As I read it, there are two related proposals that will be voted-on on December 30:
1. An authorization to increase from 10% to 25% the number of shares that may be issued by the directors without having to first offer the shares to shareholders. I'll admit I'm a bit confused about just what this means, and the English in the proxy isn't the best. This may not be just for the option plan, but perhaps for other purposes as well.
2. Approval of the 1999 share option scheme. Here are the specific limits for that plan:
"Size of the 1999 Scheme
The total number of Scheme Shares with respect to which the Committee may grant Options under the Scheme is 7,500,000, provided that such amount shall be automatically increase on the first day (July 1) of each of the five financial years ending June 30, 2001, 2002, 2003, 2004, and 2005 by three percent (3%) of the issued share capital of the Company as at the last day of the immediately preceeding financial year."
The *current* plan limits the total number of shares available for the plan to 15% of the authorized share capital.
BTW, according to the proxy, Sim Woo Hong holds 25,984,602 shares, or 27.90% of the stock. |
