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3 Oct 2008 14:27
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3 OctoberΒ 2008
GREEN DRAGON GASΒ LTD.
("Green Dragon" or the "Company")
GRANT OF OPTIONS
On 5 December 2007,Β Green Dragon GasΒ LtdΒ (AIM:Β GDG), the Chinese coal bed methane ("CBM") business, announcedΒ theΒ adoptionΒ of a share option scheme for directors,Β keyΒ management and employees of the CompanyΒ forΒ whichΒ fifty-five key positionsΒ are eligible ("the Share Option Scheme").Β On 28 February 2008,Β the firstΒ eighteenΒ grantsΒ under the Share Option SchemeΒ were madeΒ includingΒ those toΒ directors Randeep GrewalΒ with 4.8 million,Β andΒ Stewart John, David Turnbull and Gong Dabing withΒ 300,000 each. OnΒ 1 OctoberΒ 2008 an additionalΒ fifteenΒ key management were granted options.Β
TheΒ ShareΒ OptionΒ Scheme,Β which includes a maximum of 9.45 million sharesΒ at an exercise price of US$6.50,Β requires a vesting period of five years. The allocated options vestΒ onΒ a progressive schedule,Β annually,Β beginningΒ onΒ 1 January 2009 at 10%, 15%, 20%, 25%, and 30% of the total allocated to each individual at each anniversary throughΒ toΒ 1 January 2013. The individual must be employed by the Company at the anniversary or the options are cancelled.
TheΒ Company'sΒ Chairman and CEO,Β Mr.Β Randeep S. Grewal,Β commented,Β
"The options align the interests of the directors, management and key employees of the CompanyΒ to those of its shareholders. The progressive five year vesting periodΒ will helpΒ retain theΒ expertise and skillΒ necessary for the Company's continued growth."Β
For further informationΒ on the CompanyΒ and its activities, pleaseΒ refer to the website atΒ www.greendragongas.comΒ orΒ contact:Β
Randeep S. Grewal /Β Betty Cheung, Green Dragon Gas,Β +852Β 3710Β 0168
Dr Azhic Basirov /Β David Jones, Nomad & Broker, Smith &Williamson,Β Β +44Β 20Β 7131Β 4000
Tim Redfern, Broker, Evolution Securities,Β +44Β 20 7071 4300
Tim Thompson / Christian Goodbody, Investor Relations, Buchanan,Β +44 20 7466 5000
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