Establishment of New Option Plan, Grant of Options

Team17 Group PLC

15 November 2024

 

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	[e-mail]
Peel Hunt (Nominated Adviser and Joint Corporate Broker)  Neil Patel / Benjamin Cryer / Kate Bannatyne	[phone]
Jefferies International Limited (Joint Corporate Broker)   Philip Noblet / Will Brown / Shaam Vora	[phone]
Vigo Consulting (Financial Public Relations)  Jeremy Garcia / Fiona Hetherington / Anna Stacey [e-mail]	[phone]

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.

 

END