REFRESHMENT OF SCHEME MANDATE LIMIT Sample Clauses

REFRESHMENT OF SCHEME MANDATE LIMIT. The Board has resolved to refresh the Scheme Mandate Limit so as to provide the Company with the flexibility of granting further Options under the Share Option Scheme and to provide incentives to, and recognise the contributions of, the Group’s employees and other selected grantees. The Board proposes to seek the approval of the Shareholders at the EGM to refresh the Scheme Mandate Limit.
Sample 1
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REFRESHMENT OF SCHEME MANDATE LIMIT. The Board has resolved to refresh the Scheme Mandate Limit so as to provide the Company with the flexibility of granting further Options under the Share Option Scheme and to provide incentives to, and recognise the contributions of, the Group’s employees and other selected grantees. The Board proposes to seek the approval of the Shareholders at the EGM to refresh the Scheme Mandate Limit. To the best of the Directors’ knowledge, information and belief having made all reasonable enquiries, no Shareholder has a material interest in the proposed refreshment of the Scheme Mandate Limit and no Shareholder will be required to abstain from voting on the relevant resolution to be proposed at the EGM.
Sample 1
REFRESHMENT OF SCHEME MANDATE LIMIT. At the annual general meeting of the Company held on 21 May 2015, the Company adopted the Share Option Scheme. The Share Option Scheme became effective on 21 May 2015 and, unless otherwise cancelled or amended, will remain in force for 10 years from that date. The Old Scheme terminated on 19 April 2015. Upon termination of the Old Scheme, no further Options under the Old Scheme can be granted but the Options which have been granted during the life of the Old Scheme shall continue to be exercisable in accordance with their terms of issue and the provision of Chapter 17 of the Listing Rules. As at the Latest Practicable Date, an aggregate of 3,130,200 Options under the Old Scheme were outstanding. The Board proposes to seek the approval of the Shareholders to refresh the existing Scheme Mandate Limit. Under the Existing Scheme Mandate Limit, the Directors were authorized to grant 167,977,380 Options to subscribe for up to 167,977,380 Shares, representing 10% of the issued share capital of the Company as at the date of the annual general meeting on 21 May 2013 at which the existing Scheme Mandate Limit was approved. Since the approval of the existing Scheme Mandate Limit on 21 May 2013 and up to the Latest Practicable Date, the Company has granted 137,350,000 Options under the existing Scheme Mandate Limit, and none of these Options were exercised, cancelled and lapsed. Immediately prior to the refreshment of the existing Scheme Mandate Limit, a total of 140,480,200 Options to subscribe 140,480,200 Shares remained outstanding, which represented 8% of the Shares in issue as at the Latest Practicable Date. The Board considers that given a significant portion of the Scheme Mandate Limit has been utilized, it is appropriate to refresh the Scheme Mandate Limit so that the Company has sufficient flexibility to grant Options to eligible persons (including but limited to employees and Directors) pursuant to the Share Option Scheme as incentives or rewards for their contribution to the Company. The Board decided to seek the approval from the Shareholders to refresh the Scheme Mandate Limit at the AGM. The refreshment of the Scheme Mandate Limit is in line with the purpose of the Share Option Scheme. The Directors consider that such refreshment of the Scheme Mandate Limit is in the interest of the Company and the Shareholders as a whole. Based on 1,757,843,800 Shares in issue as at the Latest Practicable Date and assuming no further Shares will be repurchased and issue...
Sample 1

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