Minds + Machines Group Limited (AIM:MMX), announced today that it has issued 738,299 new ordinary shares to Antony Van Couvering and made a payment of US$138,062 in respect of the cancellation of options held by him over in aggregate 9,626,347 ordinary shares.

“Antony Van Couvering held options to subscribe for 2,626,347 new ordinary shares at an exercise price of 4p and 7,000,000 new ordinary shares at an exercise price of 9p, which he had been restricted from exercising at each time of relevant expiry as the Company was then in a close period. ”

“The new ordinary shares together with the cash payment is equal to the net value of the options in aggregate, based on a fair market price of 11p per ordinary share, less the aggregate subscription amount payable had the options been exercised.

Antony Van Couvering now has 898,674 ordinary shares representing 0.11 per cent. of the issued share capital of the Company.

The new ordinary shares will rank pari passu with the existing ordinary shares and application will be made for the new ordinary shares to be admitted to trading on AIM which is expected to occur on July 18th 2014.”

Shares of Minds + Machines closed at 10p today.