Kinovo PLC Share Incentive Plan purchase (3486X)
August 26 2022 - 2:54AM
UK Regulatory
TIDMKINO
RNS Number : 3486X
Kinovo PLC
26 August 2022
26 August 2022
Kinovo plc
("Kinovo" or the "Company")
Share Incentive Plan ("SIP") purchase
Kinovo plc (AIM: KINO), the specialist property services Company
that delivers compliance and sustainability solutions, was notified
on 25 August 2022 that Yorkshire Building Society ("YBS"), the
trustee of the Company's SIP Trust, had purchased 364,402 ordinary
shares of GBP0.10 each ("Ordinary Shares") at an average price of
36.26 pence per Ordinary Share on 25 August 2022. These Ordinary
Shares are to be held by the SIP Trust and are intended to be used
to satisfy the exercise of share options by the Company's
employees. The SIP Trust is a discretionary trust for the benefit
of all of the Company's employees, including David Bullen, Clive
Lovett, Lee Venables and John Lord as PDMRs of the Company.
Following this transaction, a total of 1,074,970 Ordinary Shares
are held by the SIP Trust, representing approximately 1.73 per cent
of the Company's total voting rights.
The SIP is an all-employee trust arrangement approved by HM
Revenue and Customs, under which the trust will acquire Ordinary
Shares on behalf of each participating employee, at the prevailing
market price per share at the start of the accumulation period,
using contributions deducted from pre-tax salary in each calendar
month ("Partnership Shares"), with each participating employee
being entitled to one Ordinary Share ("Matching Share") for each
Partnership Share, subject to the SIP rules, using newly issued
shares. If an employee voluntarily leaves the Company within three
years from when the Matching Share is issued, these will be
forfeited.
The purchase of the 194,713 Partnership Shares has been funded
by the contributions from participating employees and the balance
of the Matching Shares required have been purchased by the Company
from its existing cash resources.
Enquiries
Kinovo plc
Sangita Shah, Chairman +44 (0)20 7796 4133
David Bullen, Chief Executive Officer (via Hudson Sandler)
Canaccord Genuity Limited (Nominated Adviser
and Sole Broker) +44 (0)20 7523 8000
Andrew Potts
Bobbie Hilliam
Hudson Sandler (Financial PR) +44 (0)20 7796 4133
Dan de Belder
Harry Griffiths
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END
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