GiG grants 1.5 million share options to key staff

Gaming Innovation Group (GiG) has granted key employees options totalling 1.5 million to purchase shares in the B2B-focused igaming firm. The company, which is dual listed on the Oslo Stock Exchange and the Nasdaq Stockholm, has set the exercise price at NOK15 (£1.27) per share. GiG’s shares are trading at NOK13.12 at the time of writing and are up 60% in the past 12 months. Options are exercisable with 20% after January 2022, 30% after 1 January 2023 and 50% after 1 January 2024. All options expire at the end of 2026 and are conditional upon employment at time of exercise. GiG CEO Richard Brown has been granted 30,000 options to buy shares in the eight-year-old company. He and his close associates hold 121,000 shares and 80,000 options to purchase more. Meanwhile, chief commercial officer Ben Clemes, chief information officer Chris Armes and group financial chief Tore Formo were each granted options totalling 30,000. Following the grant, Clemes currently holds 1.9m shares in the business while Formo has just over 458,000, with both having the chance to purchase 30,000 more. Options totalling 30,000 has also been offered to chief financial officer Justin Psaila, general counsel Claudio Caruana, director of people Claudia Ginex and MD of media Jonas Warrer. After the grant, Warrer and close associates own more than 380,000 shares in GiG and the option to acquire an additional 30,000. The Malta-headquartered supplier has 100 million authorised shares, with 90,075,626 issued and outstanding. Following the grant, options totalling 2,021,000 are outstanding. GiG revealed in November that Q3 revenue rose 78% year-on-year as the firm restructured the business, including ending white-label agreements and relinquishing its Swedish and UK operator licences.