After reporting stellar First Half 2014 results and seeing its share price hit a post-IPO high, the board of PSP company SafeCharge (LON:SCH) has grated 6 million options to senior employees and directors. About half of the overall grant, or options to buy 2,995,185 shares, was given to SafeCharge CEO David Avgi.
CFO Tim Mickley received 250,000 options.
All the options were granted ‘at the money’, with the strike price of 225.5 pence being roughly the company’s current share price – up 38% from SafeCharge’s £1.62 per share IPO price. The options have a 10 year expiry (2024), and vest in chunks between 2015 and 2017.
So what are these options really worth?
Depending on which options calculator one wants to believe, and the inputs used, each individual option in the package is worth somewhere around £0.60-0.70, or roughly $1 per option granted – meaning the grant to Avgi has a current value of about $3 million, to Mickley $250,000, and the total package is worth between $5-6 million.
SafeCharge is controlled by Israeli online gaming mogul Teddy Sagi, whose holdings also include Retail Forex broker Markets.com and regulated Binary Options broker TopOption.
To see the formal announcement of the options grant click here.