Thursday 24th December 2020 |
Text too small? |
The Scheme is designed to promote employee retention, further align shareholder and management interests and reward performance that underpins the achievement of Cavalier’s business strategy and long-term shareholder wealth creation.
Under the Scheme, the rights are convertible into shares on 1 May 2023 if, among other things, the Company’s total shareholder return exceeds 14% per annum over the period from 1 November 2020 to 1 May 2023 (the performance period).
The number of shares that will be issued to each executive employee will depend on the extent to which total shareholder return exceeds 14% per annum over the performance period and the price of a Cavalier ordinary share at the time the rights are convertible into shares, save that the total number of shares to be issued to all the executive employees would not exceed the 3% threshold in the NZX Listing Rules.
These shares will be subject to restrictions on dealing for a two-year restriction period, as follows:
• 40% of shares will be able to be dealt with on and from the issue date;
• 30% of shares will be able to be dealt with one year from the issue date; and
• 30% of shares will be able to be dealt with two years from the issue date.
The share price at the start of the performance period is $0.3141, being the volume weighted average sale price for a Cavalier share, calculated on all price setting trades of shares which took place on the NZX Main Board over the 20 business days before 1 November 2020.
See the link below for more details:
Source: Cavalier Corporation Limited
No comments yet
NZAS Sign Long Term Contracts
Amended - IFT230 Maturity and Exchange for IFT350
Synlait forecast milk price update
Chorus submits 2023 fibre regulatory report
Infratil Infrastructure Bond Exchange Offer opens
May 31st Morning Report
NZAS and Mercury sign long-term agreement, creating opportunity for future investment in renewables
Meridian and NZAS sign long term contracts
ArborGen Holdings Results for Year Ended 31 March 2024
BAI - Full unaudited results to 31 March 2024