6th July 2016
CloudTag (CTAG:LN), the company that brings personal monitoring to the health, wellbeing and fitness markets, announces that the Remuneration Committee of the board has granted options and warrants to certain directors and an employee. This is the first grant of options to the Company’s CEO, Amit Ben-Haim, and is intended to incentivise him to continue with the excellent progress made to date in driving the business forward and generating shareholder value. The committee also identified certain key individuals in the business who have made a significant contribution to the development of the business and who it was felt should be incentivised through option and warrant grants to continue with such contribution in the future.
| Options | Grantee | Number of Options | Exercise Price | Percentage of current issued share capital (“ISC”) |
| Amit Ben-Haim | CEO | 7,000,000 | 5p | 2.16% |
| Amit Ben-Haim | CEO | 8,000,000 | 6p | 2.47% |
| Amit Ben-Haim | CEO | 9,000,000 | 7p | 2.78% |
| Total | 24,000,000 | |||
| Warrants | Title | Number of Warrants | Strike Price | |
| Tony Reeves | Non-Exec Chairman | 4,000,000 | 5p | 1.24% |
| Tony Reeves | Non-Exec Chairman | 4,500,000 | 6p | 1.39% |
| Total | 8,500,000 | |||
| Employee | – | 4,000,000 | 5p | 1.24% |
| Employee | – | 4,500,000 | 6p | 1.39% |
| Total | 8,500,000 |
The date of grant of the options and warrants is 5 July 2016 (“Date of Grant”). The options and warrants are exercisable for 10 years from the Date of Grant, the final exercise date being 4 July 2026.
Following the grant of options and warrants, the beneficial and other interests of Amit Ben-Haim and Tony Reeves in ordinary shares of the Company are:
| Name | Title | Total Ordinary Shares held | Total Options / Warrants held | Percentage of current ISC |
| Amit Ben-Haim | CEO | 15,087,640 | 24,000,000 | 12.08% |
| Tony Reeves | Non-Exec Chairman | 4,561,667 | 9,750,000 | 4.43% |
Following the grants set out in this announcement the Company has granted, in aggregate, options and warrants over 29,700,000 Ordinary Shares and 59,683,334 Ordinary Shares respectively, representing 9.2% and 18.5% respectively of the ISC.
Related party transactions
The grant of options and warrants to directors of the Company are related party transactions as defined in Rule 13 of the AIM Rules for Companies.
With regard to the grant of options to Amit Ben-Haim, John Wakely and Jerry Bereika being independent directors and having consulted with the Company’s Nominated Adviser, Cairn Financial Advisers LLP, consider the terms of the transaction to be fair and reasonable insofar as the Company’s shareholders are concerned.
In relation to the grant of warrants to Mr Reeves, John Wakely and Jerry Bereika being independent directors and having consulted with the Company’s Nominated Adviser, Cairn Financial Advisers LLP, consider the terms of the transaction to be fair and reasonable insofar as the Company’s shareholders are concerned.
Enquiries
| CloudTag Inc.
Amit Ben-Haim / Jerry Bereika
|
+1 345 949 45 44
contact@cloudtag.com |
| Cairn Financial Advisers LLP (Nominated Adviser)
Tony Rawlinson / Jo Turner
|
+44 (0) 20 7148 7900 |
| Tavistock Communications Limited (Financial PR)
Mike Bartlett / Andrew Dunn |
+44 (0) 20 7920 3150 |
| Cloudtag Inc. Amit Ben-Haim | +1 345 949 45 44 contact@cloudtag.com |
| UK Investor Relations. | +44 (0) 20 7052 8469 investors@cloudtag.com |