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Mode Global Holdings PLC announced on 30 August 2022 that it repriced existing share options for certain Directors and employees. The exercise price for 5,395,979 options held by Directors Jonathan Rowland, Rita (Yu) Liu, Richard Morecroft, and David Anderson was reduced from 50 pence to 7.5 pence. Concurrently, the company granted 3,000,000 new share options with an exercise price of 7.5 pence to Directors Jonathan Rowland, Rita (Yu) Liu, David Shrier, and Mike Robertson.
| Date | 30 Aug 2022 |
| Time | 14:07:22 |
| Category | Director/PDMR dealings |
| ID | 6268X |
Mode Global Holdings PLC
Repricing of Existing Share Options
Grant of New Share Options
PDMR Disclosures
Mode Global Holdings PLC (LSE: MODE) ("Mode"), the LSE-listed fintech group, announces today that it has repriced share options to certain Directors and employees.
Repricing of Share Options
A key goal of Mode is to ensure it has long term incentivisation in place to meaningfully retain staff. Mode's previous pricing did not meet the criteria and therefore Mode has repriced existing options to a more achievable level bringing a direct line of sight to long-term incentivisation. The price is set at a level which the Board believes is both achievable, but which still motivates the Directors and employees to drive value into the business and hence increase the share value.
Existing Options held by certain of the Directors have been repriced as follows:
|
Director |
Number of Existing Options Held |
Current Exercise Price |
New Exercise Price |
Expiry Date |
|
Jonathan Rowland (Chairman) |
805,370 |
50 pence |
7.5 pence |
27 October 2030 |
|
Rita (Yu) Liu (CEO) |
2,013,425 |
50 pence |
7.5 pence |
4 November 2030 |
|
Richard Morecroft (Director) |
2,416,110 |
50 pence |
7.5 pence |
27 October 2030 |
|
David Anderson (Non-Executive Director) |
161,074 |
50 pence |
7.5 pence |
5 April 2031 |
The Company is also pleased to announce that it has granted new share options ("New Options") to certain Directors as follows:
|
Director |
New Options Granted: |
Exercise Price |
|
Jonathan Rowland (Chairman) |
1,000,000 |
7.5 pence |
|
Rita (Yu) Liu (CEO) |
800,000 |
7.5 pence |
|
David Shrier (Non- Executive Director) |
1,000,000 |
7.5 pence |
|
Mike Robertson (Non-Executive Director) |
200,000 |
7.5 pence |
The New Options issued to Rita (Yu) Liu and Jonathan Rowland will vest on the following schedule: (i) 20% vesting a year after the date of issue; and (ii) 5% vesting every quarter thereafter. The New Options issued to David Shrier and Mike Robertson will vest on the following schedule: (i) 20% vesting immediately; and (ii) 10% vesting every quarter thereafter. The New Options shall each expire ten years from the date of issue.
The New Options are not subject to any performance or exercise conditions.
The FCA notifications, made in accordance with the requirements of the UK Market Abuse Regulation are appended further below.
-ENDS-
Press contacts:
Fiona McAra, MRM
+44 (0)7471 350286
Julie Sand, Mode Global Holdings PLC
+44 (20) 3773 0588
Notes to Editors
About Mode:
Mode is an LSE-listed fintech company on a mission to build the world's most disruptive ecosystem where exchanging value and growing wealth is seamless for all. Mode is leveraging the power of Bitcoin and Open Banking to deliver on this mission and offer customers in the UK a one-stop app to shop, earn and grow their Bitcoin, all in one place. For businesses, Mode provides a cheaper, safer and smarter alternative to card payments that rewards shoppers with Bitcoin Cashback.
To learn more, visit our customer/business site at www.modeapp.com or our investor site at www.modeplc.com.
NOTIFICATION AND PUBLIC DISCLOSURE OF TRANSACTIONS BY PERSONS DISCHARGING MANAGERIAL RESPONSIBILITIES AND PERSONS CLOSELY ASSOCIATED WITH THEM
|
1. |
Details of PDMR / person closely associated with them |
|||||||||
|
a) |
Name |
Jonathan Rowland |
||||||||
|
b) |
Position / status |
Chairman |
||||||||
|
c) |
Initial notification / amendment |
Initial notification |
||||||||
|
2. |
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 |
Ordinary shares of Mode Global Holdings plc |
||||||||
|
b) |
Nature of the transaction |
(i) Change of exercise price of existing options (ii) Awards of additional options to subscribe for ordinary shares |
||||||||
|
c) |
Price(s) and volume(s) |
|
||||||||
|
d) |
Aggregated information Aggregated volume Price |
Volume: 1,805,370 Price: 7.5 pence
|
||||||||
|
e) |
Date of the transaction |
30 August 2022 |
||||||||
|
f) |
Place of the transaction |
Outside a trading venue |
||||||||
|
1 |
Details of PDMR / person closely associated with them |
|||||||||
|
a) |
Name |
Rita (Yu) Liu |
||||||||
|
b) |
Position / status |
CEO |
||||||||
|
c) |
Initial notification / amendment |
Initial notification |
||||||||
|
2. |
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 |
Ordinary shares of Mode Global Holdings plc |
||||||||
|
b) |
Nature of the transaction |
(i) Change of exercise price of existing options (ii) Awards of additional options to subscribe for ordinary shares |
||||||||
|
c) |
Price(s) and volume(s) |
|
||||||||
|
d) |
Aggregated information Aggregated volume Price |
Volume: 2,813,425
Price: 7.5 pence
|
||||||||
|
e) |
Date of the transaction |
30 August 2022 |
||||||||
|
f) |
Place of the transaction |
Outside a trading venue |
||||||||
|
1 |
Details of PDMR / person closely associated with them |
|||||||||
|
a) |
Name |
Richard Morecroft |
||||||||
|
b) |
Position / status |
COO |
||||||||
|
c) |
Initial notification / amendment |
Initial notification |
||||||||
|
2. |
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 |
Ordinary shares of Mode Global Holdings plc |
||||||||
|
b) |
Nature of the transaction |
Change of exercise price of existing options
|
||||||||
|
c) |
Price(s) and volume(s) |
|
||||||||
|
d) |
Aggregated information Aggregated volume Price |
Volume: 2,416,110
Price: 7.5 pence
|
||||||||
|
e) |
Date of the transaction |
30 August 2022 |
||||||||
|
f) |
Place of the transaction |
Outside a trading venue |
||||||||
|
1 |
Details of PDMR / person closely associated with them |
|||||||||
|
a) |
Name |
David Anderson |
||||||||
|
b) |
Position / status |
Non-Executive Director |
||||||||
|
c) |
Initial notification / amendment |
Initial notification |
||||||||
|
2. |
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 |
Ordinary shares of Mode Global Holdings plc |
||||||||
|
b) |
Nature of the transaction |
Change of exercise price of existing options
|
||||||||
|
c) |
Price(s) and volume(s) |
|
||||||||
|
d) |
Aggregated information Aggregated volume Price |
Volume: 161,074
Price: 7.5 pence
|
||||||||
|
e) |
Date of the transaction |
30 August 2022 |
||||||||
|
f) |
Place of the transaction |
Outside a trading venue |
||||||||
|
1 |
Details of PDMR / person closely associated with them |
|||||||||
|
a) |
Name |
David Shrier |
||||||||
|
b) |
Position / status |
Non-Executive Director |
||||||||
|
c) |
Initial notification / amendment |
Initial notification |
||||||||
|
2. |
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 |
Ordinary shares of Mode Global Holdings plc |
||||||||
|
b) |
Nature of the transaction |
Award of options to subscribe for ordinary shares |
||||||||
|
c) |
Price(s) and volume(s) |
|
||||||||
|
d) |
Aggregated information Aggregated volume Price |
Volume: 1,000,000
Price: 7.5 pence
|
||||||||
|
e) |
Date of the transaction |
30 August 2022 |
||||||||
|
f) |
Place of the transaction |
Outside a trading venue |
||||||||
|
1 |
Details of PDMR / person closely associated with them |
|||||||||
|
a) |
Name |
Mike Robertson |
||||||||
|
b) |
Position / status |
Non-Executive Director |
||||||||
|
c) |
Initial notification / amendment |
Initial notification |
||||||||
|
2. |
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 |
Ordinary shares of Mode Global Holdings plc |
||||||||
|
b) |
Nature of the transaction |
Awards of options to subscribe for ordinary shares |
||||||||
|
c) |
Price(s) and volume(s) |
|
||||||||
|
d) |
Aggregated information Aggregated volume Price |
Volume: 200,000
Price: 7.5 pence
|
||||||||
|
e) |
Date of the transaction |
30 August 2022 |
||||||||
|
f) |
Place of the transaction |
Outside a trading venue |
||||||||