COO will mean that Harry will move from a
Non-Executive to Executive Director capacity and will be effective
immediately.
Harry's near term priority as COO will be to convert the GBP21
million order book (representing purchase orders received from
customers but not yet delivered) into successful customer
deployment projects, which will result in significant revenue
growth for the Company.
In addition to the above Board change, Simon Smith, Chief
Financial Officer, will return to a Non-Executive Director role..
Simon joined the Company in 2010 originally as a Non-Executive
Director and moved into an executive role of Chief Financial
Officer in October 2013, where he has focussed both on fund
raising/investor relations as well as on setting up the commercial
and financial systems. In his resumed Non-Executive Director role,
Simon will continue to also have responsibility for the investor
relations of the Company, and will take over as Chair of the Audit
Committee. This change will be effective 1st September 2017.
The Company also announces that it has appointed David Bland as
full time Finance Director, taking over the day to day finance
activities from Simon. David is a qualified Chartered Accountant
and has many years' experience working at Board level developing
and implementing financial strategies for a range of companies,
including in the software and telecoms industries. His experience
includes significant work on managing cash and investment
strategies, M&A work and other corporate transactions,
including working on the spin out of a revenue assurance company
from BT. He has also been a divisional Finance Director of several
global engineering companies, and in these roles he has gained
considerable experience in commercial contractual negotiations and
managing logistical and supply chain functions in additional to the
traditional finance and IT functions. This new role, based in the
Company's head office in Cambridge on a permanent basis, will
bolster the finance function and ensure the Company has the
resources in place to support the commercial and delivery teams as
the Company moves into this new phase of significant growth. David
will work closely with the Board, particularly with Simon Smith.
However, David will not sit on the Board of CyanConnode Holdings
plc.
Harry Berry commented: "Over recent years I've spent increasing
amounts of time bringing together the new organisation of
CyanConnode. We are now looking forward to launching our new IPv6
standards based solutions and products which will bring together
the best of both Cyan and Connode legacy solutions. We have
dramatically improved the quality of the team and our ability to
scale delivery of customer contracts. This has become critical on
not only existing, but also new orders. The order book continues to
grow at a frenetic pace and it has become appropriate at this time
for me to move into a full time capacity to continue this process
of building a world class engineering and delivery organisation
which will then enable us to create significant shareholder
value."
Simon Smith commented: "In transitioning back from CFO to my
previous Non-Executive Director role, I recognise that customer
deliveries against the GBP21 million order book are now the key
priority for us as a business and will be actively supporting both
Harry and his team to ensure their success in the remainder of 2017
and beyond. I also welcome David to CyanConnode in the new role of
FD - I will be working alongside and supporting him over the coming
months to ensure a smooth transition of my day to day finance
responsibilities."
John Cronin, Executive Chairman, commented: "I'm delighted that
Harry Berry will be moving into this COO role at this critical time
for the company. As you can see from Harry's comments he has spent
a significant amount of time recently building the team and
planning the execution of the large orders we have already won. His
experience in this area is going to be invaluable to the Company's
success. I also welcome David Bland to the Company as Finance
Director. I know that his significant commercial and financial
experience will be of great benefit to us. I look forward to
continuing to work with Simon in his resumed role as a
Non-Executive Director."
As part of Harry's remuneration for this new role he has been
awarded options to acquire ordinary shares of 0.01 pence per share
in the Company ("Options") as follows:-
Name Position Current Exercise Number Exercise Total
number Price of new price number
of Options of current Options (in of Options
held Options granted pence now held
(in pence per
per share) share)
-------- ------------ ------------ ------------ ------------ --------- ------------
Chief 5,000,000 0.38
Harry Operating 7,000,000 0.29
Berry Officer 22,320,884 0.28 410,829,005 0.186 562,251,946
74,588,871 0.25
28,513,186 0.2172
14,000,000 0.14
------------
151,422,941
------------
The Options are exercisable as to 33 per cent. of the issued
amount from 1 July 2018 and 33 per cent. of the issued amount on 1
July for each of the following two years.
The Options will lapse if unexercised after 10 years from the
date of grant. They have been issued at an exercise price of 0.186
pence per share, which represents a 20 per cent. premium to the
closing market price on 12 July 2017, being the day before the
options were issued.
In addition to these Options, Harry also holds 110,559,292
ordinary shares, having invested GBP222,621 I the Company. This
represents 0.62% of CyanConnode's current issued share capital.
Enquiries:
CyanConnode Holdings plc Tel: +44 (0) 1223 225
060
John Cronin, Executive www.cyanconnode.com
Chairman
FinnCap Limited (Nomad Tel: +44 (0) 20 7220
and Broker) 0500
Adrian Hargrave/Giles Rolls
(Corporate Finance)
Alice Lane (Corporate Broking)
Walbrook PR (Investor Relations) Tel: +44(0) 20 7933 8780
Paul Cornelius / Nick Rome cyanconnode@walbrookpr.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
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