Cancellation and grant of options

RNS Number : 8123K

Braveheart Investment Group plc

09 May 2022

 

09 May 2022

Braveheart Investment Group plc

("Braveheart" or the "Company")

Cancellation and grant of options

Braveheart Investment Group (AIM: BRH), announces the cancellation of options over ordinary shares of 2p each in the Company ("Ordinary Shares") issued to two Directors of the Company and the concurrent granting of new options over Ordinary Shares to the same Directors.

Background

At the annual general meeting of the Company held on 8 September 2020, shareholders approved the implementation of a share option scheme in order to provide a long-term incentive plan for Directors, employees and consultants of the Company, including those Strategic Investments where Braveheart owns 50% or more of the issued share capital ("the Share Option Plan"). 

On 14 October 2021, options were granted over 1,500,000 and 2,000,000 Ordinary Shares to Trevor Brown (CEO) and Vivian Hallam (Executive Director) respectively, at an exercise price of 31.5p per share, being the closing mid-market price of an Ordinary Share on 13 October 2021 (the "Historic Options").

[The remuneration committee of the Company ("Remuneration Committee") has determined that, in order to continue to incentivise Trevor Brown and Vivian Hallam without creating further potential dilution for shareholders of the Company, it is appropriate to cancel certain of the Historic Options and issue the same number of new options to the Directors, exercisable at the current share price, as detailed below.]

Cancellation of certain Historic Options

The Company has today 9 May 2022 cancelled the following Historic Options:

Name	Number of Historic Options Cancelled	Remaining number of Historic Options held
Trevor Brown	750,000	750,000
Vivian Hallam	1,000,000	1,000,000

The performance and time related vesting criteria on the remaining Historic Options remain as announced on 14 October 2021.

Grant of new options

The Company has [today/on 6 May 2022] granted new options over 1,750,000 Ordinary Shares (the "New Options") as follows:

Name	Number of New Options granted	Exercise price
Trevor Brown	750,000	14p
Vivian Hallam	1,000,000	14p

The exercise price of the New Options is 14p, being the closing mid-market price of an Ordinary Share on 6 May 2022, the date of grant. The New Options will vest from 6 May 2023 and be exercisable up to 6 May 2032, subject to continued employment and an additional performance related criteria that the closing price of an Ordinary Share must exceed 31.5p, being the exercise price of the Historic Options, for 10 days within any period of 30 days.

Following the cancellation of the Historic Options and grant of the New Options, the Company now has options outstanding over a total of 4,596,000 Ordinary Shares.

Details of the transactions can be found in the Notification of Dealing Forms below.

1 Details of the person discharging managerial responsibilities / person closely associated a) Name Trevor Brown Chief Executive Officer Vivian Hallam Executive Director 2 Reason for the notification a) Position/status See 1a) above  b) Initial notification /Amendment Initial Notification 3 Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor a) Name Braveheart Investment Group plc b) LEI 2138006HQ3COMU626I61 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 2 pence each in Braveheart Investment Group plc GB00B13XV322 b) Nature of the transactions Cancellation of options over ordinary shares c) Price(s) and volume(s) Price:  Exercise price of 31.5p per share Trevor Brown 750,000 Vivian Hallam 1,000,000 d) Aggregated information - Aggregated volume - Price - Principal amount N/A e) Dates of the transaction 6 May 2022 f) Place of transaction Outside a trading venue 1 Details of the person discharging managerial responsibilities / person closely associated a) Name Trevor Brown Chief Executive Officer Vivian Hallam Executive Director 2 Reason for the notification a) Position/status See 1a) above  b) Initial notification /Amendment Initial Notification 3 Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor a) Name Braveheart Investment Group plc b) LEI 2138006HQ3COMU626I61 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 2 pence each in Braveheart Investment Group plc GB00B13XV322 b) Nature of the transactions Grant of options over ordinary shares c) Price(s) and volume(s) Price: Exercise price of 14p per share Trevor Brown 750,000 Vivian Hallam 1,000,000 d) Aggregated information - Aggregated volume - Price - Principal amount N/A e) Date of the transaction 6 May 2022 f) Place of transaction Outside a trading venue

For further information:

Braveheart Investment Group plc Tel: [phone] Trevor Brown, Chief Executive Officer Allenby Capital Limited (Nominated Adviser and Joint Broker) Tel: [phone] David Worlidge / James Reeve / George Payne Peterhouse Capital Limited (Joint Broker) Tel: [phone] Heena Karani / Lucy Williams

 

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