GALA TECH HOLD (02458) granted 4.7429 million shares of incentive shares under the 2023 share incentive plan.

GALA TECH HOLD (02458) announced that the board of directors has resolved to issue a total of 4.7429 million new shares (share issuance) to an independent trustee in accordance with the general mandate granted by shareholders at the 2024 annual general meeting. As a result, the company is authorized to allocate, issue, and deal with up to 27.6 million shares to grant 4.7429 million shares of incentive shares to 61 employee participants (grantees) in the 2023 share incentive plan on July 11, 2024. The reason for granting incentives under the 2023 share incentive plan (to be settled by issuing new shares within the plan's authorized limit) is to recognize and reward the grantees for their contributions to the growth and development of the group and provide incentives to retain them for the continued operation and development of the group. Share issuance does not require further approval from shareholders. Apart from the share issuance, as of the date of this announcement, there are no plans to issue or allocate new shares under the general mandate. According to the 2023 share incentive plan, the board of directors will pay a subscription amount of 47,400 Hong Kong dollars to issue new shares, calculated by multiplying the face value of the shares by the number of shares to be issued, from the company's internal resources. The independent trustee must subscribe for the new shares in cash, and these new shares will be transferred free of charge to the grantees once certain specified conditions are met. The company will issue and allocate new shares to the independent trustee to pay for the issuance of 4.7429 million incentive shares as mentioned above, representing approximately 3.4377% of the company's issued shares (excluding treasury shares) as of the date of this announcement, and approximately 3.3235% of the company's issued shares (excluding treasury shares) after the relevant issuance has been expanded. Once the new shares are issued and fully paid up, they will have equal rights with the existing shares. Under the 2023 share incentive plan, the independent trustee is not allowed to exercise voting rights on any shares held in trust under the trust deed.