LONDON - Ondo InsurTech plc (LSE: ONDO), a technology-driven company specializing in insurance solutions, has applied for a block listing of 10,441,618 ordinary shares, as announced today. The shares, each with a nominal value of 5 pence, are expected to be admitted to the Official List of the UK Listing Authority and commence trading on the London Stock Exchange (LON:LSEG) by 31 December 2024.
The block listing application pertains to new option shares that will be issued periodically. These shares are intended to fulfill the allotment connected to 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.
When the new option shares are issued, they will rank equally with the existing issued ordinary shares of the company. This move is part of Ondo's ongoing efforts to manage its employee incentive schemes efficiently.
The block listing is a common procedure for companies planning to issue new shares without going through the process of a public offering each time. It allows for the shares to be available on an as-needed basis, providing flexibility in managing share option commitments.
This announcement is based on a press release statement and provides factual information regarding Ondo InsurTech's application for a block listing on the London Stock Exchange. The company's CEO, Craig Foster, and CFO, Kevin Withington, can be contacted for further details. Financial advisory services for the block listing are being provided by Dowgate Capital Limited, while Cassiopeia Services Limited is handling public relations and investor relations.
Investors interested in Ondo InsurTech's developments can access more information on the company's website. The admission of the new shares is subject to regulatory approval and market conditions.
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