Cambodian gaming operator NagaCorp has announced its decision to let initial grants of shares lapse and terminate the Share Award Scheme due to worsening business performance.
The Hong Kong-listed company disclosed the decision on December 27th, 2024, via a filing with the Stock Exchange.
The company explained that, due to ‘changes in the circumstances of the Group’ and the significant amount of time that has passed since the initial grants were proposed by the Board and approved by the shareholders, it is no longer appropriate to proceed with the initial grants.
As a result, the initial connected grants of up to 10,226,667 award shares and the initial non-connected grants of up to 9,000,000 award shares will lapse under the Share Award Scheme, and the company will no longer seek to make the initial grants.
At the same time, the Board believes that the Share Award Scheme is no longer aligned with the company’s objectives and has decided to terminate the scheme immediately.
The company stated that, after reviewing and updating its employee retention and incentive strategy, it may consider implementing a new employee equity incentive plan in the future.
Previously, due to the ‘negative impact the COVID-19 pandemic’ had on the Group’s business, the Board determined it would be prudent to defer the initial grants to the financial year ending 2024.
In October, NagaCorp announced that for the nine months ending September 30th, 2024, the group achieved gross gaming revenue of $411 million, an increase of 8.4 percent year-on-year, and net gaming revenue of $359 million, an increase of 10.6 percent year-on-year.
