Remedy Entertainment Plc: The Board of Directors of Remedy decided on a new option plan 2023
Remedy Entertainment Plc Stock Exchange Release September 22, 2023 at 9.30 a.m. EEST
The Board of Directors of Remedy decided on a new option plan 2023
The Board of Directors of Remedy Entertainment Plc has, by virtue of the authorization granted by the Annual General Meeting held on April 13, 2023, decided to adopt an option plan “Option Plan 2023” 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, 2026, and end on May 31, 2029.
The subscription price for a share subscribed for with one option right is EUR 27.31, which is the trade volume weighted average price of the Company’s share on the official list of Nasdaq Helsinki Ltd during June 1 – August 31, 2023, 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 2.53 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 58,250 unexercised option rights outstanding under the Option Plan 2018, 209,500 unexercised option rights under the Option Plan 2019, and 179,500 unexercised option rights under the Option Plan 2020. For Option Plans 2021 and 2022, the maximum number of options that can be issued is 350,000 options per plan.
The theoretical market value of one option under the new plan is approximately EUR 6.75, whereas the theoretical market value of all options under the Option Plan 2023 is approximately EUR 2,362,979. The theoretical market value of one option has been calculated based on the closing price on September 20, 2023, and by applying the Black-Scholes model used for pricing options with the following criteria: share price EUR 21.35, strike price EUR 27.31, risk-free interest rate 3.29%, validity period of the option rights 5.7 years, and volatility 37%.
The terms and conditions of Option Plan 2023 are attached to this release and will be available on the company’s website at https://investors.remedygames.com/remuneration/.
REMEDY ENTERTAINMENT PLC
More Information
Veli-Pekka Puolakanaho, Head of Corporate Development and IR
Phone: +358 50 430 0936
Email: [email protected]
Distribution
Nasdaq Helsinki Ltd.
Key media
Remedy in brief
Remedy Entertainment Plc is a pioneering, globally renowned video game company founded in 1995 and headquartered in Finland with an office in Stockholm, Sweden. Known for its story-driven and visually stunning action games, Remedy has created multiple successful, critically acclaimed franchises such as Control, Alan Wake and Max Payne. Remedy also develops its own Northlight® game engine and tools technology that powers many of its games. Remedy’s shares are listed on Nasdaq Helsinki’s official list.
