CURRENT REPORT 40/2020

Information on the conclusion of the Share Purchase Agreement under the incentive scheme adopted by Resolution No. 26 of the Ordinary General Meeting of the Company of 20 May 2020 for the new President of the Management Board Mr. Maciej Zużałek

Legal basis: Article 17 MAR

Content of the report:

In order to ensure a transparent and effective information policy, the Management Board of Ten Square Games S.A. (the „Company”) informs that on June 16, 2020 an Agreement on the sale of shares as part of the incentive program adopted by resolution no. 26 of the Ordinary General Meeting of the Company dated May 20, 2020 for a new President of the Management Board Mr. Maciej Zużałek (the „Agreement”) was concluded. Under the Agreement, the Company’s shareholders, including Maciej Popowicz and Arkadiusz Pernal, sell a total of 144 825 shares to Mr Maciej Zużałek at a nominal price of 0.10 PLN, of which: 

  1. a) Mr Maciej Popowicz sells 81,764 shares, which constitute 1.13% of the Company’s share capital and the total number of votes in the Company;
  2. b) Mr. Arkadiusz Pernal sells 39,126 shares which constitute 0.54% of shares in the Company’s share capital and in the total number of votes in the Company.

After the settlement of the sale transaction made under the Agreement, Maciej Popowicz will hold 2,119,024 shares in the Company, which constitute 29.26% of the Company’s share capital and the total number of votes in the Company, and Arkadiusz Pernal will hold 1,014,012 shares in the Company, which constitute 14.00% of the Company’s share capital and the total number of votes in the Company.

The value of the transaction according to the market value of the Company’s shares at the moment of granting the financial instruments is equal to: PLN 72 412 500.

In accordance with “IFRS 2 Share-based Payment”, each transfer of an entity’s equity instruments by its shareholders to counterparties that provide goods or services is a share-based payment and is measured in accordance with the Standard. 

As a result of the transaction, in accordance with „IFRS 2 Share-based Payment”, according to the Management Board’s assessment based on the best knowledge as of the date of this Report, the Company will report in the financial statement for the second quarter of 2020 a one-off cost of PLN 72,398,017.50.

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