Investor and Media Centre

Correction to the Notification of Transaction announced on 25th Dec 2013

Dec 30 ,2013

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.

 

  1. Nadim Akhrass, Interim Group CEO sold 120,000 shares

  2. Walid Zakaria, Regional CEO, Abu Dhabi sold 180,000 shares

  3. Umar Saleem, Group CFO, sold 112,500 shares

  4. Ayman Khaireddin, Managing Director, Commercial sold 120,000 shares

  5. 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.

 

---ENDS---

 

For further enquiries, please contact:

Depa Limited

Umar Saleem

Chief Financial Officer

umar.saleem@depa.com

Tel: 971 4 224 3800

CONTACT US

Depa Group, Vision Tower,
35th Floor, P.O. Box 56338,
Dubai, U.A.E.
T: +9714-446-2100
F: +9714-446-2102
info@depa.com

COPYRIGHTS 2017. DEPA GROUP ALL RIGHTS RESERVEDDisclaimer