Cancellation of vested share

RNS Number : 1873G

Gaming VC Holdings S.A.

27 January 2010

 



Press Release

27 January 2010

Gaming VC Holdings S.A.

("Gaming VC" or "the Group")

Cancellation of vested share options and one off payments

Gaming VC Holdings S.A. (AIM: GVC), a leading European online gaming company, announces that it has today entered into an agreement with its Executive Directors, Kenneth Alexander and Richard Cooper, for the cancellation of their existing vested share options. Kenneth Alexander has agreed to cancel 566,667 options with an exercise price of 100p per share in return for a compensation payment of £629,000 and Richard Cooper has agreed to cancel 108,333 options with a strike price of 126p per share in return for a compensation payment of £92,000. The compensation payments reflect the current in-the-money value of the options being cancelled.

The Company has also agreed to make one-off discretionary payments of £643,000 and £332,000 respectively to Kenneth Alexander and Richard Cooper, in addition to their normal performance-based bonus payments, in recognition of their importance to the business and their lack of participation to date in a Long-Term Incentive Plan.

In view of their size, these transactions fall to be treated as Related Party Transactions under AIM Rules. The Independent Directors of Gaming VC (being the Directors of Gaming VC other than the executive Directors by virtue of their involvement in the transactions) consider, having consulted with the Company's Nominated Adviser, that the terms of the transactions are fair and reasonable insofar as the shareholders of Gaming VC are concerned. In being consulted in relation to the one off discretionary payments, the Nominated Adviser has relied on the Independent Directors' commercial assessments.

It is expected that these payments will be accounted for in the year to 31 December 2010.

-Ends-

For further information:

Gaming VC Holdings S.A.
Lee Feldman, Chairman	Tel: [phone]
	www.gamingvc.com

Arbuthnot Securities Limited	Tel: [phone]
James Steel, Corporate Finance	www.arbuthnotsecurities.co.uk

Arbuthnot Securities Limited, which is authorised and regulated in the United Kingdom by the Financial Services Authority, is acting as Nominated Adviser to Gaming VC for the purposes of the AIM Rules and for no one else in connection with the contents of this announcement and will not be responsible to any person other than Gaming VC for providing the protections afforded to clients of Arbuthnot Securities Limited, nor for providing advice in relation to any matters referred to herein.

 

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