Establishment of New Option Plan, Grant of Options
15/11/2024 10:00
For best results when printing this announcement, please click on link below:
https://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20241115:nRSO4375Ma&default-theme=true
RNS Number : 4375M Team17 Group PLC 15 November 2024
15 November 2024
Team17 Group plc
("Team17", the "Company" or the "Group")
Establishment of New Option Plan and Grant of Options
Team17, a leading global independent ("Indie") games developer and publisher
of premium video games and apps, announces that it has put in place a new
Non-Executive Director Share Option Plan (the "Plan") for non-executive
directors.
The Plan will ensure that the Company can attract and retain a strong calibre
of Board members, including from overseas and with relevant experience. The
balance between a cash fee and regular share option grants will incentivise
NEDs in a manner that aligns with the long-term interests of the Group's
stakeholders by providing an element of remuneration if there has been a
sustained increase in the Company's value.
Under the Plan all NEDs are entitled to receive annual grants of options (the
"Options") over the Group's ordinary shares with an aggregate value equal to
their annual base fee, with grants made in two tranches, each equal to 50 per
cent. of their base fee. The Options will have an exercise price equal to the
market price of a Team17 share at the time of grant. There are no performance
conditions and the Options will vest on the third anniversary of grant. The
Plan will be administered by those members of the Board who do not participate
in the Plan.
Consultations with several of the Group's larger shareholders have already
taken place, and further discussions are planned ahead of the next AGM. The
terms of the Plan will be described in the Directors' Remuneration Report
within the Company's reports and accounts for the year ended 31 December 2024.
Should the advisory resolution to approve the Directors' Remuneration Report
not be supported by a majority of shareholders at the 2025 AGM, the relevant
Board members who administer the Plan may determine that all Options granted
under the Plan prior to the 2025 AGM will lapse and that the Plan will not be
operated going forwards.
Related Party Transaction
The Plan arrangements in relation to Frank Sagnier, Debbie Bestwick, Peter
Whiting and Penny Judd, each a Director of the Company, represent a related
party transaction under the AIM Rules for Companies. The Directors who are
independent of the arrangements, being Steve Bell and Rashid Varachia, having
consulted with the Company's nominated adviser, Peel Hunt LLP, consider that
the terms of the arrangements are fair and reasonable insofar as shareholders
are concerned.
Grant of Options under the Plan
On 14 November 2024 share option awards were granted to the four Non-Executive
Directors on the Board, under the Plan. The Board granted these awards, with
an effective grant date of 14 November 2024 ("Grant Date"), over the following
ordinary shares:
Director Number of Options Exercise Price
Frank Sagnier 26,218 222.67p
Debbie Bestwick 11,810 222.67p
Peter Whiting 11,810 222.67p
Penny Judd 11,810 222.67p
Notification and public disclosure of transactions by persons discharging
managerial responsibilities and persons closely associated with them.
1 Details of the person discharging managerial responsibilities / person closely
Associated
a) Name 1. Frank Sagnier
2. Debbie Bestwick
3. Peter Whiting
4. Penny Judd
2 Reason for the notification
a) Position/status 1. Chairman
2. Non-executive director
3. Non-executive director
4. Non-executive director
b) Initial notification Initial notification
/Amendment
3 Details of the issuer, emission allowance market participant, auction
platform,
auctioneer or auction monitor
a) Name Team17 Group plc
b) LEI 2138006EUUCCL4ZI5E51
4 Details of the transaction(s): section to be repeated for (i) each type of
instrument;
(ii) each type of transaction; (iii) each date; and (iv) each place where
transactions have been conducted
a) Description of the financial instrument, type of instrument
Ordinary shares of 1p each
Identification code
ISIN: GB00BYVX2X20
b) Nature of the transaction Grant of Options under the Plan
c) Price(s) and volume(s)
Price(s) Volume(s)
1. Nil 26,218
2. Nil 11,810
3. Nil 11,810
4. Nil 11,810
d) Aggregated information n/a - single transaction
- Aggregated volume
- Price
e) Date of the transaction 14 November 2024
f) Place of the transaction Off market
Enquiries:
Team17 Group plc ir@team17.com (mailto:ir@team17.com)
Steve Bell, Chief Executive Officer
Rashid Varachia, Chief Financial Officer and Chief Operating Officer
James Targett, Group Investor Relations Director
Peel Hunt (Nominated Adviser and Joint Corporate Broker) +44 (0)20 7418 8900
Neil Patel / Benjamin Cryer / Kate Bannatyne
Jefferies International Limited (Joint Corporate Broker) +44 (0)20 7029 8000
Philip Noblet / Will Brown / Shaam Vora
Vigo Consulting (Financial Public Relations) +44 (0)20 7390 0233
Jeremy Garcia / Fiona Hetherington / Anna Stacey
team17@vigoconsulting.com (mailto:team17@vigoconsulting.com)
About Team17
Team17 Group plc is a leading global developer and publisher of video games
entertainment to a broad audience. The Group now includes a games
entertainment label and creative partner for indie developers, a developer and
publisher of educational apps, appealing to children under the age of eight
and a working simulation games developer and publisher.
Visit www.team17.com (http://www.team17.com/) for more info.
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
or visit
www.rns.com (http://www.rns.com/)
.
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
. END DSHGCBDBRXBDGSU