Grant of Options

RNS Number : 0334B
Asian Plantations Limited
10 April 2012
 



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

 

 

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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