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LONDON - Catenai PLC (AIM:CTAI), a digital media and technology provider listed on the AIM market, has announced the issuance of warrants to Non-Executive Director Sarfraz Munshi as a substitute for director remuneration. The company stated on Tuesday that 42,500,000 new ordinary shares would be granted with an exercise price of 0.35 pence each, a 16.7% discount to the closing price on May 2, 2025.
The warrants, which are exercisable within an 18-month period from their date of issue, are subject to shareholder approval at the upcoming annual general meeting. This move comes as Catenai has been judicious with its cash management strategies. Sarfraz Munshi, who has been serving as a Non-Executive Director since March 2024, has not received a salary since his appointment. According to the company, Munshi has dedicated more time to the company’s affairs than is typically expected from a non-executive role.
By agreeing to forgo the remuneration owed to him for the previous year, the issuance of warrants is intended to align Munshi’s interests closely with those of the shareholders. This decision reflects the company’s effort to maintain a strong cash position while compensating directors in a manner that fosters long-term investment in the company’s success.
The announcement, which contains inside information as per the UK Market Abuse Regulation, was released by Interim Chief Executive Officer John Farthing, with the directors of Catenai PLC taking responsibility for its dissemination.
This report is based on a press release statement from Catenai PLC.
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