Better Collective establishes new MIP tranche for management and key employees of Action NetworkSource: OMX
Regulatory Release no. 10/2022
March 1, 2022
The board of directors (the “Board”) of Better Collective A/S has decided extraordinarily to implement a new tranche (the “Extraordinary Tranche”) of the Action Network management incentive plan ( the “MIP”).
The Extraordinary Tranche has been designed as a supplement to the existing Action Network MIP program to provide an additional incentive to meet the 2022 MIP budgets, due to unexpected delays in regulatory approvals necessary for Action Network’s go-to-market in certain states, which are considered outside of Action Network’s control. The Extraordinary Tranche will in total concern a grant of 41,042 performance share units and 17,441 share options to 19 employees in total.
The value of the Extraordinary Tranche is 0.8 mUSD (Black-Scholes value) measured at 100% achievement of the revenue forecast. The cost of the Extraordinary Tranche (Black-Scholes value) will be expensed under Special Items during the vesting period.
Reference is made to regulatory release 34/2021. The Action Network MIP was designed by the Remuneration Committee and approved by the Board in Better Collective A/S with the focus to appropriately retain, motivate and reward the management and selected key employees in Action Network. The MIP replaced prior incentive programs that lapsed in connection with the recent acquisition of Action Network. The key performance drivers of the program are revenue and operational earnings (EBITDA) referenced by the financial forecasts for Action Network that were presented as part of the acquisition and to further align interests between participants in Action Network with those of Better Collective A/S’ shareholders.
The Extraordinary Tranche will have no dilutive effect on Better Collective A/S' shareholders.
The details of the plan are disclosed according to the rules of Nasdaq Stockholm, and can be found in the attached Appendix 1.
Investor Relations: Christina Bastius Thomsen +45 2363 8844
This information is such information as Better Collective A/S is obliged to make public pursuant to the EU Market Abuse Regulation.The information was submitted for publication, through the agency of the contact person set out above on March 1, 2022 at 6.00 p.m. CET.
About Better Collective
Better Collective is a global sports betting media group providing platforms that empower and enhance the betting experience for sports fans and iGamers. Aiming to make betting and gambling more entertaining, transparent and fair, Better Collective offers a range of editorial content, bookmaker information, data insights, betting tips, iGaming communities and educational tools. Its portfolio of websites include bettingexpert.com, VegasInsider.com, HLTV.org and Action Network. Better Collective is headquartered in Copenhagen, Denmark, and listed on Nasdaq Stockholm (BETCO). More information at bettercollective.com
- BC regulatory release no. xx Action MIP 2022.03.01
- Appendix to BC regulatory release 10_2022 Action MIP