TIDMBIDS
RNS Number : 2383J
Bidstack Group PLC
09 December 2022
Certain information contained within this Announcement is deemed
by the Company to constitute inside information as stipulated under
the Market Abuse Regulation (EU) No. 596/2014 ("MAR") as applied in
the United Kingdom. Upon publication of this Announcement, this
information is now considered to be in the public domain.
9 December 2022
Bidstack Group Plc
("Bidstack" or the "Company")
Grant of LTIP Options
Bidstack Group plc (AIM: BIDS), the native in-game advertising
group, announces that , on the recommendation of the Remuneration
Committee, has made an aggregate of 27,930,000 LTIP awards to
Camila Franklin and Jude O'Connor (the "Executives").
In addition, the Company has made awards of a further 3,400,000
EMI and 15,525,350 unapproved share options to certain employees
and 2,000,000 unapproved options to David Reeves, its Chairman.
For the purposes of the new LTIP awards to the Executives and
others, the awards have been made in two categories, each subject
to different performance criteria.
For the first set of LTIP awards ("First Awards") the
Remuneration Committee considered that the most appropriate
performance target for the Company at this stage in its development
is revenue. The vesting schedule below highlights the details for
the achievement of the awards.
Revenue Vesting Schedule
% on target % vesting
90 and above 100
------------------------
Between 75 and 90 50 - 100 (straight line
basis between points)
------------------------
75 50
------------------------
Below 75 0
------------------------
These LTIP awards also include an operating cost element which,
if achieved, can increase the amount of vesting by 10%, in the
event the revenue target is missed. Any awards not vesting from
Year 1 will be rolled into the Year 2 award.
The second set of LTIP awards ("Second Awards") were intended to
create circumstances which ought to lead to exceptional returns for
the Company and its shareholders. The Remuneration Committee
considered that EBITDA - Earnings Before Interest, Tax,
Depreciation and Amortisation was an appropriately more challenging
performance condition for the Company at this stage. The vesting
schedule below highlights the details for the achievement of the
second set of LTIP awards.
EBITDA Vesting Schedule
% on target % vesting
100 or above 100
-----------------
95 and above 75
-----------------
90 and above 50
-----------------
Below 90 0
-----------------
The LTIP awards to each of the Executives in each set of awards
will vest over a three year period. All of the LTIP awards, when
vested, will be exercisable on payment of nominal value only.
The First Awards have been made to the Executives as
follows:
Name 2023 2024 2025 Total
Camila Franklin 3,490,901 3,490,901 3,490,948 10,473,750
---------- ---------- ---------- -----------
Jude O'Connor 3,490,901 3,490,901 3,490,948 10,473,750
---------- ---------- ---------- -----------
The Second Awards have been made as follows:
Name 2023 2024 2025 Total
Camila Franklin 1,163,634 1,163,634 1,163,983 3,491,250
---------- ---------- ---------- ----------
Jude O'Connor 1,163,634 1,163,634 1,163,983 3,491,250
---------- ---------- ---------- ----------
The relevant targets will be set by the Remuneration Committee
based on the consensus of market expectations.
Notwithstanding the above performance criteria, all of the LTIP
awards will vest in the event of a change of control of the
Company.
In aggregate the above LTIP awards represent 2.14% of the
current issued share capital of the Company as at the date
hereof.
In addition to the above the Company has awarded 3,400,000 new
EMI options to certain employees granted under the terms of the
Bidstack Group Plc EMI Share Option Scheme 2018 ("EMI Options"),
15,525,350 new options to certain employees granted under the terms
of the Bidstack Group Plc Unapproved Share Option Scheme 2018 and
2,000,000 unapproved share options to certain Directors and
5,600,000 unapproved share options to certain members of the
Advisory Committee granted under the terms of the Bidstack Group
Plc Unapproved Share Option Scheme 2018 ("Unapproved Options").
The only unapproved options being granted to a Director
("Director's Options") are as follows:
Name Number of Options
David Reeves 2,000,000
------------------
These new EMI Options and Unapproved Options together represent
1.46 % of the current issued share capital of the Company as at the
date hereof .
Each of these new EMI Options and Unapproved Options will be
exercisable at a price of 3 pence per share (being the mid-market
closing price on 8 December 2022) with the exception of the
Director's Options which will be exercisable at a price of 3.6
pence per share. All of the new EMI Options and Unapproved Options
granted to the Director will be exercisable three years after the
date of grant, save in usual circumstances including the Company
being the subject of a takeover offer, and all of the new options
will expire ten years after the date of grant.
The Company announces the following PDMR dealings in accordance
with Article 19 of the Market Abuse Regulation:
FORM FOR NOTIFYING DEALINGS BY PERSONS DISCHARGING MANAGERIAL
RESPONSIBILITIES AND PERSONS CLOSELY ASSOCIATED WITH THEM
1. Details of the person discharging managerial responsibilities/person
closely associated
a) Name Camila Franklin
------------------------------- --------------------------------------
2. Reason for the notification
-----------------------------------------------------------------------
a) Position/status Chief Operating Officer
------------------------------- --------------------------------------
b) Initial notification/Amendment Initial Notification
------------------------------- --------------------------------------
3. Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
-----------------------------------------------------------------------
a) Name Bidstack Group Plc
------------------------------- --------------------------------------
b) LEI 213800Q47UWF61LMRR02
------------------------------- --------------------------------------
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 Ordinary Shares of 0.5 pence each
instrument
------------------------------- --------------------------------------
b) Identification code GB00BZ7M6059
------------------------------- --------------------------------------
c) Nature of the transactions Grant of Options
------------------------------- --------------------------------------
d) Price(s) and volume(s) Exercise price: 0.5 pence
Volume: 10,473,750 First LTIP awards
3,491,250 Second LTIP awards
------------------------------- --------------------------------------
e) Aggregated information 13,965,000 LTIP awards
- Aggregated volume Exercise price: 0.5 pence
- Price
------------------------------- --------------------------------------
f) Date of the transactions 8 December 2022
------------------------------- --------------------------------------
g) Place of the transactions Off market
------------------------------- --------------------------------------
1. Details of the person discharging managerial responsibilities/person
closely associated
a) Name Jude O'Connor
------------------------------- --------------------------------------
2. Reason for the notification
-----------------------------------------------------------------------
a) Position/status Chief Revenue Officer
------------------------------- --------------------------------------
b) Initial notification/Amendment Initial Notification
------------------------------- --------------------------------------
3. Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
-----------------------------------------------------------------------
a) Name Bidstack Group Plc
------------------------------- --------------------------------------
b) LEI 213800Q47UWF61LMRR02
------------------------------- --------------------------------------
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 Ordinary Shares of 0.5 pence each
instrument
------------------------------- --------------------------------------
b) Identification code GB00BZ7M6059
------------------------------- --------------------------------------
c) Nature of the transactions Grant of Options
------------------------------- --------------------------------------
d) Price(s) and volume(s) Exercise price: 0.5 pence
Volume: 10,473,750 First LTIP awards
3,491,250 Second LTIP awards
------------------------------- --------------------------------------
e) Aggregated information 13,965,000 LTIP awards
- Aggregated volume Exercise price: 0.5 pence
- Price
------------------------------- --------------------------------------
f) Date of the transactions 8 December 2022
------------------------------- --------------------------------------
g) Place of the transactions Off market
------------------------------- --------------------------------------
1. Details of the person discharging managerial responsibilities/person
closely associated
a) Name David Reeves
--------------------------------- ------------------------------------
2. Reason for the notification
-----------------------------------------------------------------------
a) Position/status Chairman
--------------------------------- ------------------------------------
b) Initial notification/Amendment Initial Notification
--------------------------------- ------------------------------------
3. Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
-----------------------------------------------------------------------
a) Name Bidstack Group Plc
--------------------------------- ------------------------------------
b) LEI 213800Q47UWF61LMRR02
--------------------------------- ------------------------------------
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 Ordinary Shares of 0.5 pence each
instrument
--------------------------------- ------------------------------------
b) Identification code GB00BZ7M6059
--------------------------------- ------------------------------------
c) Nature of the transactions Grant of Options
--------------------------------- ------------------------------------
d) Price(s) and volume(s) Exercise price: 3.6 pence
Volume: 2,000,000 options
--------------------------------- ------------------------------------
e) Aggregated information As for d) above
- Aggregated volume
- Price
--------------------------------- ------------------------------------
f) Date of the transactions 8 December 2022
--------------------------------- ------------------------------------
g) Place of the transactions Off market
--------------------------------- ------------------------------------
1. Details of the person discharging managerial responsibilities/person
closely associated
a) Name Glen Ames
-------------------------------- -------------------------------------
2. Reason for the notification
-----------------------------------------------------------------------
a) Position/status Chief Product and Technology Officer
-------------------------------- -------------------------------------
b) Initial notification/Amendment Initial Notification
-------------------------------- -------------------------------------
3. Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
-----------------------------------------------------------------------
a) Name Bidstack Group Plc
-------------------------------- -------------------------------------
b) LEI 213800Q47UWF61LMRR02
-------------------------------- -------------------------------------
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 Ordinary Shares of 0.5 pence each
instrument
-------------------------------- -------------------------------------
b) Identification code GB00BZ7M6059
-------------------------------- -------------------------------------
c) Nature of the transactions Grant of Options
-------------------------------- -------------------------------------
d) Price(s) and volume(s) Exercise price: 3 pence
Volume: 2,000,000 options
-------------------------------- -------------------------------------
e) Aggregated information As for d) above
- Aggregated volume
- Price
-------------------------------- -------------------------------------
f) Date of the transactions 8 December 2022
-------------------------------- -------------------------------------
g) Place of the transactions Off market
-------------------------------- -------------------------------------
- Ends -
Contacts:
Bidstack Group Plc
James Draper, CEO via Buchanan
SPARK Advisory Partners Limited (Nomad) +44 (0) 203 368
Mark Brady / Neil Baldwin / James Keeshan 3550
Stifel Nicolaus Europe Limited (Joint
Broker) +44 (0) 20 7710
Fred Walsh / Tom Marsh 7600
Buchanan Communications Limited
Chris Lane / Stephanie Watson / Kim van
Beeck +44 (0) 20 7466
bidstack@buchanan.uk.com 5000
Notes to editors
About Bidstack
Bidstack is an advertising technology company which provides
dynamic, targeted and automated native in-game advertising for the
global video games industry across multiple platforms. Its
proprietary technology is capable of inserting advertisements
within video games. Bidstack's customers are games publishers and
developers (on the supply side), and advertising agencies, brands
and media-buying platforms (on the demand side).
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END
DSHTLBBTMTMMBBT
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December 09, 2022 06:04 ET (11:04 GMT)
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