NED Appointment and Board Changes

RNS Number : 3435Z

Gfinity PLC

21 May 2021

 

The information contained within this announcement is deemed by the Company to constitute inside information stipulated under the Market Abuse Regulation (EU) No. 596/2014. Upon the publication of this announcement via the Regulatory Information Service, this inside information is now considered to be in the public domain.

21 May 2021  

Gfinity plc

("Gfinity" or the "Company")

Appointment of Non-Executive Director and Board Changes

Director / PDMR Shareholding

Gfinity (AIM: GFIN), a world-leading esports and gaming solutions provider, is pleased to announce the appointment of Hugo Drayton to the Board as Non-Executive Director with immediate effect. Hugo will also join the company's Remuneration and Nominations committees.

Hugo (age 61) has spent the last six years as an Independent Non-Executive Director on the Board of Future plc, the FTSE 250 global media production platform. In his role, Hugo has served as Senior Independent Director, Chairman of the Remuneration Committee and a member of the Audit & Risk and Nominations Committees, during a period of significant growth for the company. In addition, he was CEO of Inskin Media until 2019 - a brand advertising company he led for 10 years, from start-up to a profitable, global media business.

Earlier in his career, Hugo spent 10 years at The Telegraph Group, where he served as Group Managing Director; he was also Managing Director, Europe of Advertising.com (Time Warner). Hugo is a Trustee of the British Skin Foundation and the Felix Byam Shaw Foundation (The Felix Project).

As part of Hugo's appointment, the Company is entering into an option arrangement with Mr Drayton. Under the terms of the option arrangement Mr Drayton will be granted an option over 4,000,000 ordinary shares of 0.1 pence each in the capital of the Company ("Ordinary Shares").

The options will be exercisable at 5.0p per share (the "Exercise Price"), being the average closing mid-market share price in the 30 days leading up to the date of the grant. 2,000,000 of the options will vest on the date of grant; 2,000,000 of the options will vest one year following the date of grant.   The new options will expire on 21 May 2031 if not exercised.

In addition, the Board has been informed by Preeti Mardia, Non-Executive Director and Chair of the Audit Committee, of her intention to step down from the Board with immediate effect.

Preeti will be succeeded as Chair of the Audit Committee by Len Rinaldi. Len was appointed as Non-Executive Director of Gfinity in December 2020, joining the Audit and Remuneration Committee, and has extensive financial leadership experience, having served as Apple EMEIA CFO for five years.

Mr Rinaldi will also be granted an option of 2,000,000 shares of 0.1 pence each in the capital of the Company ("Ordinary Shares"). The options will be also exercisable at 5.0p per share and 1,000,000 of the options will vest on the date of grant; 1,000,000 of the options will vest in one year following the date of grant. The new options will expire on 21 May 2031 if not exercised.

With immediate effect founder and Non-Executive Chairman of Gfinity, Neville Upton, will also join the Audit Committee.

Neville Upton, Founder and Chairman of Gfinity said:  "The Board and I are delighted to welcome Hugo to Gfinity. He is a respected leader with a proven track record of helping media businesses grow. Hugo's wealth of experience and insight will prove invaluable to the company, particularly his expertise in the acceleration of digital media businesses as the Gfinity Digital Media group continues to grow at pace.

I would also like to sincerely thank Preeti for her contributions to Gfinity over the last four years and wish her well in her next venture."

Hugo Drayton said: "I am very excited about joining the ambitious and talented team at Gfinity.  Esports and Gaming are now well-established, essential pillars in consumers' lives and in the media; and Gfinity is well-positioned to capitalise on the extraordinary growth in the sector.  I look forward to harnessing my experience to this high-growth market, to contribute to Gfinity's future success." 

The following details in relation to the appointment of Hugo Drayton are disclosed in accordance with Schedule 2(g) of the AIM Rules:

Current directorships	Past directorships held within last 5 years
Future plc Inskin Media Ltd. MASS Platform Ltd.	Manufactura Limited

There is no further information to be disclosed in relation to Hugo Drayton's appointment pursuant to AIM Rule 17 or paragraph (g) of Schedule Two of the AIM Rules for Companies.

ENDS

Enquiries :

Gfinity plc  John Clarke, CEO	www.gfinityplc.com Via Teneo
Teneo  (Media)	Tel: [phone]
Anthony Di Natale	[e-mail]
Canaccord Genuity Limited (AIM Nominated Adviser &         Broker)	Tel:[phone]
Bobbie Hilliam / Georgina McCooke

About Gfinity

Gfinity (AIM: GFIN) is a world leading esports business. Created by gamers for the world's 2.7 billion gamers, Gfinity has a unique understanding of this fast-growing global community.  It uses this expertise both to provide advisory services and to design, develop and deliver unparalleled experiences and winning strategies for game publishers, sports rights holders, commercial partners and media companies.

Gfinity connects its partners with the esports community in authentic and innovative ways. This consists of on‑ and off-line competitions and industry‑leading content production. Relationships include EA SPORTS, Activision Blizzard, F1 Esports Series and the Forza Racing Championship.

Gfinity connects directly with tens of millions of gamers each month through its digital media group, Gfinity Digital Media.  Gfinity Digital Media includes websites such as: Gfinityesports, RealSport101, StealthOptional, RacingGames.gg, MTGRocks.com and their respective social channels.

All Gfinity services are underpinned by the Company's proprietary technology platform delivering a level playing field for all competitors and supporting scalable multi-format leagues, ladders and knockout competitions.

1	Details of PDMR / person closely associated with them ('PCA')
a)	Full Name		Hugo Drayton
2	Reason for the notification
a)	Position / status		Non-Executive Director
b)	Initial notification / amendment		Initial Notification
3	Details of the issuer, emission allowance market participation, auction platform, auctioneer or auction monitor
a)	Name	Gfinity plc
b)	LEI	213800GNV14EDQNRWI17
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 Identification code		Option over ordinary shares in the capital of the Company ISIN:  GB00BT9QD572
b)	Nature of the transaction		Entering into an option over ordinary shares in the capital of the Company
c)	Price(s) and volume(s)		Price: 5.0p Volume: 4,000,000
d)	Aggregated information Aggregated volume and Price		N/A - single transaction
e)	Date of the transaction		21 May 2021
f)	Place of the transaction		Off Market

1	Details of PDMR / person closely associated with them ('PCA')
a)	Full Name		Len Rinaldi
2	Reason for the notification
a)	Position / status		Non-Executive Director
b)	Initial notification / amendment		Initial Notification
3	Details of the issuer, emission allowance market participation, auction platform, auctioneer or auction monitor
a)	Name	Gfinity plc
b)	LEI	213800GNV14EDQNRWI17
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 Identification code		Option over ordinary shares in the capital of the Company ISIN:  GB00BT9QD572
b)	Nature of the transaction		Entering into an option over ordinary shares in the capital of the Company
c)	Price(s) and volume(s)		Price: 5.0p Volume: 2,000,000
d)	Aggregated information Aggregated volume and Price		N/A - single transaction
e)	Date of the transaction		21 May 2021
f)	Place of the transaction		Off Market

 

END

 

 

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