22 January 2021
Ridgecrest plc
("Ridgecrest" or the "Company")
Grant of Options
Ridgecrest, an AIM Rule 15 cash shell, announces the grant of options over new ordinary shares of 0.01p each in the Company ("Options").
A total of 5,300,614 Options have been awarded to Robert Thesiger (Chairman), Philip Holt (Non-Executive Director) and James Normand (Non-Executive Director).
| Name of Director | Number of Options granted | Total number of Options now held |
| Robert Thesiger | 2,650,307 | 2,650,307 |
| Philip Holt | 1,472,393 | 1,472,393 |
| James Normand | 1,177,914 | 1,177,914 |
The Options have an exercise price of 1.65p per Ordinary Share which is equivalent to the mid-market closing price of an Ordinary Share on 20 January 2021. The Options are exercisable from the date falling 12 months from the date of grant.
The Options granted represent 4.5 per cent of the Company's current issued share capital.
Robert Thesiger, Chairman of Ridgecrest, said:
"As stated in the announcement of our £2m conditional placing on 20 January 2021, the Board is committed to pursuing acquisition opportunities with a view to conducting a reverse takeover. We believe that successfully executing a reverse takeover will deliver value for our shareholders. As a cash shell we are mindful of managing cash and costs carefully. To that end, we consider that these Options are an appropriate way to incentivise the directors and to align our interests with shareholders."
Further details and the information required in accordance with the requirements of the Market Abuse (Amendment) (EU exit) Regulations 2019/310 are set out at the end of this announcement.
Enquiries:
| Ridgecrest plc | www.ridgecrestplc.com |
| Robert Thesiger, Chairman | 07714 502807 |
| Allenby Capital Limited (Nominated Adviser and Joint Broker) | 020 3328 5656 |
| Nick Naylor / Liz Kirchner (Corporate Finance) |
|
| Peterhouse Capital Limited (Joint Broker) | 020 7469 0930 |
| Lucy Williams / Duncan Vasey |
|
Notification and public disclosure of transactions by persons discharging managerial responsibilities and persons closely associated with them.
| 1 | Details of the person discharging managerial responsibilities / person closely associated | |||||||||||||||||||
| a) | Name | PDMRs:
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| 2 | Reason for the notification | |||||||||||||||||||
| a) | Position/status | See 1a) above | ||||||||||||||||||
| b)
| Initial notification /Amendment | Initial notification | ||||||||||||||||||
| 3
| Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||||||||||||||||
| a) | Name | Ridgecrest Plc
| ||||||||||||||||||
| b) | LEI | 213800VAHEXRNFTPKI12 | ||||||||||||||||||
| 4
| Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted | |||||||||||||||||||
| a)
| Description of the financial instrument, type of instrument Identification code | Options over ordinary shares of 0.01p each in Ridgecrest Plc Identification code (ISIN) for Ridgecrest Plc ordinary shares: GB0004251970 | ||||||||||||||||||
| b) | Nature of the transaction | Grant of options | ||||||||||||||||||
| c) | Price(s) and volume(s) |
| ||||||||||||||||||
| d) | Aggregated information - Aggregated volume - Price | N/A | ||||||||||||||||||
| e) | Date of the transactions | 21 January 2021 | ||||||||||||||||||
| f) | Place of the transaction | Outside a trading venue | ||||||||||||||||||
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