LONDON - Ondo InsurTech plc (LSE: ONDO), a company specializing in insurance technology, has made an application to the Financial Conduct Authority and the London Stock Exchange (LON:LSEG) for a block listing of 10,441,618 ordinary shares, each with a nominal value of 5 pence. This move is to facilitate the issuance of shares as part of the company's employee incentive plans.
The shares in question are to be allocated to satisfy the exercise of share options previously awarded to employees and certain directors under the company's Enterprise Management Incentive Share Option Plan, as well as other unapproved share options. The block listing is slated to become effective on January 6, 2025.
Once issued, these new option shares will have the same rights and standing as the existing issued ordinary shares of Ondo InsurTech. This equality, known as ranking pari passu, ensures that the new shares will be on equal footing in terms of dividends, voting rights, and capital distribution on a liquidation event.
Ondo InsurTech has clarified that an earlier announcement incorrectly stated the effective date of the block listing as December 31, 2024. The correct date, as now confirmed, is January 6, 2025, and all other details of the initial announcement remain unchanged.
The block listing will allow for a more streamlined process for the company to issue shares in the future, as it will not require repeated individual applications for each issuance related to the incentive plans.
This information is based on a press release statement provided by Ondo InsurTech plc. The company has not disclosed any further details regarding the potential impact of the block listing on its financials or operations. As of now, interested parties can refer to the company's website or contact their broker and financial advisor, Dowgate Capital Limited, or their public relations and investor relations firm, Cassiopeia Services Limited, for additional information.
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