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:  [phone]
Strand Hanson Limited James Harris Paul Cocker Liam Buswell	Tel: [phone]
Panmure Gordon (UK) Limited Tom Nicholson Callum Stewart	Tel:   [phone] Tel: [phone]
Macquarie Capital (Europe) Limited Steve Baldwin Dan Iacopetti	Tel: [phone]
Bankside Consultants Simon Rothschild	Tel: [phone]

 

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