Three of KVB’s directors announced the exercising of all of their share options at a price of HK$0.414 per option.
KVB Kunlun’s directors rush to exercise share options
It was a week ago that Hong Kong FX broker KVB Kunlun Financial Group Ltd (HKG:8077) got offers from CITIC Securities Company Limited (SHA:600030) for its remaining share capital and the cancelation of all existing options. Today we witnessed the first and rather decisive move by KVB Kunlun’s directors in response to the bid.
Ms. Zhao Guixin – a non-executive director at KVB, as well as executive directors Mr. Liu Stefan and Mr. Ng Chee Hung Frederick, informed today of their dealings in the shares of the broker. The three directors have exercised all of their share options in KVB Kunlun. The dealings refer to options for the period from January 10, 2015, to January 9, 2018, and are all carried out at a price of HK$0.414 (US$0.053) per KVB option.
- As a result, Zhao Guixin, who exercised options on 200,000 shares, pocketed HK$82,800.
- Liu Stefan, who exercised options on 9.52 million shares, pocketed HK$3,941,280.
- NG Chee Hung Frederick, who exercised options on 2 million shares, received HK$828,000.
Under the terms of the offers submitted last week, CITIC bids HK$0.236 per outstanding KVB Option. This price represents the difference between the exercise price of HK$0.414 of the outstanding KVB Options and the Share Offer Price of HK$0.65.
One share in KVB Kunlun traded at HK.41 at market close today, down 2% from Thursday’s close.
Chart source: Google Finance.
David Hobart
David Hobart is Managing Director of FinAffiliates Limited, the UK media group behind LeapRate, AskTraders and a network of more than 30 financial and trading titles published across several languages and regulated markets. He writes on the commercial side of the industry: broker marketing, client acquisition, affiliate strategy and the editorial standards that hold it together. He is based in North Norfolk.
