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LONDON - Built Cybernetics PLC (AIM:BUC), a company specializing in smart building technologies, has announced the exercise of 14 million warrants by its directors and persons discharging managerial responsibilities (PDMRs). The transaction, conducted at a price of one penny per warrant, will result in the issuance of 14 million new ordinary shares and provide the company with £140,000 in gross proceeds.
The majority of the warrants exercised are held in workplace Self-Invested Personal Pension (SIPP) accounts and the completion of the process may span several weeks. The company will apply for the new ordinary shares to be admitted to the London Stock Exchange (LON:LSEG) and will make a further announcement in due course.
Key figures in the company’s leadership participated in the exercise, with Chief Executive Nick Clark exercising 2 million warrants, resulting in a 12.54% holding of the enlarged share capital. Group Finance Director Tony Barkwith exercised 5 million warrants, Chief Operating Officer Freddie Jenner 2.5 million, Deputy Chairman Robert Fry 2 million, and Chief Technology Officer Jason Brameld, a non-board PDMR, also exercised 2.5 million warrants.
Following this exercise, no board members have remaining warrants. There are still 23.5 million warrants outstanding, which, if exercised, could raise an additional £235,000 for Built Cybernetics.
This financial move comes as part of the company’s efforts to strengthen its capital structure and support its ongoing operations in the smart buildings sector. The exercise of warrants by senior management reflects a commitment to the company’s growth and may be viewed as a positive signal by investors.
The information for this report is based on a press release statement from Built Cybernetics.
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