Escape Hunt PLC Management incentive scheme (2787T)
17 July 2020 - 4:00PM
UK Regulatory
TIDMESC
RNS Number : 2787T
Escape Hunt PLC
17 July 2020
17 July 2020
Escape Hunt plc (AIM: ESC)
("Escape Hunt" or the "Company")
Management incentive scheme
Escape Hunt, a leading operator of escape rooms in the
fast-growing experiential leisure sector, announces that a new
share incentive scheme has now been established for its senior
executives as was highlighted in the Company's circular to
shareholders in relation to the recent Placing and Open Offer,
Subscription, and issue of Convertible Loan Notes, dated 15 June
2020 (the "Circular").
The rules of the scheme are in line with the outline provided in
the Circular with the exception of the introduction of an
additional performance hurdle required to be able to exercise 100
per cent. of the options and a correction in the maximum number of
options to be issued to each of Richard Harpham, the Group Chief
Executive Officer, and Graham Bird, the Group Chief Financial
Officer, to equate to the agreed salary multiple, which remains as
set out in the Circular. A summary of the key features of the
scheme is set out below:
-- Each member of the senior leadership team has been awarded
options with an aggregate exercise price equal to two times their
current annual salary.
-- The exercise price of the options is 7.5 pence, which is the
same as the issue price in the recent Fundraising.
-- The options will vest in three equal tranches on the first,
second and third anniversaries of the award.
-- The options are subject to a performance condition based on
the Company's share price. This will be tested on each vesting date
and again between the third and fourth anniversaries of the
awards.
-- If the Company's share price at testing is 11.25 pence (being
1.5 times the issue price), one third of the vested options will be
exercisable.
-- If the Company's share price at testing is 18.75 pence (being
2.5 times the issue price), 90 per cent of the vested options will
be exercisable.
-- If the Company's share price at testing is 25 pence (being
3.33 times the issue price), 100% of the vested options will be
exercisable.
-- The proportion of vested options exercisable for share prices
between 11.25 pence and 18.75 pence will scale proportionately from
one-third to 90 per cent. Similarly, the proportion of options
exercisable for share prices between 18.75 pence and 25 pence will
scale proportionately from 90 per cent. to 100 per cent.
-- The options will all vest in the case of an offer for the
Company being completed. If the offer price per share is 7.5 pence,
no options will be exercisable. If the offer price per share is
18.75 pence, 100 per cent. of the options will be exercisable. The
proportion of options exercisable between offer prices of 7.5 pence
and 18.75 pence per share will scale proportionately from nil to
100 per cent.
-- If not exercised, the options will expire on the fifth anniversary of award.
The awards to certain directors and senior management are as
follows:
Individual Number of options awarded
Richard Harpham 5,333,333
--------------------------
Graham Bird 3,733,333
--------------------------
Andrew Jacobs 3,333,333
--------------------------
Sarah Lloyd-Baker 3,333,333
--------------------------
The new share option scheme replaces all the Company's other
share-based incentive arrangements.
Commenting on the awards, Richard Rose, Chairman of Escape Hunt,
said : "I am pleased that we have put an appropriate incentive in
place for our senior team which is aligned with the interests of
our shareholders. In order to receive 100 per cent of the award,
the team will have had to generate a compound shareholder return of
35 per cent per annum over four years. With this in mind, we are
excited about the prospects for Escape Hunt and have a strong
management team in place to deliver our strategy."
Capitalised terms not otherwise defined in this announcement
have the same meaning ascribed to them as in the Circular.
The person responsible for arranging the release of this
information is Graham Bird, CFO of the Company.
Enquiries:
Escape Hunt plc
www.escapehunt.com
Richard Harpham (Chief Executive
Officer)
Graham Bird (Chief Financial
Officer)
Kam Bansil (Investor Relations) +44 (0) 20 7846 3322
Shore Capital, NOMAD and Joint
Broker
www.shorecap.co.uk
Tom Griffiths (Corporate Advisory)
David Coaten (Corporate Advisory) +44 (0) 20 7408 4050
Zeus Capital, Joint Broker
www.zeuscapital.co.uk
John Goold
Daniel Harris +44 (0) 20 3829 5000
IFC Advisory, Financial PR
www.investor-focus.co.uk
Graham Herring
Tim Metcalfe
Florence Chandler +44 (0) 20 3934 6630
About Escape Hunt plc
The Escape Hunt Group is a global leader in providing live
escape-the-room experiences with a network of owner-operated sites
in the UK and a global network of franchised outlets in six
continents. The Company was re-admitted to AIM in May 2017 and has
a strategy of creating high quality premium games and experiences,
which incorporates branded IP content.
(https://escapehunt.com/)
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END
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