Company Announcements

For immediate release

16 May 2024

 ADVFN plc

("ADVFN" or the "Company")

Director / PDMR shareholding

Issue of equity

As announced on 9 June 2023, the Board adopted a new option scheme for Directors and employees ("Scheme"), and a copy of the Scheme rules is available from the Company's website at www.advfnplc.com.

Pursuant to the Scheme, on 15 May 2024 the Board awarded new options for 645,300 ordinary shares of 0.2p in the Company ("Ordinary Shares") to directors and management ("Options"). New Options for 315,300 were awarded to the executive Directors ("Director Options") and 330,000 new Options were awarded to management ("Management Options").

The new Director Options represent approximately 0.7% per cent. of the Company's current issued share capital. Further details of the new Director Options awards are set out in the table below and in the Appendix:

The Director Options have an exercise price of 13p per Ordinary Share, which represents a premium of approximately 24 per cent. to the last closing mid-market price of 10.5p per Ordinary Share. 90,000 Management Options have an exercise price of 13p per Ordinary Share and vest quarterly over four years in equal tranches. The balance of the Management Options have an exercise price of 33p per Ordinary Share and vest every four months over three years in equal tranches. All the Management Options have an exercise period of 7 years from grant.

Following this award of new Options, the Company has a total of 1,455,300 ordinary shares under option, equivalent to approximately 3.16% per cent of the Company's current issued ordinary share capital.

Issue of equity

As previously announced on 9 June 2023, the Board agreed to issue, subject to shareholder approval, 220,000 new Ordinary Shares to each of the non-executive directors, Lord Gold and Anthony Wollenberg, in recognition of their contribution to the reorganisation of the Company and the Open Offer following the Board changes implemented in 2022 ("Compensation Shares"). In aggregate 440,000 Compensation Shares were to be issued, of which 280,000 Compensation Shares were to be issued following approval by shareholders with the balance subject to vesting conditions.

Following the approval by shareholders of the necessary special resolution to disapply pre-emption rights at the Annual General Meeting held in December 2023, the Board has today now issued 140,000 Compensation Shares due to each of Tony Wollenberg and Lord Gold (amounting to 280,000 Compensation Shares in aggregate). Application has been made for 280,000 Ordinary Shares, which will rank pari passu with the existing Ordinary Shares, to be admitted to trading on AIM which is expected to take effect on or about 22 May 2024. Further details on the Compensation Shares, including the vesting conditions, were set out in the announcement dated 9 June 2023.

For further information please contact:

Beaumont Cornish Limited, which is authorised and regulated in the United Kingdom by the Financial Conduct Authority, is acting as nominated adviser to the Company in relation to the matters referred herein. Beaumont Cornish Limited is acting exclusively for the Company and for no one else in relation to the matters described in this announcement and is not advising any other person and accordingly will not be responsible to anyone other than the Company for providing the protections afforded to clients of Beaumont Cornish Limited, or for providing advice in relation to the contents of this announcement or any matter referred to in it.

APPENDIX

The notification below, made in accordance with the requirements of the EU Market Abuse Regulations, provides further detail in respect of the transaction as described above.  

ENDS