29th Apr 2016 16:25
LONDON (Alliance News) - CloudTag Inc Friday said it has issued shares representing around 3.88% of the company's current issued share capital in order to settle fees, bonuses and remuneration.
CloudTag has issued 10.7 million new shares in total to settle fees due to certain directors and IMEC, a third party shareholder partner, remuneration due to an employee and also in respect of a bonus due to a director - with the shares being issued at various prices.
IMEC has been issued with 2.9 million new shares priced at 2.62 pence each to settle a EUR100,000 payment.
Chief Executive Amit Ben-Haim has been issued with 4.6 million new shares priced at 2.125 pence after deciding to take his GBP97,500 bonus in shares rather than cash. CloudTag said he was awarded the bonus for a variety of reasons, including launching the company's first commercial set of products, securing commercial agreements, developing the backbone technology of the company and by managing costs effectively.
The remaining shares were issued to other directors and one employee of the company.
Non-Executive Gerald Bereika was issued 722,037 shares priced at 2.57 pence each to settle GBP18,000 worth of fees. He did not hold any shares prior to the issuance, leaving him with a 0.25% stake in CloudTag.
Finance Director John Wakely was awarded 1.2 million new shares at 2.32 pence each to settle GBP27,000 of fees, pushing his total holding to 1.4 million shares, equal to a 0.47% stake.
CEO Ben-Haim was also issued a further 1.1 million new shares priced at 2.965 pence each to settle GBP32,500 worth of fees. Following the bonus and shares issued to cover those fees, his holding has risen to 15.1 million shares, representing a 5.26% stake.
The remaining 213,129 shares were issued to an employee of the company priced at 2.53 pence, totalling GBP5,392. CloudTag did not provide any further details over who the employee was or what the payment was for.
CloudTag shares closed up 7.8% to 2.29 pence per share on Friday.
By Joshua Warner; [email protected]; @JoshAlliance
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