9 August 2024
Cordel Group PLC
("Cordel" or the "Company" or the "Group")
Issue of Options to PDMR
Cordel Group PLC (AIM: CRDL), the Artificial Intelligence platform for transport corridor analytics, announces the grant of options to Michael Turner, Chief Revenue Officer, under the Company's Enterprise Management Incentive ("EMI") plan, as detailed below:
| Date of grant | Name | Position | Options | Exercise price* |
| 08.08.24 | Michael Turner | Chief Revenue Officer (PDMR) | 500,000 | 4.4p |
The options will fully vest subject to the achievement of the Group revenue target for the financial year ending 30 June 2025. At 90% of that revenue target, 80% of the options will vest and between 90-100% of target, the options vesting will be pro-rated between 80% and 100%.
Following this grant, Michael Turner has 3,170,000 of outstanding options.
* Cordel average closing price for 5-day period prior to grant
Enquiries:
| Cordel Group PLC | c/o Cavendish | ||
| Ian Buddery, Chairman John Davis, Interim Chief Executive Officer
| | ||
|
Cavendish Capital Markets Limited, Broker |
+44 (0)20 7908 6000 |
| |
| Marc Milmo / George Dollemore / Rory Sale (Corporate Finance) Sunila de Silva (ECM) Strand Hanson Limited, Nominated Adviser Richard Johnson / James Bellman |
+44 (0)20 7409 3494
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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:
| 1 | Details of the person discharging managerial responsibilities / person closely associated | ||||
| a) | Name | Michael Turner | |||
| 2 | Reason for the notification | ||||
| a) | Position/status | PDMR - Chief Revenue Officer
| |||
| b) | Initial notification /Amendment | Initial notification | |||
| 3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | ||||
| a) | Name | Cordel Group plc | |||
| b) | LEI | 213800ZUBMOCVHSSJC14 | |||
| 4 | Details of the transaction(s): section to be repeated for (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 financial instrument, type of instrument Identification code | ordinary shares of £0.01 nominal value each ISIN: GB00BYZQM590 | |||
| b) | Nature of the transaction | Grant of options | |||
| c)
| Price(s) and volume(s) | | | | |
| | | Price(s) | Volume(s) | | |
| | | 4.4p | 500,000 | | |
| | | | | | |
| d) | Aggregated information | N/a - single transaction | |||
| e) | Date of the transaction | 9 August 2024 | |||
| f) | Place of the transaction | Off Exchange | |||
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