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MarketScreener Homepage  >  Equities  >  Stock Exchange of Hong Kong  >  Frontier Services Group Ltd    0500   BMG3729C1001

FRONTIER SERVICES GROUP LTD (0500)
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Frontier Services : (1) RESIGNATION OF AN EXECUTIVE DIRECTOR (2) GRANT OF SHARE OPTIONS (3) RESIGNATION OF AN INDEPENDENT NON-EXECUTIVE DIRECTOR AND (4) CHANGE OF A MEMBER OF THE AUDIT COMMITTEE, THE NOMINATION COMMITTEE AND THE REMUNERATION COMMITTEE OF THE COMPANY (in PDF)

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04/29/2016 | 05:22pm CET

1b5fe2a4-49cc-4035-93c3-4f7cf3663b42.pdf

Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.

FRONTIER SERVICES GROUP LIMITED

先 豐 服 務 集 團 有 限 公 司 *

(Incorporated in Bermuda with limited liability)

(Stock code: 00500)
  1. RESIGNATION OF AN EXECUTIVE DIRECTOR
  2. GRANT OF SHARE OPTIONS
  3. RESIGNATION OF AN INDEPENDENT NON-EXECUTIVE DIRECTOR AND
  4. CHANGE OF A MEMBER OF THE AUDIT COMMITTEE, THE NOMINATION COMMITTEE AND
THE REMUNERATION COMMITTEE OF THE COMPANY

The Board announces that:

  1. Mr. Smith will resign as an executive director and the Chief Executive Officer of the Company with effect from 1 May 2016;

  2. A total of 12,295,030 share options has been granted to Mr. Smith as appreciation and gratitude to his contributions and services to the Company;

  3. Mr. Fallon will resign as an independent non-executive director, a member of the audit committee, the nomination committee and the remuneration committee of the Company with effect from 30 April 2016; and

  4. Dr. Demuren, an independent non-executive director of the Company, is appointed as a member of the audit committee, the nomination committee and the remuneration committee of the Company with effect from 30 April 2016.

* For identification purposes only

RESIGNATION OF AN EXECUTIVE DIRECTOR

The board of directors (the "Board") of Frontier Services Group Limited (the "Company") announces that Mr. Gregg H. Smith ("Mr. Smith") will resign as an executive director and the Chief Executive Officer of the Company with effect from 1 May 2016 to focus on his other business engagements. Mr. Smith will remain with the Company as consultant until 31 December 2016.

Mr. Smith confirmed that he has no disagreement with the Board and that he is not aware of any matters that need to be brought to the attention of the shareholders of the Company in relation to his resignation.

The Board wishes to take this opportunity to thank Mr. Smith for his contributions to the Company throughout his service on the Board.

GRANT OF SHARE OPTIONS

To express its appreciation and gratitude to Mr. Smith for his contributions and services to the Company during his tenures of office, the Board announces that the Company has granted 12,295,030 share options (the "Options") to Mr. Smith to subscribe for a total of 12,295,030 ordinary shares of HK$0.1 each (the "Shares") of the Company (the "Grant"). The Options were granted pursuant to the share option scheme adopted by the Company on 28 March 2012.

A summary of the Grant is set out below:

Date of Grant 29 April 2016

Grantee Mr. Smith

Number of Options granted 12,295,030

Exercise price of Options granted HK$1.254 per Share

Closing price of the Shares on the date of Grant HK$1.190 per Share Exercise period of the Options 29 April 2016 to 28 April 2019

(both days inclusive)

Pursuant to Rule 17.04(1) of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited, the grant of the above Options has been approved by the independent non- executive directors of the Company.

RESIGNATION OF AN INDEPENDENT NON-EXECUTIVE DIRECTOR, A MEMBER OF THE AUDIT COMMITTEE, THE NOMINATION COMMITTEE AND THE REMUNERATION COMMITTEE OF THE COMPANY

The Board announces that, with effect from 30 April 2016, Mr. William J. Fallon ("Mr. Fallon") will resign as an independent non-executive director, a member of the audit committee, the nomination committee and the remuneration committee of the Company in order to pursue other business opportunities.

Mr. Fallon confirmed that he has no disagreement with the Board, and there are no other matters relating to his resignation that need to be brought to the attention of the shareholders of the Company.

The Board wishes to take this opportunity to thank Mr. Fallon for his contributions to the Company throughout his service on the Board.

APPOINTMENT OF A MEMBER OF THE AUDIT COMMITTEE, THE NOMINATION COMMITTEE AND THE REMUNERATION COMMITTEE OF THE COMPANY

The Board is pleased to announce that Dr. Harold O. Demuren ("Dr. Demuren"), an independent non-executive director of the Company, is appointed as a member of the audit committee, the nomination committee and the remuneration committee of the Company with effect from 30 April 2016.

By Order of the Board

FRONTIER SERVICES GROUP LIMITED Chan Kam Kwan, Jason

Company Secretary

Hong Kong, 29 April 2016

As at the date of this announcement, the executive Directors are Mr. Erik D. Prince (Chairman), Mr. Ko Chun Shun, Johnson (Deputy Chairman), Mr. Luo Ning (Deputy Chairman), Mr. Gregg H. Smith (Chief Executive Officer) and Mr. Hu Qinggang; and the independent non-executive Directors are Mr. Yap Fat Suan, Henry, Professor Lee Hau Leung, Mr. William J. Fallon and Dr. Harold O. Demuren.

Frontier Services Group Limited issued this content on 29 April 2016 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 29 April 2016 15:21:34 UTC

Original Document: http://www.irwebcast.com/cgi-local/report/redirect.cgi?url=http://202.66.146.82/listco/hk/frontier/announcement/a160429.pdf

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Managers
NameTitle
Dong Yi Hua Chief Executive Officer & Executive Director
Erik Dean Prince Chairman
Heung Ming Wong Chief Financial Officer
Chun Shun Ko Co-Deputy Chairman
Ning Luo Deputy Chairman
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