CyanConnode Holdings plc, a world leader in narrowband radio mesh networks, has announced the issuance of share options to its Executive Chairman, John Cronin, and Chief Financial Officer, Heather Peacock. The options allow them to acquire ordinary shares of 2 pence per share in the company. John Cronin has been awarded a total of 3,256,420 options, representing 1.09% of the issued share capital, while Heather Peacock has been awarded 2,191,850 options, representing 0.73% of the issued share capital. The options will vest in stages, with one-third vesting at the time of grant and the remaining two-thirds vesting on specified dates in the future.
These share options are the first awarded to the directors in over two years. The options have been awarded as part of the company's Unapproved Share Option Scheme and are expected to be converted into shares to be held in the company's Joint Share Ownership Plan (JSOP) at a later date. The conversion will have the same vesting prices and dates as the options.
In addition to the share options, John Cronin and Heather Peacock currently hold shares in the company's JSOP. John Cronin holds 5,672,359 shares, representing 1.90% of the share capital, while Heather Peacock holds 1,331,498 shares, representing 0.45% of the share capital.
No further details were provided in the news release.