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- Release Date: 04/09/13 13:35
- Summary: GENERAL: ATM: Approval of sale of A2C shares
- Price Sensitive: No
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ATM
04/09/2013 11:35
GENERAL
REL: 1135 HRS A2 Corporation Limited
GENERAL: ATM: Approval of sale of A2C shares
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.
David Mair has a relevant interest in 2 million fully paid ordinary shares
held by the DM2 Investment Trust.
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.
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.
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.
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.
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."
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.
For further information contact:
Cliff Cook
Chairman
A2 Corporation Limited
+64 21 932 254
End CA:00240681 For:ATM Type:GENERAL Time:2013-09-04 11:35:01
