To view the PDF file, sign up for a MySharenet subscription.

EPS - Eastern Platinum Limited - Best practice revisions to the stock option

Release Date: 06/06/2011 10:14
Code(s): EPS
Wrap Text

EPS - Eastern Platinum Limited - Best practice revisions to the stock option plan and shareholders rights plan EASTERN PLATINUM LIMITED (Incorporated in Canada) (Canadian Registration number BC0722783) (South African Registration number 2007/006318/10) Share Code TSX: ELR ISIN: CA 2768551038 Share Code AIM: ELR ISIN: CA 2768551038 Share Code JSE: EPS ISIN: CA 2768551038 June 3, 2011 Trading Symbol: ELR (TSX & AIM) EPS (JSE) S&P TSX Composite Index NEWS RELEASE BEST PRACTICE REVISIONS TO THE STOCK OPTION PLAN AND SHAREHOLDERS RIGHTS PLAN The Company announces that, following consultation with certain advisory groups on corporate governance to take into account current best practices, it has revised the terms of its stock option plan (the "Option Plan") and its shareholders rights plan (the "Rights Plan") to be presented to shareholders for approval at the Company`s June 9, 2011 Annual General Meeting (the "Meeting). As revised, the Option Plan would limit options granted to any one non- employee director to the lesser of an aggregate of 0.4% of the issued and outstanding shares of the Company or options having an annual value of $100,000, using the Black Scholes method of valuation. This provision would replace that set forth in the Company`s information circular dated May 5, 2011 (the "Circular") which proposed amendments to the Option Plan that would impose limits on options granted to any one non-employee director in the aggregate to a maximum of 0.435% of the issued and outstanding shares of the Company. All other terms of the Option Plan (as proposed to be amended) as detailed in the Circular remain unaltered. A copy of the Option Plan as amended will be made available at the Meeting. Further, as a result of the consultations, the Company has also made certain non-material amendments to its Rights Plan which is to be presented to shareholders for approval at the Meeting and the Company has adopted an amended and restated shareholders rights plan (the "Amended Rights Plan") reflecting the amendments. A copy of the Amended Rights Plan is available on SEDAR at www.sedar.com and a copy of the Amended Rights Plan, blacklined to show the changes made, will be made available at the Meeting. Total shares issued and outstanding: 908,187,807 For further information contact: Investor Relations Website: www.eastplats.com Email: info@eastplats.com Tel: +1-(604)-685-6851, Fax: +1-(604)-685-6493 NOMAD: Mark Williams / Ryan Cohen Canaccord Genuity Limited, London Email: mwilliams@canaccordgenuity.com / rcohen@canaccordgenuity.com Tel: +44 20 7050 6500 JSE SPONSOR: Johan Fourie PSG Capital (Pty) Limited Email: johanf@psgcapital.com Tel: +27 21 887 9602 No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. Cautionary Statement on Forward-Looking Information Certain statements included herein constitute "forward-looking statements" within the meaning of applicable Canadian securities legislation. These forward-looking statements are based on certain assumptions by Eastplats and therefore, readers are cautioned that forward-looking statements are not a guarantee of future performance. There can be no assurance that such statements will prove to be accurate and actual results could differ materially from those expressed or implied in such forward-looking statements due to factors such as general economic and market conditions, changes in government legislation, controls, regulations and political developments. Specific reference is made to the Company`s most recent Annual Information Form on file with Canadian provincial securities regulatory authorities for a discussion of some of the factors underlying forward-looking statements. The Company disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except to the extent required by applicable laws. Date: 06/06/2011 10:14:31 Supplied by www.sharenet.co.za Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited (`JSE`). The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on, information disseminated through SENS.

Share This Story