15 November 2024
Team17 Group
plc
("Team17", the "Company" or the "Group")
Establishment of New Option Plan and
Grant of Options
Team17, a leading global independent
("Indie") games developer and publisher of premium video games and
apps, announces that it has put in place a new Non-Executive
Director Share Option Plan (the "Plan") for non-executive
directors.
The Plan will ensure that the
Company can attract and retain a strong calibre of Board
members, including from overseas and with relevant experience. The
balance between a cash fee and regular share option grants will
incentivise NEDs in a manner that aligns with the long-term
interests of the Group's stakeholders by providing an element of
remuneration if there has been a sustained increase in the
Company's value.
Under the Plan all NEDs are entitled
to receive annual grants of options (the "Options") over the
Group's ordinary shares with an aggregate value equal to their
annual base fee, with grants made in two tranches, each equal to 50
per cent. of their base fee. The Options will have an exercise
price equal to the market price of a Team17 share at the time of
grant. There are no performance conditions and the Options will
vest on the third anniversary of grant. The Plan will be
administered by those members of the Board who do not participate
in the Plan.
Consultations with several of the
Group's larger shareholders have already taken place, and further
discussions are planned ahead of the next AGM. The terms of the
Plan will be described in the Directors' Remuneration Report within
the Company's reports and accounts for the year ended 31 December
2024. Should the advisory resolution to approve the Directors'
Remuneration Report not be supported by a majority of shareholders
at the 2025 AGM, the relevant Board members who administer the Plan
may determine that all Options granted under the Plan prior to the
2025 AGM will lapse and that the Plan will not be operated going
forwards.
Related Party Transaction
The Plan arrangements in relation to
Frank Sagnier, Debbie Bestwick, Peter Whiting and Penny Judd, each
a Director of the Company, represent a related party transaction
under the AIM Rules for Companies. The Directors who are
independent of the arrangements, being Steve Bell and Rashid
Varachia, having consulted with the
Company's nominated adviser, Peel Hunt LLP, consider that the terms
of the arrangements are fair and reasonable insofar as shareholders
are concerned.
Grant of Options under the Plan
On 14 November 2024 share option
awards were granted to the four Non-Executive Directors on the
Board, under the Plan. The Board granted these awards, with an
effective grant date of 14 November 2024 ("Grant Date"), over the
following ordinary shares:
|
Director
|
Number of Options
|
Exercise Price
|
|
Frank Sagnier
|
26,218
|
222.67p
|
|
Debbie Bestwick
|
11,810
|
222.67p
|
|
Peter Whiting
|
11,810
|
222.67p
|
|
Penny Judd
|
11,810
|
222.67p
|
Notification and public disclosure of transactions by persons
discharging managerial responsibilities and persons closely
associated with them.
|
1
|
Details of the person discharging managerial responsibilities
/ person closely
Associated
|
|
a)
|
Name
|
1. Frank
Sagnier
2. Debbie
Bestwick
3. Peter
Whiting
4. Penny
Judd
|
|
2
|
Reason for the notification
|
|
a)
|
Position/status
|
1.
Chairman
2. Non-executive
director
3. Non-executive
director
4. Non-executive
director
|
|
b)
|
Initial notification
/Amendment
|
Initial notification
|
|
3
|
Details of the issuer, emission allowance market participant,
auction platform,
auctioneer or auction monitor
|
|
a)
|
Name
|
Team17 Group plc
|
|
b)
|
LEI
|
2138006EUUCCL4ZI5E51
|
|
4
|
Details of the transaction(s): section to be repeated 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
instrument, type of instrument
Identification code
|
Ordinary shares of 1p
each
ISIN: GB00BYVX2X20
|
|
b)
|
Nature of the transaction
|
Grant of Options under the
Plan
|
|
c)
|
Price(s) and volume(s)
|
|
|
|
|
Price(s)
|
Volume(s)
|
|
|
1.
|
Nil
|
26,218
|
|
|
|
|
|
2.
|
Nil
|
11,810
|
|
|
|
|
|
3.
|
Nil
|
11,810
|
|
|
|
|
|
4.
|
Nil
|
11,810
|
|
|
d)
|
Aggregated information
- Aggregated volume
- Price
|
n/a - single
transaction
|
|
e)
|
Date of the transaction
|
14 November 2024
|
|
f)
|
Place of the transaction
|
Off market
|
Enquiries:
|
Team17 Group plc
Steve Bell, Chief Executive
Officer
Rashid Varachia, Chief Financial
Officer and Chief Operating Officer
James Targett, Group Investor
Relations Director
|
ir@team17.com
|
|
Peel Hunt (Nominated Adviser
and Joint Corporate Broker)
Neil Patel / Benjamin Cryer
/ Kate Bannatyne
|
+44 (0)20 7418 8900
|
|
Jefferies International Limited (Joint Corporate Broker)
Philip Noblet / Will Brown
/ Shaam Vora
|
+44 (0)20 7029 8000
|
|
Vigo Consulting (Financial
Public Relations)
Jeremy Garcia / Fiona
Hetherington / Anna Stacey
team17@vigoconsulting.com
|
+44 (0)20 7390 0233
|
|
|
|
About Team17
Team17 Group plc is a leading global
developer and publisher of video games entertainment to a broad
audience. The Group now includes a games entertainment label and
creative partner for indie developers, a developer and publisher of
educational apps, appealing to children under the age of eight and
a working simulation games developer and publisher.
Visit www.team17.com for more info.