27th May 2010 09:59
27 May 2010
ASIAN CITRUS HOLDINGS LIMITED
GRANT OF OPTIONS
This announcement is made pursuant to Rule 17.06A of the Rules Governing the Listing Securities on The Stock Exchange of Hong Kong Limited ("Listing Rules").
The board (the "Board") of directors (the "Directors") of Asian Citrus Holdings Limited (the "Company") announces that on 27 May 2010 ("Date of Grant"), share options (the "Options") to subscribe for an aggregate of 30,000,000 ordinary shares of HK$0.01 each (the "Shares") in the share capital of the Company were granted to certain individuals (the "Offerees") under the share option scheme adopted pursuant to an ordinary resolution passed at the shareholders on 2 November 2009 (the "Post Share Option Scheme"). Details of the Options are set out below:
Date of grant of the Options : 27 May 2010
Exercise price of the Options : HK$5.68 per Share
(being the highest of (i) the closing price of HK$5.68 per Share as quoted in the Stock Exchange's daily quotation sheet on the Date of Grant; (ii) the average closing price of HK$5.50 per Share as quoted in the Stock Exchange's daily quotation sheets for the five business days immediately preceding the Date of Grant; and (iii) the nominal value of HK$0.01 per Share)
Number of Shares subject to the
Options : 30,000,000 Shares
Option Period : the options shall be exercisable only from the first anniversary of the Date of Grant until 26 May 2018, with the maximum number of Shares entitled to be subscribed by each Offeree as follows:
(a) up to 30% of the total number of Shares subject to the Option from 27 May 2011 to 26 May 2018;
(b) additional 30% of the total number of Shares subject to the Option from 27 May 2012 to 26 May 2018;
(c) the remaining 40% of the total number of Shares subject to the Option from 27 May 2013 to 26 May 2018.
There is no consideration to be paid for the granting of the options. Among the Options offered to the Offerees, Options in relation to 10,750,000 Shares were granted to the Directors, details of which are set out below:
Name of Offeree |
|
Position held with the Company |
|
Number of Shares subject to Options |
|
Mr. Tong Wang Chow |
|
Executive Director |
|
850,000 |
|
Mr. Tong Hung Wai, Tommy |
|
Executive Director |
|
750,000 |
|
Mr. Cheung Wai Sun |
|
Executive Director |
|
750,000 |
|
Mr. Pang Yi |
|
Executive Director |
|
3,400,000 |
|
Mr. Sung Chi Keung |
|
Executive Director |
|
2,000,000 |
|
Mr. Ip Chi Ming |
|
Non-executive Director |
|
500,000 |
|
Hon Peregrine Moncreiffe |
|
Non-executive Director |
|
500,000 |
|
Mr. Ma Chiu Cheung, Andrew |
|
Independent non-executive Director |
|
500,000 |
|
Mr. Nicholas Smith |
|
Independent non-executive Director |
|
500,000 |
|
Mr. Yang Zhenhan |
|
Independent non-executive Director |
|
500,000 |
|
Dr. Lui Ming Wah, SBS JP |
|
Independent non-executive Director |
|
500,000 |
In accordance with Rule 17.04(1) of the Listing Rules, the grant of Options to each of the above Directors had been approved by the independent non-executive Directors. Save as disclosed above, none of the Offerees is a director, chief executive or substantial shareholder of the Company or any of their respective associates (as defined under the Listing Rules).
|
|
BY ORDER OF THE BOARD Asian Citrus Holdings Limited Tong Wang Chow Executive Director |
Hong Kong, 27 May 2010
As at the date of this announcement, the board of directors of the Company comprises five executive directors, namely Mr. Tong Wang Chow, Mr. Tong Hung Wai, Tommy, Mr. Cheung Wai Sun, Mr. Pang Yi and Mr. Sung Chi Keung; two non-executive directors, namely Mr. Ip Chi Ming and Hon Peregrine Moncreiffe and four independent non-executive directors, namely Mr. Ma Chiu Cheung, Andrew, Mr. Nicholas Smith, Mr. Yang Zhenhan and Dr. Lui Ming Wah, SBS JP.
*For identification purposes only
Related Shares:
ACHL.L