THE LINK REAL ESTATE INVESTMENT TRUST The Securities and Futures Commission of Hong Kong, Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.
GRANT OF RESTRICTED UNIT AWARDS AND CONDITIONAL CASH AWARDS UNDER THE LONG-TERM INCENTIVE PLAN
This announcement is made pursuant to 10.3 of the REIT Code.
The Board of the Manager wishes to announce that Restricted Unit Awards and Conditional Cash Awards were granted to the Directors and certain employees of the Manager on 17 July 2014 under the Plan.
This announcement is made pursuant to 10.3 of the Code on Real Estate Investment
Trusts (the "REIT Code").
Reference is made to the long-term incentive plan (the "Plan") adopted by the unitholders (the "Unitholders") of The Link Real Estate Investment Trust ("The Link REIT") on 23 July 2007 pursuant to which restricted unit awards (the "Restricted Unit Awards"), unit options (the "Unit Options") and conditional cash awards (the "Conditional Cash Awards") may be granted to eligible participants that, upon vesting, units of The Link REIT (the "Units") may be issued to such grantees. Details of the Plan had been disclosed in the announcement and the circular of The Link REIT both dated
26 June 2007.
The board of directors (the "Board") of The Link Management Limited (the "Manager"), as manager of The Link REIT, wishes to announce that on 17 July 2014 (the "Date of Grant"), Restricted Unit Awards in conjunction with Conditional Cash Awards (collectively, the "Awards") were granted pursuant to the Plan as follows:
I. To the following executive, non-executive and independent non-executive directors of the Manager (the "Directors") (of which such grants were approved by the Board, including all the independent non-executive Directors but with no
Director having voted on the relevant resolution approving his/her own grant):
1
Name of Director | Maximum number of Units which may be issued on vesting of Restricted Unit Awards granted (subject to due acceptance and fulfilment of vesting conditions) | Vesting periods (both days inclusive) |
Nicholas Robert SALLNOW-SMITH | 16,750 16,750 | 17/07/2014 to 30/06/2016 17/07/2014 to 30/06/2017 |
George Kwok Lung HONGCHOY | 181,000 181,000 | 17/07/2014 to 30/06/2016 17/07/2014 to 30/06/2017 |
2
Save as disclosed above, no other person to whom Awards were granted pursuant to the Plan was a Director, the chief executive of the Manager, a significant Unitholder (within the meaning under 8.1(d) of Chapter 8 of the REIT Code), or any of their respective associates on the Date of Grant.
II. To employees of the Manager (not being a Director, its chief executive, a significant Unitholder (within the meaning under 8.1(d) of Chapter 8 of the REIT Code), or any of their respective associates) (the "Relevant Employees") in
aggregate:
Maximum number of Units in aggregate which may be issued on vesting of Restricted Unit Awards granted (subject to due acceptance and fulfilment of vesting conditions): | 1,318,000 |
Vesting periods (both days inclusive): | 50% - 17/07/2014 to 30/06/2016 50% - 17/07/2014 to 30/06/2017 |
The Restricted Unit Awards granted to the Directors and the Relevant Employees as disclosed above are subject to vesting conditions which may involve fulfilment of performance targets. The actual number of Units which will finally vest and be issued to each grantee will vary from the maximum number as disclosed above to zero depending on whether, and to what extent, the relevant vesting conditions are met.
In addition, the Restricted Unit Awards were granted in conjunction with the Conditional Cash Awards whereby, on vesting, each grantee will be entitled to a cash sum equal to the total distributions per Unit paid during the vesting periods multiplied by the actual number of Units that is finally vested and issued to such grantee.
The closing price of the Units as quoted on The Stock Exchange of Hong Kong Limited on the Date of Grant was HK$42.70 per Unit.
No Unit Options were granted pursuant to the Plan since its adoption.
Details of the grant, vesting, cancellation and/or lapse of Restricted Unit Awards and Conditional Cash Awards (and, if applicable, details of Unit Options) under the Plan are also disclosed in interim and annual reports of The Link REIT.
By order of the board of directors of
Company Secretary
Hong Kong, 17 July 2014
3
As at the date of this announcement, the Board of the Manager comprises:
Chairman (also an Independent Non-Executive Director)
Nicholas Robert SALLNOW-SMITH
Executive Directors
George Kwok Lung HONGCHOY (Chief Executive Officer)
Andy CHEUNG Lee Ming (Chief Financial Officer)
Non-Executive Director
Ian Keith GRIFFITHS
Independent Non-Executive Directors
William CHAN Chak Cheung Eva CHENG LI Kam Fun Anthony CHOW Wing Kin Patrick FUNG Yuk Bun Stanley KO Kam Chuen
May Siew Boi TAN David Charles WATT Richard WONG Yue Chim
Elaine Carole YOUNG
4
|
distributed by
|
