Hong Kong Stock Exchange-listed Far East Consortium has announced the conditional grant of 20 million share options to its Executive Directors, Wing Kwan Winnie Chiu and Jennifer Wendy Chiu, daughters of founder, Executive Director and Chairman, David Chiu.
Each director of the company will receive options to subscribe for a total of 20 million ordinary shares, subject to acceptance and a nominal payment of HK$1 ($0.13).
The proposed grant is contingent upon approval from the independent shareholders at the company’s upcoming general meeting. Due to the familial connections the grant requires independent shareholder consent, with the Chiu family and their associates will abstain from voting on this resolution.
The independent non-executive directors of FEC have already approved the proposed grant, aligning with the company’s compliance with the Listing Rules. The share option scheme, adopted on August 30th, 2022, aims to incentivize eligible participants and help the company attract and retain top talent.
The remuneration committee determined the grant based on several factors, including the company’s performance and the past contributions of the Chiu sisters, who have been with the company since 2005.
‘The committee believes that granting these options not only rewards their previous efforts but also motivates future performance and aligns their interests with the company’s long-term growth. The options will vest in four tranches, further encouraging the directors to drive the company’s success’, the dispatch reads.
Far East Consortium, alongside HKEX-listed Chow Tai Fook, hold a 50 percent interest in the Queen’s Wharf Brisbane, the multi-billion-dollar project of Australian gaming operator The Star, which opened in late August of this year.
The Australian gaming operator has been given an extension on the deadline for attempting to negotiate with its Queen’s Wharf Brisbane joint venture partners after they decided to pull out of a previous buy-out plan.
