REMEDY ENTERTAINMENT PLC
FINANCIAL STATEMENT AND BOARD OF DIRECTORS' REPORT 2023
FINANCIAL STATEMENT AND BOARD OF DIRECTORS' REPORT 2023 2
CONTENTS
Report of the Board of Directors | 3 | 10 Financial income and expenses | 30 | Parent company's financial statements | ||||||||||||||||||||||||||||||||||||
Group financial statements | 11 Income taxes | 31 | Parent company's statement of profit and loss | 52 | ||||||||||||||||||||||||||||||||||||
Group's comprehensive income statement | 14 | 12 | Earnings per share | 33 | Parent company's balance sheet | 53 | ||||||||||||||||||||||||||||||||||
Group's balance sheet | 15 | 13 Intangible assets | 34 | Parent company's cash flow statement | 54 | |||||||||||||||||||||||||||||||||||
Group's cash flow statement | 16 | 14 | Tangible assets | 36 | Parent company's statement of changes in equity | 55 | ||||||||||||||||||||||||||||||||||
Group's statement of changes in equity | 17 | 15 | Leases | 37 | Notes to the parent company's financial statements | 56 | ||||||||||||||||||||||||||||||||||
16 | Financial assets | 40 | The Board of Directors' proposal for actions regarding | |||||||||||||||||||||||||||||||||||||
64 | ||||||||||||||||||||||||||||||||||||||||
Notes to the group financial statements | 17 Other receivables | 41 | the company's profit/loss | |||||||||||||||||||||||||||||||||||||
1 Basis of preparation | 18 | 18 | Capital and reserves | 41 | ||||||||||||||||||||||||||||||||||||
Signatures | 65 | |||||||||||||||||||||||||||||||||||||||
2 Revenue | 20 | 19 | Financial liabilities | 43 | ||||||||||||||||||||||||||||||||||||
3 Operating segments | 21 | 20 Fair values of financial assets and | Auditor's Report | 66 | ||||||||||||||||||||||||||||||||||||
4 | Capitalization of development costs | 22 | financial liabilities | 45 | ||||||||||||||||||||||||||||||||||||
5 Materials and services | 22 | 21 | Financial risk management | 46 | ||||||||||||||||||||||||||||||||||||
6 | Other operating income | 22 | 22 Other payables and accruals | 49 | ||||||||||||||||||||||||||||||||||||
7 Personnel expenses | 22 | 23 Provisions, contingencies and commitments | 49 | |||||||||||||||||||||||||||||||||||||
8 | Depreciation, amortisation and impairment losses | 29 | 24 Related party transactions | 49 | ||||||||||||||||||||||||||||||||||||
9 | Other operating expenses | 29 | 25 Events after the end of the financial year | 51 | ||||||||||||||||||||||||||||||||||||
FINANCIAL STATEMENT AND BOARD OF DIRECTORS' REPORT 2023 3
REPORT OF THE BOARD OF DIRECTORS 1.1.-31.12.2023
Remedy Entertainment Plc (hereafter "parent company"), and together with it's subsidiary Remedy Entertainment Group (hereafter "Remedy" or "the group"), is a pioneering, globally renowned video game group founded in 1995 and headquartered in Finland with
a subsidiary Remedy Entertainment Sweden AB in Stockholm, Sweden. Known for its story-driven and visually stunning action games, Remedy has created multiple successful, critically acclaimed franchises such as Control, Alan Wake and Max Payne. Remedy also develops its own Northlight® game engine and tools technology that powers many of its games. The group employs over 350 game industry professionals from 34 different countries.
Relevant events during the fiscal year
Alan Wake 2 was launched in October 2023 selling 1 million units by the end of December 2023. Codename Vanguard was rebooted into codename Kestrel and the project started fresh. The total capitalized development costs for codename Vanguard were recognized as an impairment loss having EUR 7.2 million one-time impact in the result.
In 2023, Remedy's revenue mostly consisted of development fees received from partners as well as royalties recognized from the game sales revenue of Control and Alan Wake Remastered. The revenue also included royalty income from previously released games.
FINANCIAL STATEMENT AND BOARD OF DIRECTORS' REPORT 2023 4
Financial development and key figures
The group's revenue was EUR 33,932 thousand and profit for the fiscal year was EUR -22,657 thousand. Operating profit for the fiscal year was EUR -28,627 thousand, -84.4% of revenue. The group's equity ratio at the end of the fiscal year was 85.5%.
Our full year 2023 revenue and profitability were impacted by significantly increased own investments in own game projects. Out of the five games we had in development during the year, we co-financed four that are based on Remedy-owned brands, whereas Max Payne1&2 remake is fully funded by the IP owner and publishing partner Rockstar.
The sales of Alan Wake 2 have started well despite an extremely competitive launch window and an overall exceptional amount of great game launches throughout the year. Alan Wake 2, as a digital only release, had sold over 1 million units by the end of the fourth quarter in 2023, making it the fastest selling Remedy game. During the financial year 2023, Alan Wake 2 did not yet generate royalties to Remedy as the investments made by its partner did not yet fullfill their recoup.
In November, we announced a reboot to Codename Vanguard, renamed Codename Kestrel. The requirements for a successful new free-to-play game have significantly increased during the past years. Despite the promising progress during the first half of the year, we decided with Tencent that the potential was not there. The project was not fully aligned with our core capabilities and our other game projects. Kestrel returned to a concept phase where the core leadership and select members of the development team focused on the project's new direction. As a result of the concept work, we announced in February 2024 that we had decided to give the project a fresh start and wrote off all capitalized costs for the project, impacting the profitability of the fourth quarter and full year 2023 by EUR -7.2m.
FISCAL YEAR, EUR thousand | 2023 | 2022 | 2021 |
Revenue | 33,932 | 43,588 | 44,726 |
Growth in revenue, % | -22.2% | -2.5% | 8.9% |
EBITDA | -16,951 | 1,905 | 14,450 |
Operating profit/loss | -28,627 | -563 | 11,407 |
Operating profit/loss % | -84.4% | -1.3% | 25.5% |
Result for review period | -22,657 | -1,726 | 8,794 |
Result for review period, % of revenue | -66.8% | -4.0% | 19.7% |
Balance sheet total | 79,260 | 99,552 | 101,126 |
Cash flow from operations | -16,034 | 11,069 | 6,052 |
Net cash | 23,762 | 49,860 | 51,666 |
Cash position | 20,066 | 49,034 | 51,384 |
Net gearing | -35.1% | -56.4% | -59.1% |
Equity ratio | 85.5% | 88.8% | 86.4% |
Capital expenditures | 9,959 | 10,657 | 9,602 |
Earnings per share, € | -1.68 | -0.13 | 0.67 |
Earnings per share, € diluted | -1.66 | -0.13 | 0.65 |
Number of shares at the end of the period | 13,490,151 | 13,448,600 | 13,298,450 |
FINANCIAL STATEMENT AND BOARD OF DIRECTORS' REPORT 2023 5
Remedy's revenue decreased by 22.2% to EUR 33.9 (43.6) million. Development fees were EUR 28.7 (39.1) million and royalties from publishing partners were EUR 5.2 (4.5) million. The main sources of revenue were development fees from Max Payne 1&2 remake, Alan Wake 2 and codenames Kestrel and Vanguard. Revenue from royalties grew from comparison period due to Alan Wake remastered starting to generate royalties in autumn 2023.
Remedy's EBITDA decreased to EUR -17.0 (1.9) million and operating profit (EBIT) to EUR -28.7(-0.6) million, or -84.4%(-1.3%) of the revenue. Remedy's transition to a phase where it invests more in game projects during the development phase to ensure longer term upside potential, has continued still during 2023. Materials and services expenses were 43.3%, personnel expenses 12.5%, and other operating expenses 19.2% higher than in the comparison period.
Remedy's cash flow from business operations amounted to EUR -16.0 (11.1) million. Compared to the comparison period, Remedy received a smaller amount of development fees from partners, especially related to Alan Wake 2. Also, the development fee receivables grew due to the agreement-based payment timings. At the same time, outgoing payments related to outsourcing were significantly higher than in the comparison period.
Royalty revenue cash flow is based on agreed payment terms with partners and can differ significantly during certain periods from accrual-based revenue recognized within a period. Cash flow from business operations is also affected by the timing of significant incoming project development fee payments, which vary according to invoicing milestones.
Remedy's cash flow from investing activities amounted to EUR -9.8(-10.6) million and cash flow from financing activities amounted to EUR -3.1(-2.8) million.
The group's salaries and compensations with employer contributions for the fiscal year were EUR 26,938 thousand and the average number of personnel was 334.
FISCAL YEAR | 2023 | 2022 | 2021 |
Salaries and other | |||
compensations including | |||
employer contributions | 26,938 | 23,949 | 21,152 |
Average number of personnel | 334 | 307 | 280 |
Headcount at the end of the | |||
period | 352 | 334 | 294 |
Long-term business prospects
Remedy has several games in development, each providing long-term development fee revenues. The development fees form a strong, and predictable revenue basis for many years. In addition to development fees, Remedy's revenues consist of game royalties. Royalty streams depend on variables related to game projects, game release schedules and other terms and conditions of each cooperation.
The timing of individual game launches and new game development agreements may cause year to year revenue level variation. With several games out in the market accruing royalties and several new ones in development, this variation is expected to decrease in the coming years.
Risks and uncertainties
The most substantial short-term risks and uncertainties are:
- Remedy's game development efforts may fail if it is unable to develop its games within set mandates, such as release schedule, quality, and budget. Additionally, the games may not generate sufficient sales after their release, even if well received and of high quality, thus generating less than estimated game royalties for Remedy.
- Remedy has entered into long-term publishing agreements with its key partners. If the company failed to satisfy key contract obligations, its partners could terminate their agreements with, or present claims to, the company.
- Remedy purchased back publishing rights for Control, Condor and Control 2 and is this way taking more own risk in game development. This means that there is currently no partner to share the financing of the game development for Condor and Control 2 and this increases financing needs for Remedy. There is risk that Remedy does not find financing solutions or that terms of these solutions are heavy. Financial effects of financing solutions might pose higher financing expenses due to current overall higher interest rate environment.
- Remedy's success depends significantly on its ability to hire, train, and retain skilled personnel. If the company fails in these areas, it will be unable to effectively conduct its business.
- Remedy's business is subject to economic, market, and geopolitical conditions, which are beyond its control. If the company is unable to shift its increased costs to its partners or if these are not reflected in the retail prices of its games, this could have a negative impact on the company's profitability.
The above-mentioned risks might, if they materialize, have a significant negative impact on the Remedy's business operations, result, financial position, outlook and share price.
FINANCIAL STATEMENT AND BOARD OF DIRECTORS' REPORT 2023 6
Events after the end of the reporting period
A contract amendment was signed with Tencent for codename Kestrel in February 2024. In March 2024, Remedy announced acquiring full rights to the Control franchise from 505 Games. Upon the transaction all publishing, distribution, marketing and other rights to Control, codename Condor, Control 2 and all future Control products revert to Remedy.
A total of EUR 4,780 thousand was capitalized during the fiscal year January 1-December 31, 2023, which is included in the comprehensive income statement lines materials and service and personnel expenses, and as development costs on the balance sheet. The effect of the capitalization to materials and services and personnel costs
is presented in note 4 in the financial statement. In the cash flow statement, the capitalized development costs are presented in cash flow from investing activities.
Share distribution by sector on December 31, 2023
2.53% | |||
0.02% | 0.19% | ||
8.58% | |||
4.16% | |||
17% | Financial and insurance institutions | ||
Households | |||
Statement on the scope of research and development activities
Significant part of the company's activities is research and development. The company has capitalized product development expenses for new projects that are based on the company's own game brands. In 2023, the capitalized expenses were related to projects Codename Condor and Control 2. Capitalized development expenses of Codename Vanguard were recognized as an impairment loss for 2023, for the total value of the capitalized balance.
Company shares
Remedy Entertainment Plc does not own its own shares at the end of the fiscal year on December 31, 2023. The number of shares in the company was 13,490,151 on December 31, 2023. All shares are of the same series. The shares were included in the book-entry system as of May 5, 2017 (ISIN: FI4000251897). Increase in the number of shares was caused by new shares subscribed with the company's stock options from option plans 2018, 2019 and 2020.
Non-financial institutions
Non-profit organizations
Public sector organizations
Foreigners
84.52%
Distribution of shares on December 31, 2023
0.16% | |
0.23% | 0.08% |
1.53% | 0.05% |
2.46% | 0.02% |
1-100 | ||
1817%.68% | ||
101-500 | ||
501-1,000 | ||
1,001-5,000 | ||
5,001-10,000 | ||
10,001-50,000 | ||
50,001-100,000 |
76.78% | 100,001-500,000 | |
500,001-0 |
FINANCIAL STATEMENT AND BOARD OF DIRECTORS' REPORT 2023 7
Major shareholders on December 31, 2023
NAME | SHARES | PERCENTAGE |
Mäki Markus | 3,197,000 | 23.7 |
Järvi Sami Antero | 560,000 | 4.2 |
Virtala Tero Tapani | 300,000 | 2.2 |
Lehtinen Saku Hermanni | 227,000 | 1.7 |
Evli Finnish Small Cap Fund | 184,000 | 1.4 |
Varma Mutual Pension Insurance Company | 150,000 | 1.1 |
Sijoitusrahasto Aktia Capital | 129,807 | 1.0 |
Erikoissijoitusrahasto Aktia Mikro Markka | 114,368 | 0.9 |
Proprius partners micro finland (non-ucits) | 106,380 | 0.8 |
Paloheimo Johannes Alfred Gustaf | 103,000 | 0.8 |
10 largest shareholders total | 5,071,555 | 37.6 |
Accendo Capital SICAV RAIF (nominee registered) | 2,063,162 | 15.3 |
Other nominee registered | 2,386,381 | 17.7 |
Other shares | 3,969,053 | 29.4 |
Total | 13,490,151 | 100.0% |
The most major shareholder of Remedy Entertainment Plc is the Chairman of the Board, Markus Mäki, with the ownership of 23.7% on December 31, 2023 (December 31, 2022: 28.8%). They are considered to have significant influence over the group, based on the share ownership exceeding 20% and their active role in the group.
Management shares on December 31, 2023
NAME | SHARES | PERCENTAGE |
Mäki Markus | 3,197,000 | 23.7 |
Järvi Sami | 560,000 | 4.2 |
Virtala Tero | 300,000 | 2.2 |
Paloheimo Johannes | 103,000 | 0.8 |
Österlund Henri | 46,139 | 0.3 |
Kauppi Terhi | 8,000 | 0.1 |
Salakka Kaisa | 1,900 | 0.0 |
Ängeslevä Sonja | 1,482 | 0.0 |
Laakkonen Jussi | - | - |
Schmitz Christopher | - | - |
Vehkala Mika | - | - |
Total | 4,217,521 | 31.2 |
FINANCIAL STATEMENT AND BOARD OF DIRECTORS' REPORT 2023 8
Valid issuance authorizations
With its resolution on April 13, 2023, the Annual General Meeting authorized the Board of Directors to resolve the issuance of shares for a fee or without a fee or issuances of option rights or special rights so that the number of shares to be issued can be at maximum 700,000, and shares can be issued in deviation from the shareholders' pre-emptive rights.
The authorization to decide on share issues or issuance of option rights or other special rights is valid until the close of the company's following Annual General Meeting, but no longer than 18 months from the date of the Annual General Meeting and it replaces the previous authorizations.
Authorization for the directed repurchase of own shares
On April 13, 2023, the Annual General Meeting authorized the Board of Directors to resolve on the directed repurchase of the company's own shares. Under the authorization, a maximum of 700,000 shares can be repurchased with funds of the unrestricted equity, in one or several installment. The authorization for the directed repurchase of own shares is valid until the closing of the next Annual General Meeting, however, no longer than 18 months from the date of the Annual General Meeting, and it replaces the previous authorizations.
Valid option rights
The option plans are part of the Board of Directors' long-term share- based incentive program to the Remedy's key persons. Option rights will be granted without payment. The Board of Directors decides on the distribution of option rights until the beginning of the share subscription period. At the end of reporting period 1,264,849 option
rights were outstanding (1,125,550 in 2022) representing 9.4 (8.4 in 2022) percentage of total amount of shares.
The 2018 plan
The Board of Directors of Remedy Entertainment Plc has, by virtue of the authorization granted by the Annual General Meeting held on March 26, 2018, decided at its meeting held on June 8, 2018 to adopt an option plan "Option Plan 2018" directed to the key persons as decided separately by the Board of Directors.
Originally, the maximum total number of option rights issued was 400,000, entitling their holders to subscribe for a maximum of 400,000 new shares of the company or existing shares held by the company. In May 2021, Remedy Entertainment Plc cancelled a total of 97,500 option rights 2018 held by the company. After the cancellation, the remaining 302,500 option rights 2018 entitle holders to subscribe for 302,500 company shares. Under the terms and conditions of the plan, option rights will be granted without payment and the Board of Directors decides on the distribution of option rights until the beginning of the share subscription period. The share subscription period began on June 1, 2021 and ends on May 31, 2024. The share subscription price is 7.02 euros, which is the trade volume-weighted average price of the company's share on First North Growth Market Finland marketplace during March
1 - May 31, 2018 with an addition of 10%.
On May 27, 2021, Remedy Entertainment Plc announced that the company will apply to list its 2018 option rights on the Nasdaq Helsinki Ltd First North Growth marketplace. The option rights have been listed on said marketplace as of June 1, 2021.
On September 30, 2021, Remedy Entertainment Plc announced share subscriptions based on stock options 2018. Between June 1
and September 15, 2021, a total of 226,300 Remedy Entertainment Plc's new shares were subscribed for with the company's stock options 2018. For subscriptions made with the stock options 2018, the entire subscription price of EUR 1,588,626 was entered into the company's reserve for invested unrestricted equity. The shares subscribed for under the stock options 2018 were registered in the Finnish Trade Register on September 30, 2021, as of which date the new shares will establish shareholder rights.
On January 27, 2022, Remedy Entertainment Plc announced share subscriptions based on stock options 2018. Between September
16 and December 31, 2021, a total of 4,250 Remedy Entertainment Plc's shares were subscribed for with the company's stock options 2018. For subscriptions made with the stock options 2018, the entire subscription price of EUR 29,835 was entered into the company's reserve for invested unrestricted equity. The shares subscribed with these stock options were registered in the Finnish Trade Register on January 27, 2022, as of which date the new shares will establish shareholder rights.
On September 29, 2022, Remedy Entertainment Plc announced share subscriptions based on stock options 2018. Between June 1 and September 15, 2022, a total of 11,200 Remedy Entertainment Plc's new shares were subscribed for with the company's stock options 2018. For subscriptions made with the stock options 2018, the entire subscription price of EUR 78,624 was entered into the company's reserve for invested unrestricted equity. The shares subscribed with these stock options were registered in the Finnish Trade Register on September 29, 2022, as of which date the new shares will establish shareholder rights.
On January 30, 2023, Remedy Entertainment Plc announced share subscriptions based on stock options 2018. Between September
16 and December 31, 2023, a total of 2,500 Remedy Entertainment
FINANCIAL STATEMENT AND BOARD OF DIRECTORS' REPORT 2023 9
Plc's new shares has been subscribed for with the company's stock options 2018. For subscriptions made with the stock options 2018, the entire subscription price of EUR 17,550 will be entered in the reserve for invested unrestricted equity. The shares subscribed for under the stock options 2018 have been registered in the Finnish Trade Register on January 30, 2023, as of which date the new shares will establish shareholder rights.
On September 28, 2023, Remedy Entertainment Plc announced share subscriptions based on stock options 2018. Between June 1 and September 15, 2023, a total of 3,250 Remedy Entertainment Plc's new shares has been subscribed for with the company's stock options 2018. For subscriptions made with the stock options 2018, the entire subscription price of EUR 22,815 will be entered in the reserve for invested unrestricted equity. The shares subscribed for under the stock options 2018 have been registered in the Finnish Trade Register on September 28, 2023, as of which date the new shares will establish shareholder rights.
Option plan 2018 has 55,000 allocated unsubscribed option rights at the end of the period under review.
The 2019 plan
The Board of Directors of Remedy Entertainment Plc has, by virtue of the authorization granted by the Annual General Meeting held on April 8, 2019, decided at its meeting held on July 11, 2019 to adopt an option plan "Option Plan 2019" directed to the key persons as decided separately by the Board of Directors.
Originally, the maximum total number of option rights issued was 400,000, entitling their holders to subscribe for a maximum of 400,000 new shares of the company or existing shares held by
the company. In May 2022, Remedy Entertainment Plc cancelled a total of 29,000 option rights 2019 held by the company. After the cancellation, the remaining 371,000 option rights 2019 entitle holders to subscribe for 371,000 company shares. Under the terms and conditions of the plan, option rights will be granted without payment and the Board of Directors decides on the distribution of option rights until the beginning of the share subscription period. The share subscription period began on June 1, 2022 and ends on May 31, 2025. The share subscription price is 9.23 euros, which is the trade volume- weighted average price of the company's share on First North Growth Market Finland marketplace during April 1 - June 30, 2019 with an addition of 10%.
On May 31, 2022, Remedy Entertainment Plc announced that the company will apply to list its 2019 option rights on the Nasdaq Helsinki Ltd First North Growth marketplace. The option rights have been listed on said marketplace as of June 1, 2022.
On September 29, 2022, Remedy Entertainment Plc announced share subscriptions based on stock options 2019. Between June 1 and September 15, 2022, a total of 134,700 Remedy Entertainment Plc's new shares has been subscribed for with the company's stock options 2019. For subscriptions made with the stock options 2019, the entire subscription price of EUR 1,243,281 will be entered in the reserve for invested unrestricted equity. The shares subscribed for under the stock options 2019 have been registered in the Finnish Trade Register on September 29, 2022, as of which date the new shares will establish shareholder rights.
On January 30, 2023, Remedy Entertainment Plc announced share subscriptions based on stock options 2019. Between September 16, 2022 and December 31, 2023, a total of 18,000 Remedy Entertainment Plc's new shares has been subscribed for with the
company's stock options 2019. For subscriptions made with the stock options 2019, the entire subscription price of EUR 166,140 will be entered in the reserve for invested unrestricted equity. The shares subscribed for under the stock options 2019 have been registered in the Finnish Trade Register on January 30, 2023, as of which date the new shares will establish shareholder rights.
On April 12, 2023, Remedy Entertainment Plc announced share subscriptions based on stock options 2019. Between January 1 and March 31, 2023, a total of 1,000 Remedy Entertainment Plc's new shares has been subscribed for with the company's stock options 2019. For subscriptions made with the stock options 2019, the entire subscription price of EUR 9,230 will be entered in the reserve for invested unrestricted equity. The shares subscribed for under the stock options 2019 have been registered in the Finnish Trade Register on April 12, 2023, as of which date the new shares will establish shareholder rights.
On June 30, 2023, Remedy Entertainment Plc announced share subscriptions based on stock options 2019. Between April 1 and May 31, 2023, a total of 7,800 Remedy Entertainment Plc's new shares has been subscribed for with the company's stock options 2019. For subscriptions made with the stock options 2019, the entire subscription price of EUR 71,994 will be entered in the reserve for invested unrestricted equity. The shares subscribed for under the stock options 2019 have been registered in the Finnish Trade Register on June 30, 2023, as of which date the new shares will establish shareholder rights.
On September 28, 2023, Remedy Entertainment Plc announced share subscriptions based on stock options 2019. Between June 1 and September 15, 2023, a total of 2,001 Remedy Entertainment Plc's new shares has been subscribed for with the company's stock options
FINANCIAL STATEMENT AND BOARD OF DIRECTORS' REPORT 2023 10
2019. For subscriptions made with the stock options 2019, the entire subscription price of EUR 18,469.23 will be entered in the reserve for invested unrestricted equity. The shares subscribed for under the stock options 2019 have been registered in the Finnish Trade Register on September 28, 2023, as of which date the new shares will establish shareholder rights.
Option plan 2019 has 207,499 allocated unsubscribed option rights at the end of the period under review.
The 2020 plan
The Board of Directors of Remedy Entertainment Plc has, by virtue of the authorization granted by the Annual General Meeting held on April 6, 2020, decided at its meeting held on July 2, 2020 to adopt an option plan "Option Plan 2020" directed to the key persons as decided separately by the Board of Directors.
Originally, the maximum total number of option rights issued was 400,000, entitling their holders to subscribe for a maximum of 400,000 new shares of the company or existing shares held by the company. In May 2023, Remedy Entertainment Plc cancelled a total of 200,500 option rights 2020 held by the company. After the cancellation, the remaining 199,500 option rights 2020 entitle holders to subscribe for 199,500 company shares. Under the terms and conditions of the plan, option rights will be granted without payment and the Board of Directors may decide on the distribution of option rights until the beginning of the share subscription period. The share subscription period began on June 1, 2023, and ends on May 31, 2026. The share subscription price is 22.21 euros, which is the trade volume weighted average price of the company's share on the Nasdaq Helsinki Ltd maintained Nasdaq First North Growth Market Finland marketplace during April 1 - June 30, 2020, with an addition of 10%.
On September 28, 2023, Remedy Entertainment Plc announced share subscriptions based on stock options 2020. Between June
1 and September 15, 2023, a total of 7,000 Remedy Entertainment Plc's new shares has been subscribed for with the company's stock options 2020. For subscriptions made with the stock options 2020, the entire subscription price of EUR 155,470 will be entered in the reserve for invested unrestricted equity. The shares subscribed for under the stock options 2020 have been registered in the Finnish Trade Register on September 28, 2023, as of which date the new shares will establish shareholder rights.
Option plan 2020 has 172,500 allocated unsubscribed option rights at the end of the period under review.
The 2021 plan
The Board of Directors of Remedy Entertainment Plc has, by virtue of the authorization granted by the Annual General Meeting held on April 14, 2021, decided at its meeting held on September 20, 2021 to adopt an option plan "Option Plan 2021" directed to the key persons as decided separately by the Board of Directors.
The maximum total number of option rights issued is 350,000, entitling their holders to subscribe for a maximum of 350,000 new shares of the company or existing shares held by the company. Option rights will be granted without payment. The Board of Directors decides on the distribution of option rights until the beginning of the share subscription period. The share subscription period begins on June 1, 2024 and ends on May 31, 2027. The share subscription price is 47.09 euros, which is the trade volume-weighted average price of the company's share on First North Finland marketplace during June 1 - August 31, 2021 with an addition of 10%.
The Board of Directors has allocated 287,500 option rights until the end of the period under review, and 62,500 option rights remain for the company to allocate later to key persons decided by the Board of Directors.
The 2022 plan
The Board of Directors of Remedy Entertainment Plc has, by virtue of the authorization granted by the Annual General Meeting held on April 13, 2022, decided at its meeting held on September 20, 2022 to adopt an option plan "Option Plan 2022" directed to the key persons as decided separately by the Board of Directors.
The maximum total number of option rights issued is 350,000, entitling their holders to subscribe for a maximum of 350,000 new shares of the company or existing shares held by the company. Option rights will be granted without payment. The Board of Directors decides on the distribution of option rights until the beginning of the share subscription period. The share subscription period begins on June 1, 2025 and ends on May 31, 2028. The share subscription price is 26.64 euros, which is the trade volume-weighted average price of the company's share on the official list Nasdaq Helsinki Ltd during June 1 - August 31, 2022 with an addition of 10%.
The Board of Directors has allocated 318,000 option rights until the end of the period under review, and 32,000 option rights remain for the company to allocate later to key persons decided by the Board of Directors.
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Remedy Entertainment Oyj published this content on 20 March 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 21 March 2024 10:21:22 UTC.