Mandate Limit definition
Examples of Mandate Limit in a sentence
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.
The Board decided to seek the approval from the Shareholders to refresh the Scheme Mandate Limit at the AGM.
In addition to the limit set out in sub-paragraph 11.1, the total number of Shares which may be issued upon exercise of all options to be granted under the Scheme and any other schemes must not in aggregate exceed 10% of the Shares in issue as at the Adoption Date being 39,026,550 Shares ("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.
The Directors consider that the proposed resolutions regarding the re-election of the retiring Directors and the continuous appointment of the independent non-executive Director who has been serving the Company more than nine years, the granting of the Issue Mandate and the Repurchase Mandate and the refreshment of the Scheme Mandate Limit are in the best interests of the Company and its Shareholders as a whole.
The Company may in addition seek separate approval by its shareholders in general meeting for granting Options beyond the Mandate Limit provided the Options in excess of the limit are granted only to Participants specifically identified by the Company before such approval is sought.
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.