Remedy Entertainment Plc | Company announcement 9.00 am (EET) 3 July 2020
Board of Directors decided on 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 6, 2020, decided to adopt an option plan “Option Plan 2020” 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, 2023, and end on May 31, 2026.
The share subscription price is EUR 22.21, which is the trade volume weighted average price of the company’s share on the Nasdaq Helsinki Ltd maintained Nasdaq First North Growth Market Finland marketplace during April 1 – June 30, 2020, 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 and 400,000 option rights under the Option Plan 2019.
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 2020” 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 new option plans will be decided separately.
The terms and conditions of Option Plan 2020 are available for viewing on the company’s web site at https://investors.remedygames.com/remuneration/
Remedy Entertainment Plc
Tero Virtala, Chief Executive Officer
Phone: +358 9 435 5040
Lauri Haavisto, Senior Manager, Investor & Talent Relations
Phone: +358 9 435 5040
Alexander Corporate Finance Oy, Certified Adviser
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 Control, Alan Wake and Max Payne. Remedy also develops its own Northlight game engine and game development tools.
Founded and based in 1995, Finland, the company employs over 270 game industry professionals from 28 different countries. Remedy is listed on the Nasdaq First North Growth Market Finland marketplace.