B90 Holdings PLC Grant of Options (6110S)

TIDMB90

RNS Number : 6110S

B90 Holdings PLC

17 March 2021

17 March 2021

B90 Holdings plc

("B90", the "Company" or the "Group")

Grant of New Options

Cancellation of Existing Options

Related Party Transaction

B90 Holdings plc (AIM: B90), the online marketing company for the gaming industry , announces that, as indicated in the Company's Corporate Update announcement issued earlier today, it has granted options over, in aggregate, 6,215,000 ordinary shares of no par value ("Ordinary Shares") to certain directors and employees of the Company (the "New Options"), pursuant to the terms of Company's Long Term Incentive Plan - May 2016 (as amended) (the "2016 Plan").

The New Options have an exercise price of 5p per share, being the price at which the outstanding, in aggregate, EUR4.39m convertible loan notes can be converted into new Ordinary Shares. Pursuant to the terms of the 2016 Plan, the New Options will vest in equal instalments over the four years following the first anniversary of the date of grant and any of the New Options that remain unexercised on the fifth anniversary of the date of grant will lapse. Details of the New Options that have been granted are summarised in the table below:

 
 Individual(s)           Number of New   Grant date   Exercise price 
                       Options granted 
 Paul Duffen                 1,800,000    16-Mar-21               5p 
                     -----------------  -----------  --------------- 
 Marcel Noordeloos           2,100,000    16-Mar-21               5p 
                     -----------------  -----------  --------------- 
 Rainer Lauffs               1,800,000    16-Mar-21               5p 
                     -----------------  -----------  --------------- 
 Other employees               515,000    16-Mar-21               5p 
                     -----------------  -----------  --------------- 
 

In light of the New Options being granted, in aggregate, 3,670,000, existing options ("Existing Options"), granted under the terms of 2016 Plan, have been cancelled (the "Cancellation"). The Cancellation includes, in aggregate, 3,300,000 Existing Options granted to certain directors, being Paul Duffen, Marcel Noordeloos and Rainer Lauffs. Details of the Existing Options that have been cancelled are summarised in the table below:

 
 Individual(s)        Number of Existing   Grant date   Exercise price 
                       Options cancelled 
 Paul Duffen                   1,000,000    14-Feb-19              15p 
                     -------------------  -----------  --------------- 
 Marcel Noordeloos               750,000    30-Jun-16              25p 
                     -------------------  -----------  --------------- 
                                 550,000    14-Feb-19              15p 
                     -------------------  -----------  --------------- 
 Rainer Lauffs                   750,000    30-Jun-16              25p 
                     -------------------  -----------  --------------- 
                                 250,000    14-Feb-19              15p 
                     -------------------  -----------  --------------- 
 Other employees                  70,000    14-Feb-19              15p 
                     -------------------  -----------  --------------- 
                                 300,000    30-Jun-16              25p 
                     -------------------  -----------  --------------- 
 

Accordingly, the aggregate number of options now held by the directors are as follows:

 
 Director              Existing Options   New Options 
 Paul Duffen                          -     1,800,000 
                     ------------------  ------------ 
 Mark Rosman                    950,000             - 
                     ------------------  ------------ 
 Marcel Noordeloos                    -     2,100,000 
                     ------------------  ------------ 
 Rainer Lauffs                        -     1,800,000 
                     ------------------  ------------ 
 

Following today's grant of New Options and Cancellation of Existing Options, the Company has, in aggregate, 8,190,000 options outstanding, representing approximately 8.54% of its current issued share capital.

Related party transaction

The Cancellation in respect of the Existing Options held by certain directors of the Company and award of New Options to certain directors of the Company (the "Director Option Cancellation"), being Messrs Duffen, Noordeloos and Lauffs, is considered a related party transaction under the AIM Rules for Companies. Mark Rosman, independent director in respect of the Director Option Cancellation, considers, having consulted with the Company's nominated adviser, Strand Hanson Limited, that the terms of the Director Option Cancellation are fair and reasonable insofar as the Company's shareholders are concerned.

Issue of warrants

The Company also announces that it has issued 750,000 warrants to a corporate adviser to subscribe for new Ordinary Shares at a price of 5 pence per share, exercisable for a period of three years.

This announcement contains inside information for the purposes of Article 7 of Regulation (EU) 596/2014 .

 
  1    Details of the persons discharging managerial responsibilities 
 a    N a me                          1. Paul J Duffen 
  )                                    2. Marcel Noordeloos 
                                       3. Rainer Lauffs 
     -------------------------  ---------------------------------------- 
 2    Reason for the notification 
     ------------------------------------------------------------------- 
 a    Position / s t a tus            1. Executive Chairman 
  )                                    2. Finance Director 
                                       3. Director - Operating officer 
     -------------------------  ---------------------------------------- 
 b)   Initial notification            Initial notification 
       / Amendment 
     -------------------------  ---------------------------------------- 
 3     Details of the issuer 
     ------------------------------------------------------------------- 
 a    Name                            B90 Holdings plc 
  ) 
     -------------------------  ---------------------------------------- 
 b)   LEI                             2138007KWLZHV5I1A979 
     -------------------------  ---------------------------------------- 
 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         Options over Ordinary Shares of no par 
       fina n cial instrume       value 
       n t , type of ins t 
       rument 
     -------------------------  ---------------------------------------- 
     Identification code         ISIN for Ordinary Shares: IM00BYT32K14 
     -------------------------  ---------------------------------------- 
 b)   Nature of t h e transact   Grant of options 
       i o n 
     -------------------------  ---------------------------------------- 
 c)   Price(s) a n d vo l         Option Price   Vo l ume (s) 
       ume (s)                      (s) 
                                        5p             1. 1,800,000 
                                                 ------------------- 
                                                       2. 2,100,000 
                                                 ------------------- 
                                                        3. 1,800,000 
                                                 ------------------- 
     -------------------------  ---------------------------------------- 
 d)   Aggregated information 
       - Aggregated volume         *    Options over 5,700,000 shares 
       - Price 
 
                                   *    5p per share (exercise price) 
     -------------------------  ---------------------------------------- 
 e)   Date of the transaction    17 March 2021 
     -------------------------  ---------------------------------------- 
 f)   Place of the transaction   Outside a trading venue. 
                                  New Ordinary Shares issued on exercise 
                                  of options will be admitted to trading 
                                  on AIM, London Stock Exchange 
     -------------------------  ---------------------------------------- 
 

For further information please contact:

B90 Holdings Plc [phone]

Paul Duffen, Executive Chairman

Marcel Noordeloos, Chief Financial Officer

   Strand Hanson Limited (Nominated Adviser)                             [phone] 

James Harris / James Dance

Whitman Howard Ltd (Broker)

Nick Lovering / Christopher Furness

IFC Advisory (Financial PR & IR) [phone]

Tim Metcalfe / Graham Herring / Zach Cohen

About B90 Holdings plc

B90 Holdings plc is a group of companies focused on the operation of its own online Sportsbook and Casino product as well as marketing activities for other online gaming companies.

Website: www.b90holdings.com

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March 17, 2021 10:48 ET (14:48 GMT)