The Board of Directors of QPR Software Plc Resolved on a New Stock Option Plan
QPR SOFTWARE PLC STOCK EXCHANGE RELEASE SEPTEMBER 6, 2023 at 11:30 a.m EEST
The Board of Directors of QPR Software Plc Resolved on a New Stock Option Plan
Based on the authorization granted by the Annual General Meeting of QPR Software Plc (the "Company") on May 3, 2023, the Board of Directors (the "Board of Directors") of the Company has on September 6, 2023 resolved to launch a new stock option plan, under which key personnel of the Company and its subsidiaries (the “Group”) may receive stock options (the “Stock Option(s)”) entitling to subscribe for shares in the Company (the “Share(s)”).
There is a weighty financial reason for the issuance of the Stock Options as the Stock Options are intended to form a part of the incentive and commitment program of the Group’s key personnel. The purpose of the Stock Options is to encourage the key personnel to work on a long-term basis to increase shareholder value as well as to commit the key personnel to the Group as their employer.
The total maximum number of Stock Options to be issued is 1,000,000 and they entitle their holders to subscribe for a total maximum number of 1,000,000 new Shares in the Company or treasury Shares held by the Company. The Board of Directors decides whether the Shares issued to the subscribers are new Shares or treasury Shares held by the Company. The Stock Options are issued free of charge. All 1,000,000 Stock Options are marked with the symbol 2023.
The number of Shares subscribed for by exercising the issued Stock Options corresponds to a maximum total of approximately 5.2 per cent of all Shares and votes carried by the Shares in the Company after the potential Share subscriptions if new Shares are issued in the Share subscription. After the Share subscriptions with Stock Options, the number of the Company’s Shares may be increased by a maximum total of 1,000,000 Shares if new Shares are issued in the Share subscription.
The Share subscription price is EUR 0.42, which corresponds to the trade volume weighted average price of the Company’s Share on Nasdaq Helsinki Ltd., rounded to the nearest cent, during the ten (10) trading days following the announcement of the Company’s directed share issue on August 22, 2023. The Share subscription price of the Stock Options may be decreased in certain specific cases described in the terms and conditions of the Stock Options attached to this release. The Share subscription price shall, nevertheless, always amount to at least EUR 0.01.
The Share subscription period for Stock Options will be September 6, 2026 – September 5, 2028.
The theoretical market value of one Stock Option is approximately EUR 0.158, and the theoretical market value of all Stock Options is approximately EUR 158,000 in the aggregate. The theoretical market value of one Stock Option has been calculated using the Black-Scholes stock option pricing model by taking into account the Share subscription price of a Stock Option being EUR 0.42 and with the following additional input factors: Share price EUR 0.40, risk free interest rate 2.98 per cent, time to maturity of Stock Options approximately 5.0 years, and volatility approximately 42.2 per cent.
The terms and conditions of the Stock Options are attached to this release and are available on the Company’s webpage: www.qpr.com/company/investors.
QPR Software Plc
The Board of Directors
QPR Software Plc
Heikki Veijola / Mervi Kerkelä-Hiltunen
Chief Executive Officer / Chief Financial Officer
Tel. +358 40 922 6029 / Tel. +358 40 563 6146
About QPR Software
QPR Software Plc (Nasdaq Helsinki) provides process mining, performance management, and enterprise architecture solutions for digital transformation, strategy execution, and business process improvement in over 50 countries. QPR software allows customers to gain valuable insights for informed decisions that make a difference.
Dare to improve. www.qpr.com
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