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10 Apr 2012 12:53
10 April 2012
Asian Plantations Limited
("APL" or the "Company")
Grant of Options
Asian Plantations Limited (LSE: PALM), a palm oil plantation company with operations in Malaysia, announces that, further to the approval of the Company's Share Option Scheme by shareholders on 22 February 2011, it has granted options over, in aggregate, 3,747,000 ordinary shares of no par value in the share capital of the Company ("Ordinary Shares") to certain directors, employees and consultants (the "Grant"). A summary of Share Option Scheme is included in the circular sent to shareholders on 27 January 2011 and is available on the Company's website.
Details of the grant of options are as follows:
Name | Position | Date of grant
| Number of options granted
| Exercise price per share | Total number of options |
|
Tan Sri Linggi | Chairman | 9/5/2011 | 500,000* | SGD$1.55 | 500,000 |
|
Tan Sri Moggie | Non-Executive Director | 9/5/2011 | 150,000* | SGD$1.55 | 150,000 |
|
Dennis Melka | Executive Director | 9/5/2011 | 1,100,000* | SGD$1.55 | 1,500,000 |
|
12/5/2011 | 400,000** | SGD$5.07 |
| |||
Graeme Brown | Executive Director | 9/5/2011 | 1,100,000* | SGD$1.55 | 1,500,000 |
|
12/5/2011 | 400,000** | SGD$5.07 |
| |||
Other staff and consultants | 9/5/2011 | 97,000 | SGD$1.55 | |||
* | a first tranche of 25% shall vest when: |
(a) the average market price of the Ordinary Shares is not less than 205 pence for 30 consecutive market days; and | |
(b) the CPO Crushing Mill License has been issued to the Company by the Malaysian Palm Oil Board, or similar regulatory authority, in the course of 2011. | |
a second tranche of 25% shall be granted when: | |
(c) the average market price of the Ordinary Shares is not less than 205 pence for 30 consecutive market days; and | |
(d) the BJ Plantation is fully planted by 31 March 2012; | |
a third tranche of 25% shall be granted when, in 2012, the average market price of the Ordinary Shares is not less than 225 pence for 30 consecutive market days; and | |
a fourth tranche of 25% shall be granted when the average market price of the Ordinary Shares is not less than 300 pence for 30 consecutive market days. | |
Irrespective of the above, there is a selling restriction on the above shares until 31 March 2012. | |
** | Options vest on 1 June 2012 and are valid for five years. |
Following the Grant, there are now options outstanding over, in aggregate, 3,747,000 Ordinary Shares representing approximately 8.11 per cent. of the Company's existing issued share capital.
For further information contact:
Asian Plantations Limited Graeme Brown, Joint Chief Executive Officer Dennis Melka, Joint Chief Executive Officer
|
Tel: +65 6325 0970
|
Strand Hanson Limited James Harris Paul Cocker Liam Buswell
|
Tel: +44 (0) 20 7409 3494 |
Panmure Gordon (UK) Limited Tom Nicholson Callum Stewart
|
Tel: +65 8614 7553 Tel: +44 (0) 20 7459 3600 |
Macquarie Capital (Europe) Limited Steve Baldwin Dan Iacopetti
|
Tel: +44 (0) 20 3037 2000
|
Bankside Consultants Simon Rothschild |
Tel: +44 (0) 20 7367 8871 |
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