ASX ANNOUNCEMENT (ASX:CVT)
5 June 2017
Appointments and Issue of Employee Shares
Covata Limited (ASX:CVT) (“the Company”) wishes to advise shareholders of two recent appointments.
Mr Hugh Stodart joined on 1 June 2017 as Covata’s Manager, Products and Services Portfolio. Mr Stodart joins Covata from Telstra, where he managed a portfolio of cyber security products over the past 15 years as Product Portfolio Manager.
Mr Stodart’s experience at Telstra will provide a pragmatic approach to product and services development at Covata.
Mr Derek Brown will join Covata on 1 July as its Chief Commercial Officer with responsibility for global sales, pre-sales/solutions, marketing and channels. Mr Brown joins Covata after serving as the Head of Workplace Technology Services and Virtual CIO of Ricoh Australia, covering a range of relevant products such as managed document services.
We are excited to have Mr Brown on board. His hands-on approach and significant industry experience will support the Company as it focuses on sales and further commercialises its technology, expands its footprint and gains traction in the data-centric security space.
Issue of Employee Shares
Covata also advises the market that the Board will issue approximately 7 million loan shares and 840,000 share options to and across 19 employees (including Mr Brown and Mr Stodart) under Covata’s existing Loan Share Plan and Share Option Plan. The loan/strike price is anticipated to be at an approximate 2-cent premium to the market price. Full details of the loan/strike price and option expiry dates will be disclosed at the time of issue.
As highlighted at the recent EGM and endorsed by a number of shareholders at that meeting, the Company needs to attract, motivate and retain quality personnel and allow them to share in the success of the Company. We wish to align the interests of management, staff and shareholders, while retaining and rewarding employees who are critical to the Company’s growth and success.
Covata does not require shareholder approval for issues which will be made under the terms of its existing Loan Share Plan and Employee Share Option Plan.
Chief Executive Officer and Managing Director
Covata Limited is a global technology brand, listed on the ASX, that provides data and application-level security solutions for enterprise, government and citizens. Our solutions protect, discover, organise, control and audit sensitive information, however and wherever it’s shared.
We ensure security is never an afterthought. Our flagship solution, Safe Share, protects sensitive information at data-level, from the start and at every point of its journey. Safe and efficient sharing of data across internal and external stakeholders, devices, networks and geographic regions is enabled and encouraged. With Safe Share, you have total control, visibility and auditability of your sensitive information.
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