Rovio Entertainment Corp.: The Board of Directors of Rovio
Rovio Entertainment Corporation Stock Exchange Release February 11, 2022 at 10.00 a.m. EET
Rovio Entertainment Corp.: The Board of Directors of Rovio decided on a new stock option plan
The Board of Directors of Rovio Entertainment has resolved to launch a new stock option plan 2022A directed to key employees of the company. The aim is to align the objectives of the shareholders and the key employees in order to increase the long-term value of the company, to retain the key employees at company, and to offer them a competitive reward plan.
The number of stock options issued is 856,500 and they are issued gratuitously. The stock options entitle their owners to subscribe for a maximum total of 856,500 new shares in the Company or existing shares held by the Company.
The number of shares subscribed by exercising stock options issued corresponds to a maximum total of 1 per cent of all shares and votes of the shares in the company after the potential share subscriptions based on the stock options, if new shares are issued in the share subscription.
The share subscription price for shares subscribed by virtue of the stock options is EUR 7.90 per share. The share subscription price will be credited to the reserve for the company’s invested unrestricted equity.
The Share subscription period for stock options will be 1 March 2025 – 28 February 2027.
The theoretical market value of one stock option is EUR 1.49 per stock option and the total theoretical market value of all stock options 2022A is EUR 1,300,000. The theoretical market value of one stock option has been calculated using the Black & Scholes stock option pricing model with the following input factors: share price EUR 6.58, share subscription price EUR 7.90 risk free interest rate 0%, time to maturity of stock options approximately 5 years and volatility 33%.
The Board of Directors resolved on the stock option plan on the basis of the authorization granted by the company’s Annual General Meeting of Shareholders held on 30 March 2021. The company has a weighty financial reason for the issue of stock options since the stock options are intended to form part of the incentive and commitment program for the Group key employees.
ROVIO ENTERTAINMENT CORPORATION
Rene Lindell, CFO
+358 40 485 8985
Nasdaq Helsinki Ltd
Rovio Entertainment Corporation is a global mobile-first games company that creates, develops and publishes mobile games, which have been downloaded over 5 billion times. Rovio is best known for the global Angry Birds brand, which started as a popular mobile game in 2009, and has since evolved from games to various entertainment, animations and consumer products in brand licensing. Rovio has produced The Angry Birds Movie (2016), and its sequel, The Angry Birds Movie 2 was released in 2019. The company offers multiple mobile games and has seven games studios – two in Espoo (Finland), one in Stockholm (Sweden), Copenhagen (Denmark), Montreal and Toronto (Canada), as well as a subsidiary in Izmir (Turkey) called Ruby Games, which was acquired in 2021. Most of the employees are based in Finland where Rovio is headquartered. The company’s shares are listed on the main list of NASDAQ Helsinki stock exchange with the trading code ROVIO. (www.rovio.com)