REMEDY ENTERTAINMENT PLC: Board of Directors decided on a new option plan
Remedy Entertainment Plc | Company announcement 1.30 p.m. (EET) 11 July 2019
Board of Directors decided on a new option plan
The Board of Directors of Remedy Entertainment Plc has, by virtue of the authorization granted by the Annual General Meeting held on April 8, 2019, decided to adopt an option plan “Option Plan 2019” directed to the key persons as decided separately by the Board of Directors. There is a weighty financial reason to issue the option rights as the option plan is a part of the company’s incentive and commitment scheme for key persons.
The maximum total number of option rights issued is 400,000, entitling their holders to subscribe for a maximum of 400,000 new shares of the company or existing shares held by the company. The option rights will be granted without payment. The Board of Directors may allocate option rights until the beginning of the share subscription period. The share subscription period shall begin on June 1, 2022, and end on May 31, 2025.
The share subscription price is EUR 9.23, which is the trade volume weighted average price of the company’s share on First North Finland marketplace during April 1 – June 30, 2019, with an addition of 10 percent.
The number of company’s shares may increase at maximum by 400,000 shares as a result of the share subscriptions with the option rights, equaling to 3.21 percent of all shares and votes in the company after the possible share subscription, if only new shares are issued in the subscription. In addition, the company has earlier issued 400,000 option rights under the Option Plan 2018.
The Board of Directors has decided to issue 400,000 option rights, which remain with the company to be allocated later to key persons decided by the Board of Directors.
The now decided “Option Plan 2019” is a part of the Board of Directors’ longer-term plan to introduce a long-term share-based incentive program to the company’s key persons during the years 2018–2020, corresponding a total of 10 percent of all company shares and votes after a potential subscription. Possible option plan for 2020 will be decided separately.
The terms and conditions of Option Plan 2019 are available for viewing on the company’s web site at www.remedygames.com/investors/.
Remedy Entertainment Plc
MORE INFORMATION
Tero Virtala, Chief Executive Officer
Phone: +358 9 435 5040
Email: tero.virtala@remedygames.com
Lauri Haavisto, Senior Manager, Investor & Talent Relations
Phone: +358 9 435 5040
Email: lauri@remedygames.com
Alexander Corporate Finance Oy
Certified Advisor
Phone: +358 50 520 4098
REMEDY IN BRIEF
Remedy Entertainment Plc is a globally successful video game company known for story-driven and visually stunning console and computer games such as Alan Wake and Max Payne. Founded and based in 1995, Finland, the company employs over 200 game industry professionals from 25 different countries. Remedy is listed on the Nasdaq First North marketplace.
Our latest games include Control, a supernatural action-adventure created by Remedy and to be published by 505 Games on August 27th 2019 on PlayStation 4, Xbox One and PC, as well as a cooperation project with Smilegate, based on Crossfire, which is one of the world’s biggest game brands. Remedy also develops its own Northlight game engine and game development tools. www.remedygames.com