RNS Number : 6268X
Mode Global Holdings PLC
30 August 2022
 

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

mode@mrm-london.com 

 

Julie Sand, Mode Global Holdings PLC

+44 (20) 3773 0588

julie.sand@modeapp.com

 

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)

 

Price

Volume

7.5 pence

805,370

7.5 pence

1,000,000



 

 

 

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)

 

Price

Volume

7.5 pence

2,013,425

7.5 pence

800,000



 

 

 

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)

 

Price

Volume

7.5 pence

2,416,110





 

 

 

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)

 

Price

Volume

7.5 pence

161,074





 

 

 

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)

 

Price

Volume

7.5 pence

1,000,000





 

 

 

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)

 

Price

Volume

7.5 pence

200,000





 

 

 

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

 

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