WDT
24/07/2014 12:46
GENERAL
REL: 1246 HRS Wellington Drive Technologies Limited
GENERAL: WDT: Wellington part paid share & US option issues to employees
Wellington Drive Technologies Limited (NZX:WDT) advises 1,890,216 partly paid
shares have been issued in accordance with the Wellington Drive Technologies
Limited Partly Paid Share Scheme ("Scheme") and 288,647 share options have
been issued in accordance with the Company's United States' Employee Share
Option Plan ("Share Option Plan"). Together, these issues involve sixteen
senior Company employees and are part of the on-going commitment to the
Company's long term employee incentive program, focused on delivering its
long term profit and growth objectives.
An issue price of $0.1473 applies to the part paid shares, with $0.005
payable on issue and with the balance payable at any time between the third
anniversary and the fifth anniversary of the date of issue of the underlying
part paid shares (together with a holding cost for any payment deferred
beyond the third anniversary), provided the volume weighted average price of
the Company's shares on the NZSX over the ten trading days period to 23 July
2017 is in excess of $0.1473.
The share options are issued pursuant to the Share Option Plan at a price of
$0.143 payable, if the option is exercised, in cash after 23 July 2017 and
before 23 July 2018.
Neither the part paid shares nor the share options are quoted on the New
Zealand Stock Exchange.
The Chief Executive Officer is not participating in the above issues.
End CA:00253043 For:WDT Type:GENERAL Time:2014-07-24 12:46:12
