3mil shares for employees and directors PETALING JAYA: Eastern Oriental Bhd (E has awarded over three million shares at yesterday closing market price of RM2.
92 to eligible employees and executive directors of E and its subsidiaries. The shares were awarded yesterday, following its long term stock incentive plan (LTIP) approved by E stockholders on Sept 27, 2012. The property group said in a Bursa Malaysia filing that the vesting date for the stock units were on July 31, 2017. The LTIP comprises ray bans sunglasses 680,000 performance based restricted stock units and 2.36 million under the restricted stock unit ray ban sunglasses styles incentive plan for eligible employees and executive directors of E and its subsidiaries. The LTIP stock units may be settled by an issuance of new stock units, acquisition of stock units from the market, payment by cash or a combination of these. The vesting of the stock units granted under the performance based award is contingent upon the satisfaction and fulfilment of the vesting conditions at the end of the vesting period. Recently, E managing director Datuk Terry Tham (pic) acquired a 9.9% stake in E from major shareholder Sime Darby Bhd. Sime Darby would sell 110 million ray ban mirror E shares to Morning Crest Sdn Bhd, which is substantially owned by Tham, for RM319mil or RM2.90 each.
Post acquisition, Tham will raise his stake in E to 15%, while reducing Sime Darby to 22%. At the same time, the senior management of E would have an option to participate in the purchase of the 110 million shares. Tham had explained that the option was because E had a core team of 16 people who had stuck by him in building up the company from an entity with a market capitalisation of RM150mil ray ban rb3386 to RM3bil over 15 years.
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