Dongyue Group (00189): Termination of employee share option plan and intention to repurchase shares

Zhitong Finance App News, Dongyue Group (00189) issued an announcement. The company adopted an employee share option plan on December 27, 2018, which was later revised and re-stated. The 10-year program expires on December 26, 2028. According to the plan, the board of directors of the company may from time to time direct the trustees of the plan to purchase existing shares of the company from the stock market and hold them in trust by selected participants in the plan for settlement and grant to such selected participants. The plan involves the company's existing shares and is subject to the applicable disclosure requirements under Chapter 17 of the Hong Kong Stock Exchange Limited Securities Listing Rules, but it does not constitute a share plan involving the issuance of new shares by the Company under Chapter 17 of the Listing Rules.

According to the rules of the plan, the plan shall be terminated on the 10th anniversary of its adoption date and on the day the board of directors decides to terminate early (whichever is earlier), provided that the termination does not have a significant adverse effect on any of the surviving rights of selected participants under the plan. In order to restructure the Group's remuneration policy and give full play to the Group's employees and advisors, the board of directors has decided to terminate the plan early in accordance with the rules of the plan, effective September 27, 2024. As there are no unexercised share options under the scheme, the termination will not have a significant adverse impact on the rights of any selected participant.

The Board of Directors hereby informs the Company's shareholders and potential investors that it intends to exercise their powers under a general mandate to repurchase shares in the open market in accordance with the shareholders' resolution passed at the Company's Annual General Meeting of Shareholders held on June 6, 2024. Shares to be repurchased under a repurchase authorization shall not exceed 10% of the total issued share capital of the company (excluding any treasury shares) on the day of the annual general meeting of shareholders.