On March 11, Ge Longhui | Tsugami Machine Tool China (01651.HK) issued an announcement. On March 11, 2024, the board of directors decided to grant a total of 2,225,000 bonus shares to 31 share award grantees at zero cost in accordance with the share award plan based on the recommendation of the Company's Remuneration Committee.
The purpose of the share award scheme is to (i) recognize the contributions of a number of eligible participants and provide incentives for eligible participants to contribute to the group and enhance the value of the company and shares through their opportunities to own shares in the company and share the results of the Group's strategic development, thereby benefiting the company and shareholders as a whole; and (ii) retaining talents and attracting suitable talents for the further development of the Group.
The purpose of awarding award shares to the grantee is (i) to recognize the grantee's contribution to the Group's operations and performance; and (ii) to motivate the grantee to remain in the Group or associated entities in an effort to contribute to the future development of the Group. Therefore, the Remuneration Committee believes that the award of award shares and its terms are consistent with the purpose of the share award plan.
From December 29, 2023 to February 2, 2024, the trustee used funds provided by the company to the trustee to purchase a total of 3,001,000 shares in the market for the share award scheme. The average cost of each purchased share was approximately HK$9.30.