Latest release below, Babidge and Mair selling down their respective holdings. Babidge still has 6 m but currently is restricted on selling 5.5m of those, not sure how long? The part of interest to me is at the end, "In the interest of alignment with shareholders...waffle.. waffle... conditionally approved the issue of another 5 million partly paid shares to Geoffrey Babidge"
Does this mean 5million issued at no cost? $3.5m bucks worth? Or am I reading this wrong? If so seems more than a bit rich to me. |
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REL: 1135 HRS A2 Corporation Limited |
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GENERAL: ATM: Approval of sale of A2C shares |
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A2 Corporation Limited ("A2C" or the "Company") wishes to advise that it has |
approved the sale of A2C shares by trusts associated with Managing Director, |
Geoffrey Babidge and Director, David Mair pursuant to A2C's Share Trading |
Policy. |
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David Mair has a relevant interest in 2 million fully paid ordinary shares |
held by the DM2 Investment Trust. |
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Following the sale of those shares by the DM2 Investment Trust, David Mair |
will still hold 5 million partly paid ordinary shares with an issue price of |
$0.10 which were issued to him in September 2009 under the A2C group's |
ownership-based compensation scheme for executives and senior employees, when |
he was an Executive Director of A2C. David has indicated that he currently |
has no intention to sell any of his remaining 5 million shares in the |
foreseeable future. |
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Geoffrey Babidge was issued with 10 million partly paid ordinary shares with |
an issue price of $0.10 in August 2010 under the A2C group's ownership-based |
compensation scheme for executives and senior employees. Those shares are |
currently held by the GHB Investment Trust. |
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When Geoffrey Babidge relinquished his role as Chief Executive Officer of |
Freedom Foods Group Limited ("FFG") he forewent the benefit of options in |
respect of FFG shares. The GHB Investment Trust will use the proceeds of the |
sale of 4 million fully paid shares to reduce debt and to meet other |
commitments. |
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Following the sale the GHB Investment Trust will still hold 6 million A2C |
shares, of which 5.5 million currently remain subject to transfer |
restrictions. The trust has indicated that it currently has no intention to |
sell any of its remaining A2C shares in the foreseeable future. |
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Cliff Cook said "I am personally delighted that key contributors to A2C are |
able to benefit from the incentive arrangements that have been put in place |
to reward success and align the interests of A2C's senior executives with its |
shareholders." |
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In the interests of maintaining longer term alignment with shareholders, the |
A2C board has conditionally approved the issue of a further 5 million partly |
paid shares to Geoffrey Babidge, subject to A2C shareholder approval. That |
issue will be considered by shareholders at A2C's annual general meeting |
which is currently scheduled to take place on 19 November 2013. A notice of |
meeting will be sent to shareholders in due course. |
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For further information contact: |
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Cliff Cook |
Chairman |
A2 Corporation Limited |
+64 21 932 254 |
End CA:00240681 For:ATM Type:GENERAL Time:2013-09-04 11:35:01 |