Grant of Options
Tap Global Group plc announced the grant of 10,000,000 ordinary share options to its Non-Executive Chair, Manuel De Luque Muntaner, with an exercise price of 3 pence, vesting over time and contingent on specific share price targets of 15p, 25p, and 50p, as well as continued employment. This grant is considered a related party transaction, with independent directors deeming the terms fair and reasonable for shareholders. All previously granted options to the former Chair have lapsed.
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Tap Global Group plc (AIM: TAP), an innovative digital finance hub that brings money payments and crypto settlement services together in a single user-friendly app, announces the grant of share options over 10,000,000 ordinary shares to a Director (the "Options"), as set out below, to incentivise long-term growth reflected in Company valuation.
Schedule of Options
| DIRECTOR | ROLE | DATE OF GRANT | NO. OPTIONS GRANTED | EXERCISE PRICE | VESTING CONDITIONS | EXPIRY DATE |
| Manuel De Luque Muntaner | Non-Executive Chair | 19 November 2025 | 10,000,000 | 3p | See vesting criteria below | 19 November 2035 |
| 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 | |||||
The vesting criteria requires the recipient to remain engaged by the Company at the time of vesting. Share price targets require the share price to close at or above each target for at least five days in a 20-day period.
All 30,000,000 options granted to the Company's previous Chair have lapsed, including the 7,500,000 options that had vested under the six-month vesting criteria.
Related Party Transaction
The issue of the Options to Mr De Luque Muntaner has been treated as a related party transaction under AIM Rule 13. The independent directors (being all of the directors other than Mr De Luque Muntaner) consider, having consulted with SPARK Advisory Partners Limited, the Company's nominated adviser, that the terms of the Options grant to Mr De Luque Muntaner are fair and reasonable insofar as the Company's shareholders are concerned.
Tap Group's operating subsidiaries
| 1. | Details of the person discharging managerial responsibilities/person closely associated | |
| a) | Name | Manuel De Luque Muntaner |
| 2. | Reason for notification | |
| a) | Position/Status | Non-Executive Chair |
| b) | Initial notification/ Amendment | Initial notification |
| a) | Name | Tap Global Group plc |
| b) | LEI | 213800BF6GRJEOAQNP31 |
| a) | Description of the financial instrument, type of instrument Identification Code | Ordinary shares of 0.1 pence per share par value GB00BMVSDN09 |
| b) | Nature of the transaction | Grant of Options |
| c) | Price(s) and volume(s) | Exercise price: 3 pence Volume: 2,500,000 vesting on 19 May 2026 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 |
| d) | Aggregated information - Aggregated Volume - Price | 10,000,000 options Exercise price: 3 pence |
| e) | Date of the transaction | 19 November 2025 |
| f) | Place of the transaction | Off market |
Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.