Grant of Options (9590B)
February 28 2011 - 5:00AM
UK Regulatory
TIDMACHL
RNS Number : 9590B
Asian Citrus Holdings Ltd
28 February 2011
28 February 2011
ASIAN CITRUS HOLDINGS LIMITED
GRANT OF OPTIONS
This announcement is made pursuant to Rule 17.06A of the Rules
(the "Listing Rules") Governing the Listing of Securities on The
Stock Exchange of Hong Kong Limited (the "Stock Exchange").
The board (the "Board") of directors (the "Directors") of Asian
Citrus Holdings Limited (the "Company") announces that on 28
February 2011 ("Date of Grant"), share options (the "Options") to
subscribe for an aggregate of 20,000,000 new 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 by the Company on 2 November 2009.
Details of the Options are set out below:
Date of grant of the Options : 28 February 2011
Exercise price of the Options : HK$9.00per Share
(being the highest of (i) the closing price of HK$9.00 per Share
as quoted in the Stock Exchange's daily quotation sheet on the Date
of Grant; (ii) the average closing price of HK$8.84 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 : 20,000,000 Shares
Option Period : the Options shall be exercisable only from the
first anniversary of the Date of Grant until 27 February 2019, with
the maximum number of Shares entitled to be subscribed by each
Offeree as follows:
(a) up to 20% of the total number of Shares subject to the
Options from 28 February 2012 to 27 February 2019;
(b) additional 20% of the total number of Shares subject to the
Options from 28 February 2013 to 27 February 2019;
(c) additional 20% of the total number of Shares subject to the
Options from 28 February 2014 to 27 February 2019;
(d) additional 20% of the total number of Shares subject to the
Options from 28 February 2015 to 27 February 2019; and
(e) the remaining 20% of the total number of Shares subject to
the Options from 28 February 2016 to 27 February 2019.
There is no consideration to be paid for the granting of the
Options. 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, 28 February 2011
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.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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