SUM
24/03/2016 09:18
BUYBACK
PRICE SENSITIVE
REL: 0918 HRS Summerset Group Holdings Limited
BUYBACK: SUM: Disclosure Document Relating to the Acquisition of Shares
Disclosure document relating to the acquisition of shares
Introduction
This document is provided to all shareholders in accordance with the
requirements set out in section 62 of the Companies Act 1993 and sets out
details of the proposal by Summerset Group Holdings Limited (the Company) to
buyback certain shares previously issued by the Company (the Buyback).
Buyback
The Buyback relates to shares that have become "Forfeited Plan Shares" under
the rules of the long term incentive plan the Company has in place for
selected senior employees (the Plan).
The Company has entered into a Long Term Incentive Plan Put Option Deed (the
Deed) with the trustee of the Plan, Summerset LTI Trustee Limited (the
Trustee). Under the Deed, the Trustee has a put option in relation to
forfeited plan shares, which allows the Trustee to require the Company to
buyback forfeited plan shares from time to time. The Trustee has exercised
that put option in relation to 790,125 ordinary shares (the Option Shares).
The consideration for the acquisition of the Option Shares under the Buyback
will be $2,433,988.00, being the proportion of the loan balances of the
relevant participants which relates to the Option Shares.
The Buyback will be undertaken on or about 12 April 2016.
Board resolutions
To undertake the Buyback the Board has resolved that:
(a) the acquisition of the Option Shares under the Buyback is in the best
interests of the Company and of benefit to the remaining shareholders; and
(b) the terms of the Buyback and the consideration offered for the Option
Shares are fair and reasonable to both the Company and the remaining
shareholders.
No interested directors
None of the directors of the Company have any relevant interest in any Option
Shares.
24 March 2016
End CA:00279820 For:SUM Type:BUYBACK Time:2016-03-24 09:18:02
