- Minds + Machines Group Ltd said former director Antony Van Couvering no longer holds any options in the company.

Via a net exercise, his options were surrendered to the company in exchange for a cash settlement in an amount equal to the difference between the option exercise price and the volume weighted average price in the preceding 30 day period ("VWAP").

The total cost to the company was GBP386,056, of which it has remitted GBP182,555, net of taxes, to Van Couvering to settle the amount due to him pursuant to the net exercise.

No new ordinary shares have been issued pursuant to the net exercise and the total number of ordinary shares in issue and the total voting rights of the Company therefore remains unchanged at 756,446,117. Outstanding options, as a result of Mr Van Couvering's net exercise and headcount reductions, now stand at 25,462,500 (31 December 2015: 55,207,318).

At 10:01am: [LON:MMX] Minds Machines Group Ltd share price was +0.01p at 9.13p

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