Remedy Entertainment Plc | Company Announcement 14:00 p.m. (EEST) 21 September 2021
Remedy's Board of Directors decided on a new option plan 2021
The Board of Directors of Remedy Entertainment Plc has, by virtue of the authorization granted by the Annual General Meeting held on April 14, 2021, decided to adopt an option plan “Option Plan 2021” 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 350,000, entitling their holders to subscribe for a maximum of 350,000 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 will begin on June 1, 2024, and end on May 31, 2027.
The subscription price for a share subscribed for with one option right is EUR 47.09, 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 June 1 – August 31, 2021, with an addition of 10 percent.
The number of company’s shares may increase at maximum by 350,000 shares as a result of the share subscriptions with the option rights, equaling to 2.68 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 previously issued 302,500 option rights under the Option Plan 2018, a maximum of 400,000 option rights under the Option Plan 2019 and a maximum of 400,000 option rights under the Option Plan 2020.
The theoretical market value of one option under the new plan is approximately EUR 13.90, whereas the theoretical market value of all options under the Option Plan 2021 is approximately EUR 4 866 673. The theoretical market value of one option has been calculated based on the closing price on 20 September 2021 and by applying the Black-Scholes model used for pricing options with the following criteria: share price EUR 39.00, strike price EUR 47.09, risk-free interest rate 0 %, validity period of the option rights 5.7 years, and volatility 45.3 %.
The terms and conditions of Option Plan 2021 are attached to this release and will be available on the company’s website at https://investors.remedygames.com/remuneration/
Remedy Entertainment Plc
Tero Virtala, Chief Executive Officer
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 know for story-driven and visually stunning console and PC games such as Control, Alan Wake and Max Payne. Remedy also develops its own Northlight game engine and game development tools. Founded in 1995 and based in Finland, the company employes over 290 game industry professionals from 30 different countries. Remedy is listed on the Nasdaq First North Growth Market Finland marketplace. www.remedygames.com