We are pleased to announce that Axiata had today (“Date of Offer”) offered 56,466,800 ordinary shares of RM1.00 each in Axiata (“Axiata Shares”) under the Axiata Share Scheme to the eligible employees and Executive Directors(“Eligible Employees”) of the Axiata Group of Companies (“Axiata Group”)(“Restricted Share Offer”).
Details of the Restricted Share Offer are as follows:
Exercise Price of Axiata Shares
Not applicable as the Axiata Shares will be issued upon vesting to the Eligible Employees without any consideration.
Market Price of Axiata Shares
Closing Price of Axiata Shares on Date of Offer : RM5.32
The rights offered under the Restricted Share Offer are expected to vest over a 2-3 years period from the acceptance date of the Restricted Share Offer, subject to the Eligible Employees meeting their individual performance targets, the Axiata Group meeting certain financial targets and/or the market price of Axiata Shares exceeding certain thresholds. Unless the Eligible Employees meet their highest performance targets the total amount of rights offered under the Restricted Share Offer which will vest will be lower than the total amount of Axiata Shares offered.
Number of Axiata Shares offered to Directors
Axiata has made an offer of 1,354,000 Axiata Shares to Dato’ Sri Jamaludin Ibrahim (“Offered Shares”), the Managing Director/President & Group Chief Executive Officer.
The shareholders of Axiata had at the 19th Annual General Meeting on 1 June 2011, approved the grant of up to 1,198,300 Axiata Shares being the total number of new Axiata Shares and/or options over Axiata Shares (“Approved Grant”) to be granted to Dato’ Sri Jamaludin under the Axiata Share Scheme.
Pursuant to the above, the offer of 155,700 Axiata Shares, being the additional amount above the Approved Grant, to Dato’ Sri Jamaludin on the Date of Offer is subject to the approval of the shareholders of Axiata at a general meeting.
The Offered Shares is the maximum number of Axiata Shares that may be vested to Dato’ Sri Jamaludin and are subject to the meeting of stretched individual performance and the Axiata Group meeting superior company performance at the point of vesting in addition to the standard vesting conditions applicable to other Eligible Employees. This announcement is dated 9 April 2012.