- Release Date: 26/02/16 15:23
- Summary: BUYBACK: OHE: Notice of redemption/cancellation of shares (LTI Scheme)
- Price Sensitive: No
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OHE 26/02/2016 15:23 BUYBACK NOT PRICE SENSITIVE REL: 1523 HRS Orion Health Group Limited BUYBACK: OHE: Notice of redemption/cancellation of shares (LTI Scheme) ORION HEALTH GROUP LIMITED 26 February 2016 NZX Limited Wellington NOTIFICATION OF REDEMPTION OF SHARES For the purposes of Listing Rule 7.12.1 of the NZX Main Board Listing Rules, Orion Health Group Limited (OHE) advises that the following OHE securities issued in accordance with the Orion Health Long Term Share Incentive Scheme (the Scheme) have now been redeemed and cancelled: Class of Security Fully paid, redeemable ordinary shares in OHE (Shares) ISIN NZOHEE0001S3 Number issued 750,000 Shares Nominal value N/A Redemption price NZ$2.10 per Share (being the issue price of the Shares under the Scheme) Payment in cash Yes Amount paid up Fully paid Principal terms of the Securities The purpose of the Scheme is to enable individually selected employees of OHE to participate in the success of OHE. As such, the Scheme aligns employee benefits with OHE's success. Shares are acquired by participants, with the purchase price funded by a loan from OHE. The Shares (or the equivalent amount of Shares) are vested to the participants in the Scheme in tranches over annual vesting periods if performance conditions are achieved relating to the financial year in which the awards are made. The performance conditions can include operating revenue and net profit before tax targets. If the relevant performance hurdle is not met, or other conditions are not satisfied, the participant's Shares are redeemed and cancelled. Percentage of the total Class of Securities redeemed 0.4669% (as a percentage of Shares on issue prior to this redemption to 4 d.p.) Reason for redemption The Shares were issued to an employee in accordance with the rules of the Scheme. The Shares will not vest with the participant as the vesting conditions have not been met. Accordingly, the Shares have been put back to OHE, redeemed under the terms of the Scheme and cancelled. Specific authority for redemption Section 74 of the Companies Act 1993. Waiver from NZX Main Board Listing Rule 7.6.1 granted by NZX Regulation on 25 February 2016. Terms of issue The participant has put his unvested Shares to OHE in accordance with the terms of the Scheme. In turn, OHE has redeemed the Shares by paying the issue price of those Shares to the participant and the participant has contemporaneously repaid the outstanding loan amount in respect of those Shares to OHE. Total number of securities of the Class in existence after the redemption 159,867,417 Shares Treasury stock N/A Date of redemption 26 February 2016 Luke Facer Group General Counsel and Company Secretary ORION HEALTH GROUP LIMITED End CA:00278432 For:OHE Type:BUYBACK Time:2016-02-26 15:23:02
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- Ann: BUYBACK: OHE: Notice of redemption/cancellation of shares (LTI Scheme)
Ann: BUYBACK: OHE: Notice of redemption/cancellation of shares (LTI Scheme)
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