Karachi 21, October 2021: Avanceon stock closed under pressure in yesterday bull session after company notifies to stock exchange that it has called EOGM to remove 1 percent cap on its stock options. Extraordinary General Meeting of Avanceon Limited “Company will be held on Wednesday, 10 November 2021 at 03:00 PM via Zoom video link from Avanceon Limited, Regional Operations Center, 19-Kms, Main Multan Road, Lahore.
Company will consider and approve, that under Clause VIII of Regulation No. 7 of the Companies (Further Issue of Shares) Regulations, 2020. Employees Stock Option Scheme 2018 is hereby amended as follow in order to accommodate eligible entrants for further/enhanced options in the scheme so as to remove the yearly cap of number of options to be granted year wise.
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The grant of option to eligible employees in any one calendar year shall be restricted to the maximum of 1% of the paid-up capital of the company (as increase from time to time excluding outstanding conversions). However, any excess beyond 1% of the paid-up capital of the company shall require a separate resolution of the shareholders of the company.
It is clarified that if in any year, including commencement year, the number of grants as approved by the compensation committee is not granted then the un-granted options shall be carried forward to subsequent year.
Shareholders would consider and approve, that under Clause VIII of Regulation 7 of the Companies (Further Issue of Shares) Regulations, 2020, the clause 7.1 of Employees Stock Option Scheme 2019 is hereby amended as follow in order to accommodate eligible entrants for further / enhanced options in the scheme so as to remove the yearly cap of number of option to be granted year wise.
Provided that the grant of option to eligible employees in any one calendar year shall be restricted to the maximum of 1% of the paid-up capital of the company (as increase from time to time excluding outstanding conversions). However, any excess beyond 1% of the paid-up capital of the company shall require a separate resolution of the shareholders of the company.
visit Avanceon website : https://www.avanceon.ae/
