Cancellation of Long Term Incentive Plan & Grant of Options
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Cancellation of Long Term Incentive Plan
&
Grant of Options
Tap Global Group Plc (AQSE: TAP), the FinTech company bridging the gap between traditional finance and blockchain technology, announces the cancellation of the Company’s Long Term Incentive Plan (“LTIP”) and the grant of options to Directors of the Company.
Cancellation of LTIP
The revenue figure announced in the Trading Update on 15 November 2024 missed the 2024 financial year Milestone 1 LTIP performance hurdle that was set out in the Company’s Admission Document dated 16 December 2022 (the “Plan”), and therefore the Milestone 1 LTIP Options will not vest. Arsen Torosian, Group CEO, is the only remaining recipient of Milestone 2 LTIP Options, and he has relinquished his right these Milestone 2 LTIP Options, irrespective of whether the performance hurdle will be met. Accordingly, the Plan has been cancelled and none of the options pursuant to the Plan will be able to vest. As the options would have been exercisable at nominal share value, up to 69.5 million potentially dilutive instruments have been removed from the capital structure of the Company.
Grant of Options
In order to incentivise the current Directors to drive long-term growth reflected in Company valuation, 30,000,000 share options exercisable for up to 10 years at a price of 3.0p per ordinary share have been granted to Directors as set out below.
| Director | No. Options Granted |
|---|---|
| Arsen Torosian, Group CEO | 20,000,000 |
| John Taylor, Non-Executive Director | 10,000,000 |
| The options will vest according to the schedule below: | |
| 25% | Six months after date of grant |
| 25% | On share price reaching a bid-price of 15p |
| 25% | On share price reaching a bid-price of 25p |
| 25% | On share price reaching a bid-price of 50p |
It is the Board’s intention to consider granting further share options in due course to additional Tap Group staff.
Related Party Transaction
The grant of the above share options is a related party transaction as defined in the Aquis Growth Market Rulebook.
Having considered the vesting conditions attaching to the proposed share options, and having exercised reasonable care, skill and diligence, Peter Wall, the independent Director for the purpose of the share options grant, considers that the above proposed share options grant is fair and reasonable insofar as the shareholders of the Company are concerned.
The Directors of the Company accept responsibility for the contents of this announcement.
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- Details of the person discharging managerial responsibilities/person closely associated
- Name Arsen Torosian
- Reason for the notification
- Position/status Chief Executive Officer
- Initial notification/Amendment Initial Notification
- Name Tap Global Group Plc
- LEI 213800BF6GRJEOAQNP31
- Description of the financial instrument Ordinary Shares of 0.1 pence each
- Identification code GB00BMVSDN09
- Nature of the transactions Grant of Options
- Price(s) and volume(s) Exercise price: 3 pence Volume: 5,000,000 vesting on 15 May 2025 5,000,000 vesting on the bid price for the Company’s shares reaching at least 15p 5,000,000 vesting on the bid price for the Company’s shares reaching at least 25p 5,000,000 vesting on the bid price for the Company’s shares reaching at least 50p
- Aggregated information - Aggregated volume - Price 20,000,000 options Exercise price: 3 pence
- Date of the transactions 18 November 2024
- Place of the transactions Off market
- Details of the person discharging managerial responsibilities/person closely associated
- Name John Taylor
- Reason for the notification
- Position/status Non-Executive Director
- Initial notification/Amendment Initial Notification
- Name Tap Global Group Plc
- LEI 213800BF6GRJEOAQNP31
- Description of the financial instrument Ordinary Shares of 0.1 pence each
- Identification code GB00BMVSDN09
- Nature of the transactions Grant of Options
- Price(s) and volume(s) Exercise price: 3 pence Volume: 2,500,000 vesting on 15 May 2025 2,500,000 vesting on the bid price for the Company’s shares reaching at least 15p 2,500,000 vesting on the bid price for the Company’s shares reaching at least 25p 2,500,000 vesting on the bid price for the Company’s shares reaching at least 50p
- Aggregated information - Aggregated volume - Price 10,000,000 options Exercise price: 3 pence
- Date of the transactions 18 November 2024
- Place of the transactions Off market
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