Grand Banks Yachts (SGX:G50) issued and allotted 1.8 million new ordinary shares on Monday following the exercise of outstanding options under its Employee Share Option Scheme 2014, according to a same-day filing to the Monday bourse.
The new shares comprise 1.5 million shares exercised at SG$0.253 each and 300,000 shares at SG$0.280 each.
Of the total, 250,000 shares were issued to the company's non-independent and non-executive chairman, Basil Chan, at an exercise price of SG$0.253 each.
The new shares will rank equally with existing ordinary shares and are expected to be listed and quoted on the Singapore Exchange on Nov. 4, and start trading the same day.
Following the allotment, Grand Banks Yachts' issued and paid-up share capital will increase to 188.38 million shares from 186.58 million.
The company currently has 5.75 million options under the scheme that remain outstanding.
