Business
Proposed New Share Plan and Notice of EGM
Proposed New Share Plan and Notice of EGM.
About this update from Boku, Inc.
[{"type":"text","content":"\n\n15 August 2024\nBoku, Inc.\n(\"Boku\" or the \"Company\")\n \nProposed New Share Plan and Notice of Extraordinary General Meeting\nBoku (AIM: Boku), a leading provider of global mobile payment solutions, announces that it will shortly post a notice of an Extraordinary General Meeting (\"EGM\") to shareholders to seek approval of the resolution necessary for the adoption by the Company of a new Stretch Restricted Share Unit Plan (\"New Plan\"). The EGM will be held at 1.00 p.m. BST on 11 September 2024.\nBackground and Rationale\nThe Company considers that the introduction of the New Plan, alongside the existing incentive plans, will support and reward the performance of the executive management team of the Company in a fair, transparent, and proportionate manner and is designed to more effectively reward exceptional performance. The remuneration committee of the Board (\"Committee\") believes that the mix of remuneration awards will ensure a balance between strong and steady growth and reaching for full potential. The New Plan has been created with the guidance of an external independent remuneration consultant and has been the subject of an extensive shareholder consultation process. This exercise provided valuable feedback which has been taken on board in finalising the terms of the New Plan.\nKey terms of the New Plan\nThe New Plan will be an executive employee share scheme and the awards granted under the New Plan (\"Awards\") will be restricted share units, which is a deferred right to receive shares of common stock in the Company (\"Shares\") for no consideration on either the receipt of an Award or the underlying Shares. The aggregate number of Shares that will be allocated under the New Plan will not exceed 9,090,858 Shares, being 3% of the Company's issued share capital as at 31 July 2024.\nIf the New Plan is approved at the EGM, it is envisaged that Awards will be granted to members of the executive team of the Company following the release of the Company's interim results, currently expected in late September 2024.\nAll Awards are subject to the same performance condition being a comparison of the 40-day Volume-Weighted Average Price (\"VWAP\") following the release of the results announcement for the 2027 financial year (expected to be released in March 2028) (the \"Tested Share Price\") against 180.4p (bein...