GEN - JSE Limited - Proposed amendments to the lis
JSE
GEN
GEN - JSE Limited - Proposed amendments to the listings requirements For Share
Incentive Schemes
JSE Limited
PROPOSED AMENDMENTS TO THE LISTINGS REQUIREMENTS FOR SHARE INCENTIVE SCHEMES
The JSE Limited wishes to advise that it is proposing certain amendments to
Schedule 14 of the Listings Requirements. The principal changes include the
following:
- The adoption of and any amendment to share schemes must be approved by a
75% majority as opposed to the current 50% (will remain as an ordinary
resolution). Furthermore, any shares held by existing participants may
not participate in the vote should any changes be made to an existing
scheme. We welcome shareholder participation. We have deliberately
increased this authority to bring the authority in line with that of an
issue of shares for cash, given that we are also relaxing our stance with
regard to the number of shares which may be utilised for the purposes of
share schemes.
- The limit imposed by the JSE on the number of shares which may be issued
through a share scheme is removed but a scheme will still be required to
fix the number. This number may be increased with shareholder approval.
- All schemes must show the basis upon which awards are made and any
changes to the basis requires shareholder approval.
- Rolling over (recycling) and back-dating of options are prohibited.
The draft amendments are available on the JSE`s website www.jse.co.za
and all interested parties are invited to provide
comments on the proposals by no later than 23 November 2007. All comments
must be in writing and addressed to:
Beverley Mather
bevm@jse.co.za
Fax: +27 11 520 8596
Tel: +27 11 520 7062
5 November 2007
Date: 05/11/2007 15:30:01 Produced by the JSE SENS Department.
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