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
