TIDMDEVO
RNS Number : 7928V
Devolver Digital, Inc.
06 December 2023
6 December 2023
Devolver Digital, Inc.
("Devolver Digital", "Devolver" or the "Company", and the
Company together with all of its subsidiary undertakings "the
Devolver Group")
Grant of Awards
Devolver Digital, an award-winning digital publisher and
developer of independent ("indie") video games, announces a grant
of awards under the 2022 Long Term Incentive Plan ("LTIP").
The 2023 awards are designed to reward employees at all levels
of the Company for performance that delivers value for
shareholders. The awards consist of Performance Stock Units
("PSUs") which are awarded subject to a three year cliff and
achievement of ambitious financial targets, and Restricted Stock
Units ("RSUs"), which are awarded subject to a three year cliff and
financial performance criteria for senior management, and a two
year cliff for other employees.
The Remuneration Committee recommended the following awards to
the Board, laid out in the tables below. These awards amount to, in
aggregate, 7,457,519 shares (on the assumption that all vest),
representing 1.7 per cent. of the issued and outstanding share
capital. Total dilution from these awards and all outstanding share
options and grants amount to 11.4 per cent. of the issued and
outstanding share capital.
The following awards have been made to Directors of the
Company:
Number of
shares
Director/PDMR Position RSUs PSUs Total
------------------- ---------- -------- -------- --------
Douglas Morin CEO 154,454 308,908 463,362
Daniel Widdicombe CFO 119,684 239,368 359,052
Total 274,138 548,276 822,414
The following awards have been made to other management and
employees of the Group:
Number of shares
Category RSUs PSUs Total
---------------------- ---------- ---------- ----------
Other management and
senior employees 2,124,680 3,324,891 5,449,571
Other employees and
contractors 1,185,534 - 1,185,534
Total 3,282,569 3,324,891 6,635,105
The effective date for the award of these LTIP shares is 1(st)
January 2023, i.e. shares with a two-year cliff will vest on 31(st)
December 2024. All PSUs vest after three years. RSUs vest after
three years for senior management and two years for other
employees. In addition to the vesting cliffs, the LTIP shares are
subject to a range of further vesting conditions specified at the
time of award, and will lapse if these conditions are not met. For
the PSUs, these include the following performance conditions:
(i) the attainment of specified Group revenue targets at the end of a three-year period, and;
(ii) the attainment of specified Group EBITDA targets at the end of a three-year period.
The Company has set challenging financial targets for the PSUs,
based upon the Group's internal budgets. Targets are based on
organic growth only and exclude any potential M&A uplift. The
PSUs only begin to be earned once 90% of the 2025 Revenue and
EBITDA targets are achieved, and management need to deliver at
least 110% of the target to realise the full award.
The metrics in the table below apply to actual 2025 Group
performance versus the prescribed targets for revenue and EBITDA in
2025:
Metric Weighting 0% Vesting 12.5% Vesting 50% Vesting 100% Vesting
(Below Threshold) (Threshold) (Target) (Maximum)
Revenue 50% <90% of target 90% of target Target 110%+ of
target
---------- ------------------- --------------- ------------ -------------
EBITDA 50% <90% of target 90% of target Target 110%+ of
target
---------- ------------------- --------------- ------------ -------------
The RSUs for senior management, including the CEO and CFO,
require at least 60% of the 2025 EBITDA target to be achieved in
order for any of the LTIP Shares awarded to vest. 2025 EBITDA
performance below this target level will result in all the RSU
awards for senior management lapsing. For other management and
senior employees, this only applies to 50% of their RSU grant.
These targets do not apply for all other employees.
It should be noted that the co-founders of Devolver who are
fully employed at the company, including Executive Chairman Harry
Miller, without exception, declined to receive any awards under
this grant.
-S-
About Devolver Digital
Devolver is an award-winning video games publisher in the indie
games space with a balanced portfolio of third-party and own-IP.
Devolver has an emphasis on premium games and has published more
than 100 titles, with more than 30 titles in the pipeline scheduled
for release over the next few years. Devolver has in-house studios
developing first-party IP titles and a complementary publishing
brand. Devolver is registered in Wilmington, Delaware, USA.
Enquiries :
Devolver Digital, Inc. ir@devolverdigital.com
Harry Miller, Executive Chairman
Douglas Morin, Chief Executive Officer
Daniel Widdicombe, Chief Financial Officer
Zeus (Nominated Adviser and Sole Broker)
Nick Cowles, Jamie Peel, Alexander Craig
(Investment Banking)
Ben Robertson (Equity Capital Markets) +44 (0)20 3829 5000
FTI Consulting (Financial PR) devolver@fticonsulting.com
Jamie Ricketts / Dwight Burden / Valerija +44 (0)20 3727 1000
Cymbal / Usama Ali
The notification set out below is provided in accordance with
the requirements of Article 19 of the UK Market Abuse
Regulation.
Notification and public disclosure of transactions by persons
discharging managerial responsibilities and persons closely
associated with them.
Details of the person discharging managerial responsibilities/person
1. closely associated
a) Name Douglas Morin
---------------------------------- -----------------------------------
Reason for the notification
2.
-----------------------------------------------------------------------
a) Position/status CEO
---------------------------------- -----------------------------------
b) Initial notification/Amendment Initial notification
---------------------------------- -----------------------------------
Details of the issuer, emission allowance market participant,
3 auction platform, auctioneer or auction monitor
-----------------------------------------------------------------------
a) Name Devolver Digital, Inc.
---------------------------------- -----------------------------------
b) LEI 213800PRI1918XI2H813
---------------------------------- -----------------------------------
Details of the transaction(s): section to be repeated
4 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 Common stock par value of $0.0001
instrument, type of instrument
Identification code ISIN: USU0858L1036
---------------------------------- -----------------------------------
b) Nature of the transaction Grant of Stock Units
---------------------------------- -----------------------------------
c) Price(s) and volume(s) Price(s) Volume(s)
Nil consideration 154,454 RSUs
Nil consideration 308,908 PSUs
---------------------------------- -----------------------------------
d) Aggregated information Price Volume
Nil consideration 463,362
---------------------------------- -----------------------------------
e) Date of the transaction 28 November 2023
---------------------------------- -----------------------------------
f) Place of the transaction London Stock Exchange, AIM
---- ---------------------------------- -----------------------------------
Details of the person discharging managerial responsibilities/person
1. closely associated
-----------------------------------------------------------------------
a) Name Daniel Widdicombe
---------------------------------- -----------------------------------
Reason for the notification
2.
-----------------------------------------------------------------------
a) Position/status CFO
---------------------------------- -----------------------------------
b) Initial notification/Amendment Initial notification
---------------------------------- -----------------------------------
Details of the issuer, emission allowance market participant,
3 auction platform, auctioneer or auction monitor
-----------------------------------------------------------------------
a) Name Devolver Digital, Inc.
---------------------------------- -----------------------------------
b) LEI 213800PRI1918XI2H813
---------------------------------- -----------------------------------
Details of the transaction(s): section to be repeated
4 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 Common stock par value of $0.0001
instrument, type of instrument
Identification code ISIN: USU0858L1036
---------------------------------- -----------------------------------
b) Nature of the transaction Grant of Stock Units
---------------------------------- -----------------------------------
c) Price(s) and volume(s) Price(s) Volume(s)
Nil consideration 119,684 RSUs
Nil consideration 239,368 PSUs
---------------------------------- -----------------------------------
d) Aggregated information Price Volume
Nil consideration 359,052
---------------------------------- -----------------------------------
e) Date of the transaction 28 November 2023
---------------------------------- -----------------------------------
f) Place of the transaction London Stock Exchange, AIM
---- ---------------------------------- -----------------------------------
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END
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