09 May 2022

Braveheart Investment Group plc

("Braveheart" or the "Company")

Cancellation and grant of options

Braveheart Investment Group (AIM: BRH), announces the cancellation of options over ordinary shares of 2p each in the Company ("Ordinary Shares") issued to two Directors of the Company and the concurrent granting of new options over Ordinary Shares to the same Directors.

Background

At the annual general meeting of the Company held on 8 September 2020, shareholders approved the implementation of a share option scheme in order to provide a long-term incentive plan for Directors, employees and consultants of the Company, including those Strategic Investments where Braveheart owns 50% or more of the issued share capital ("the Share Option Plan"). 

On 14 October 2021, options were granted over 1,500,000 and 2,000,000 Ordinary Shares to Trevor Brown (CEO) and Vivian Hallam (Executive Director) respectively, at an exercise price of 31.5p per share, being the closing mid-market price of an Ordinary Share on 13 October 2021 (the "Historic Options").

[The remuneration committee of the Company ("Remuneration Committee") has determined that, in order to continue to incentivise Trevor Brown and Vivian Hallam without creating further potential dilution for shareholders of the Company, it is appropriate to cancel certain of the Historic Options and issue the same number of new options to the Directors, exercisable at the current share price, as detailed below.]

Cancellation of certain Historic Options

The Company has today 9 May 2022 cancelled the following Historic Options:

The performance and time related vesting criteria on the remaining Historic Options remain as announced on 14 October 2021.

Grant of new options

The Company has [today/on 6 May 2022] granted new options over 1,750,000 Ordinary Shares (the "New Options") as follows:

The exercise price of the New Options is 14p, being the closing mid-market price of an Ordinary Share on 6 May 2022, the date of grant. The New Options will vest from 6 May 2023 and be exercisable up to 6 May 2032, subject to continued employment and an additional performance related criteria that the closing price of an Ordinary Share must exceed 31.5p, being the exercise price of the Historic Options, for 10 days within any period of 30 days.

Following the cancellation of the Historic Options and grant of the New Options, the Company now has options outstanding over a total of 4,596,000 Ordinary Shares.

Details of the transactions can be found in the Notification of Dealing Forms below.