NAPS.L

Napster Group PLC
Napster Group PLC - EBT Subscription, Director/PDMR Shareholding
3rd December 2021, 07:00
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RNS Number : 5001U
Napster Group PLC
03 December 2021
 

 

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF THE MARKET ABUSE REGULATION (EU) 596/2014, as it forms part of domestic law by virtue of the European Union (Withdrawal) Act 2018.

Napster Group PLC

("NAPS" or the "Group")

Employee Benefit Trust Subscription

Napster Group PLC (AIM:NAPS), a leading music company and operator of the MelodyVR and Napster platforms, announces that the Group's Employee Benefit Trust ("EBT") has  subscribed for 248,000,000 new ordinary shares of 1p each in the capital of the Group ("Ordinary Shares" and the "EBT Shares") at par value (the "EBT Subscription"). The EBT Subscription will be used to effect the Companies joint share ownership plan ("JSOP") as previously announced on 23 March 2020 which was implemented to incentivise and retain key members of the executive management team.

 

Terms of the JSOP

 

Pursuant to the JSOP, certain Directors and other members of the executive team have been granted options over the EBT Shares each with an exercise price of £0.0275 (the "JSOP Options") subject to certain share price hurdles and other performance targets which if achieved would reduce the exercise price payable and accelerate the vesting period. In the event that certain performance targets are met, the minimum exercise price payable is nil.  The JSOP Options have performance criteria relating to share price performance and other strategic corporate objectives and vest (subject to the share price hurdles referred to above) in equal tranches over 3 years.

The table below details the number of JSOP Options each Director or Member of the Executive Team has received:

Name

Position

Number of JSOP Options

Anthony Matchett

Chief Executive Officer

100,000,000

Steven Hancock

Chief Relationship Officer

64,000,000

Simon Cole

Non-Executive Chairman

11,000,000

Russell Backhouse

Head of Corporate Finance

56,000,000

Joe Clark

Chief Operating Officer

17,000,000

Application has been made to the London Stock Exchange for the 248,000,000 new Ordinary Shares to be admitted to trading on AIM ("Admission") and it is expected that Admission will become effective and trading will commence at 8.00 a.m. on 9 December 2021. The new Ordinary Shares will rank pari passu in all respects with all existing Ordinary Shares in the Group.

 Simon Cole, Non-Executive Chairman, commented: 

 

"It is only appropriate that we seek to properly incentivise our management team in advance of both the launch of our new music platform and the strategy to secure a listing in the US.  This step aligns management's interests with those of our shareholders and ensures appropriate focus on the creation of long-term equity value".

 

For further information please contact:

Napster Group PLC
Anthony Matchett, Group CEO 

email@napster.group

finnCap Ltd (Nominated Adviser and Broker)

Corporate Finance: Marc Milmo, James Thompson, Milesh Hindocha

ECM: Tim Redfern, Sunila de Silva 

Tel: +44 (0) 20 7220 0500 

Equitory  (Investor Relations)
Clara Melia/Geoff Callow 

napster@equitory.com

 

 

1. 

Details of the person discharging managerial responsibilities / person closely associated

a)

Name

Anthony Matchett

2. 

Reason for the Notification

a)

Position/status

Chief Executive Officer

b)

Initial notification/Amendment

Initial notification

3. 

Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor

a)

Name

Napster Group PLC

b)

LEI

213800B2AKGQC3D2R751

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 instrument, type of instrument

Options over Ordinary Shares of 1p each

Identification code

GB00BD2YHN21

b)

Nature of the transaction

Grant of JSOP Options

c)

Price(s) and volume(s)

Exercise Price(s)

Volume(s)

between nil to 2.75p

 100,000,000

 

d)

Aggregated information:

· Aggregated volume

· Price

100,000,000 JSOP Options granted each with an exercise price of between nil and 2.75p depending on performance criteria

e)

Date of the transaction

2 December 2021

f)

Place of the transaction

Outside a trading venue

 

1. 

Details of the person discharging managerial responsibilities / person closely associated

a)

Name

Steven Hancock

2. 

Reason for the Notification

a)

Position/status

Chief Relationship Officer

b)

Initial notification/Amendment

Initial notification

3. 

Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor

a)

Name

Napster Group PLC

b)

LEI

213800B2AKGQC3D2R751

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 instrument, type of instrument

Options over Ordinary Shares of 1p each

Identification code

GB00BD2YHN21

b)

Nature of the transaction

Grant of JSOP Options

c)

Price(s) and volume(s)

Exercise Price(s)

Volume(s)

Between nil to 2.75p

 64,000,000

 

d)

Aggregated information:

· Aggregated volume

· Price

64,000,000 JSOP Options granted each with an exercise price of between nil and 2.75p depending on performance criteria

e)

Date of the transaction

2 December 2021

f)

Place of the transaction

Outside a trading venue

 

 

1. 

Details of the person discharging managerial responsibilities / person closely associated

a)

Name

Simon Cole

2. 

Reason for the Notification

a)

Position/status

Non-Executive Chairman

b)

Initial notification/Amendment

Initial notification

3. 

Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor

a)

Name

Napster Group PLC

b)

LEI

213800B2AKGQC3D2R751

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 instrument, type of instrument

Options over Ordinary Shares of 1p each

Identification code

GB00BD2YHN21

b)

Nature of the transaction

Grant of JSOP Options

c)

Price(s) and volume(s)

Exercise Price(s)

Volume(s)

Between nil and 2.75p

 11,000,000

 

d)

Aggregated information:

· Aggregated volume

· Price

11,000,000 JSOP Options granted each with an exercise price of between nil and 2.75p depending on performance criteria

e)

Date of the transaction

2 December 2021

f)

Place of the transaction

Outside a trading venue

 

1. 

Details of the person discharging managerial responsibilities / person closely associated

a)

Name

Russell Backhouse

2. 

Reason for the Notification

a)

Position/status

Head of Corporate Finance

b)

Initial notification/Amendment

Initial notification

3. 

Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor

a)

Name

Napster Group PLC

b)

LEI

213800B2AKGQC3D2R751

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 instrument, type of instrument

Options over Ordinary Shares of 1p each

Identification code

GB00BD2YHN21

b)

Nature of the transaction

Grant of JSOP Options

c)

Price(s) and volume(s)

Exercise Price(s)

Volume(s)

Between nil and 2.75p

 56,000,000

 

d)

Aggregated information:

· Aggregated volume

· Price

56,000,000 JSOP Options granted each with an exercise price of between nil and 2.75p depending on performance criteria

e)

Date of the transaction

2 December 2021

f)

Place of the transaction

Outside a trading venue

 

1. 

Details of the person discharging managerial responsibilities / person closely associated

a)

Name

Joe Clark

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

Napster Group PLC

b)

LEI

213800B2AKGQC3D2R751

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 instrument, type of instrument

Options over Ordinary Shares of 1p each

Identification code

GB00BD2YHN21

b)

Nature of the transaction

Grant of JSOP Options

c)

Price(s) and volume(s)

Exercise Price(s)

Volume(s)

Between nil and 2.75p

 17,000,000

 

d)

Aggregated information:

· Aggregated volume

· Price

17,000,000 JSOP Options granted each with an exercise price of between nil and 2.75p depending on performance criteria

e)

Date of the transaction

2 December 2021

f)

Place of the transaction

Outside a trading venue

 

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