Textured Jersey to set up employee share option scheme

Leading weft knit fabrics maker, Textured Jersey Lanka PLC announced this week that it would establish and implement an employee share option scheme (ESOS).

In a filing to the Colombo Stock Exchange on 29 September, the company stated the ESOS would be granted to the executive director and/or executives holding management positions in the company, as may be determined by the board of directors or committee of directors.

The latter will be appointed by the board of directors for the administration of the ESOS and share options under the ESOS, which will entitle the eligible employees to subscribe to and purchase ordinary shares in the company.

A total number of 27, 090, 851 shares are to be issued by the company under the ESOS, if all of the share options to be granted to the eligible employees are exercised in full, amounting to approximately 4.1 percent of the total issued shares of the company as at the beginning of the current financial year (1 April 2015) which was remained unchanged.

The current stated capital of Textured Jersey is Rs.2.85 billion and has issued a total of 660,752,465 shares to-date.

The granting of share options under the proposed ESOS are in compliance with the Listing rules of the CSE and is subject to the CSE approval. In principle, the issue and listing of shares issued pursuant to the ESOS, obtaining shareholder approval, by way of a special resolution at a general meeting.