OREANDA-NEWS. May 16, 2016. Minds + Machines Group Limited (AIM:MMX), the publicly quoted owner and operator of Internet top-level domains, announces that Antony Van Couvering, a former director of the Company, no longer holds any options in the Company. Mr Van Couvering previously held options in the Company as follows:

Tranche

Number of options

over ordinary shares exercised

Exercise price

(pence)

1

8,156,500

8.49

2

2,343,500

8.49

3

3,025,143

6.30

4

9,474,857

6.30

Total

23,000,000

-

Mr Van Couvering, has, with the Company's consent, elected to exercise the options by way of a net exercise. Under the net exercise, Mr Van Couvering's options were surrendered to the Company in exchange for a cash settlement in an amount equal to the difference between the option exercise price and the volume weighted average price in the preceding 30 day period ("VWAP"). The total cost to the Company was ?386,056 (US\\$556,449), of which the Company has remitted ?182,555 (US\\$263,059), net of taxes to Mr Van Couvering to settle the amount due to him pursuant to the net exercise. Following the above exercise, Mr Van Couvering no longer holds any options in the Company.

No new ordinary shares have been issued pursuant to the net exercise and the total number of ordinary shares in issue and the total voting rights of the Company therefore remains unchanged at 756,446,117. Outstanding options, as a result of Mr Van Couvering's net exercise and headcount reductions, now stand at 25,462,500 (31 December 2015: 55,207,318).