25 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.
NadimAkhrass, Interim Group CEO sold 120,000 shares
WalidZakaria, Regional CEO, Abu Dhabi sold 180,000 shares
UmarSaleem, Group CFO, sold 112,500 shares
AymanKhaireddin, Managing Director, Commercial sold 120,000 shares
AhmadAl-Khayyat, CMO sold 20,000 shares
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 1st September 2013. The shares are subject to a minimum price that will not be less than the average of the last three months.
Furthermore, the Company received notification on 24 December 2013 that Nadim Akhrass, Interim Group CEO sold 219,095 shares on 24 December 2013 at a price of $0.65 per share. This is unrelated to ESOP and following the transaction, Nadim Akhrass retains 500,000 shares in Depa.
Forfurther enquiries, please contact:
Tel: 971 4 224 3800