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LONDON - Mindflair plc (AIM: MFAI), an investor in AI technology, announced today that its shareholders approved all resolutions at the General Meeting, including the implementation of a new Share Option Scheme. Following approval, Mindflair granted options for 41,500,000 new ordinary shares, representing 7.8% of the current issued share capital.
The options have an exercise price set at the nominal value of the company’s ordinary shares. Nicholas Lee, a director of Mindflair, received 28,000,000 options, with a portion immediately vested and the remainder contingent on the company’s share price reaching specific targets. Non-Executive Director David Palumbo and employee Robert Porter were awarded 8,500,000 and 5,000,000 options, respectively, which will vest in three equal tranches over time, with the first tranche vested upon shareholder approval.
The newly approved Share Option Scheme allows for the issuance of options up to 15% of the company’s issued share capital in the future. This move is part of the company’s strategy to incentivize and retain key personnel within the organization.
The announcement clarified that the options are subject to certain conditions, including share price performance and time-based milestones. The grant of options is a common practice in the industry, aimed at aligning the interests of the company’s directors and employees with those of the shareholders.
The capital terms used in the announcement are consistent with those defined in the previous announcement dated January 22, 2025. Nicholas Lee, the director responsible for arranging the release of this information, confirmed the details of the granted options and the terms of the Share Option Scheme.
This news is based on a press release statement from Mindflair plc.
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