ISP GLOBAL (08487) issued an announcement. According to the award announcement, the reward shares shall be awarded on the date of grant...
According to the Zhitong Finance App, ISP GLOBAL (08487) issued an announcement. According to the award announcement, the reward shares should belong to the grantor on the date of grant, and the actual transfer of the reward shares from the trustee to the grantor has already been completed. The Board of Directors is pleased to announce that the administrative procedures relating to the transfer of award shares from the trustee to the various grantees have been completed.
According to the rules of the share award scheme, the share award scheme shall end on (i) the end date of the ten-year period from the date of adoption of the share award scheme (i.e. February 17, 2031); and (ii) an early end date determined by the board of directors (whichever is earlier), provided that the termination shall not affect any surviving right of any selected participant to receive any award shares granted under the share award scheme.
After completing the transfer of reward shares to the grantor, in order to reduce the company's administrative costs, the board of directors has decided to end the share award program with effect from May 16, 2024.
After the end of the share award scheme, the trustee shall sell all remaining shares in the trust within a reasonable period agreed by the trustee and transfer to the company all cash and the net proceeds of the sale and other funds remaining in the trust (after making appropriate deductions for all sales costs, expenses and other existing and future liabilities in accordance with the trust deeds). For the avoidance of doubt, the trustee shall not transfer any shares to the company, nor shall the company hold any shares in any other way. The company will arrange with the trustee for the transfer of funds in the trust after the end of the share award program.
The Board believes that ending the share award program will not have any significant adverse impact on the company and is in the overall best interests of the company and its shareholders.