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3 Oct 2008 14:27
3 October 2008
GREEN DRAGON GAS LTD.
("Green Dragon" or the "Company")
GRANT OF OPTIONS
On 5 December 2007, Green Dragon Gas Ltd (AIM: GDG), the Chinese coal bed methane ("CBM") business, announced the adoption of a share option scheme for directors, key management and employees of the Company for which fifty-five key positions are eligible ("the Share Option Scheme"). On 28 February 2008, the first eighteen grants under the Share Option Scheme were made including those to directors Randeep Grewal with 4.8 million, and Stewart John, David Turnbull and Gong Dabing with 300,000 each. On 1 October 2008 an additional fifteen key management were granted options.
The Share Option Scheme, which includes a maximum of 9.45 million shares at an exercise price of US$6.50, requires a vesting period of five years. The allocated options vest on a progressive schedule, annually, beginning on 1 January 2009 at 10%, 15%, 20%, 25%, and 30% of the total allocated to each individual at each anniversary through to 1 January 2013. The individual must be employed by the Company at the anniversary or the options are cancelled.
The Company's Chairman and CEO, Mr. Randeep S. Grewal, commented,
"The options align the interests of the directors, management and key employees of the Company to those of its shareholders. The progressive five year vesting period will help retain the expertise and skill necessary for the Company's continued growth."
For further information on the Company and its activities, please refer to the website at www.greendragongas.com or contact:
Randeep S. Grewal / Betty Cheung, Green Dragon Gas, +852 3710 0168
Dr Azhic Basirov / David Jones, Nomad & Broker, Smith &Williamson, +44 20 7131 4000
Tim Redfern, Broker, Evolution Securities, +44 20 7071 4300
Tim Thompson / Christian Goodbody, Investor Relations, Buchanan, +44 20 7466 5000
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