30 December 2013; Dubai, UAE: On 24 December 2013, Depa Limited (“Depa” or “the Company”) received notification that the following members of the senior management, who qualify as connected persons under the DFSA market rules, sold the following number of shares granted to them as part of the Company’s Employee Stock Ownership Plan(ESOP) in August 2013. The shares were sold on 22nd December 2013,at a price of $0.60 per share.
Nadim Akhrass, Interim Group CEO sold 120,000 shares
Walid Zakaria, Regional CEO, Abu Dhabi sold 180,000 shares
Umar Saleem, Group CFO, sold 112,500 shares
Ayman Khaireddin, Managing Director, Commercial sold 120,000 shares
Ahmad Al-Khayyat, CMO sold 20,000 shares
Furthermore, the Company received notification on 24 December 2013 that Nadim Akhrass, Interim Group CEO sold 219,095 shares on 24 December 2013 at aprice of $0.65 per share. This is unrelated to ESOP.
Following the above transactions, each member of the above mentioned senior managers retains the following number of shares in Depa (in both the ESOP Scheme and in personal portfolio):
|
Senior Manager Name |
Shares Remaining in ESOP Scheme |
Shares Remaining in personal portfolio |
|
Nadim Akhrass |
480,000 shares |
500,000 shares |
|
Walid Zakaria |
420,000 shares |
800,000 shares |
|
Umar Saleem |
262,500 shares |
0 |
|
Ayman Khaireddin |
280,000 shares |
436,646 Shares |
|
Ahmad Khayyat |
80,000 |
0 |
Depa launched its ESOP in August 2013 and allocated 2,075,000 shares to five senior employees. The shares, which are held in a custody account in the Company’s name, are subject to certain terms and conditions and agreed vesting schedules. The allocation took place on 1stSeptember 2013. The shares are subject to a minimum price that will not be less than the average of the last three months.
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For further enquiries, please contact:
Depa Limited
Umar Saleem
Chief Financial Officer
Tel: 971 4 224 3800
