We've issued 243,783 new ordinary shares in TradeWindow following the exercise of vested options held by Kerry Michael Friend. These options were issued as part of a cost-cutting proposal approved by our Board on 15 March 2023, and had a nil exercise price.

This is a routine capital change, not a capital raise. No cash changed hands: the shares were issued simply because previously granted options had vested and were exercised.

The new shares rank equally with all our existing ordinary shares. They represent a small increase to our share count, taking total ordinary shares on issue to 163,605,272, with 533,216 share options now remaining on issue. In percentage terms, the issue equates to 0.15% of TradeWindow's total potential ordinary shares on a fully diluted basis.

For shareholders, the practical effect is a modest dilution of that scale, offset against the fact that these options were already on issue and formed part of our existing capital structure. There's nothing new here about the company's underlying business or outlook, this is simply the formal record of options converting to shares.

If you have questions about this announcement, please get in touch through the question box on this page.