LANGLEY, BC, Nov. 21, 2014 /CNW/ - Bevo Agro Inc. announces that it has adopted a Share Appreciation Rights Plan (the "Plan"). Share appreciation rights ("SARs") granted under the Plan will entitle the holder to receive a cash payment at the time of exercise equivalent to the Fair Market Value (as defined in the Plan) of one common share of the Company at the date of exercise, less the Fair Market Value of one common share at the date of grant, multiplied by the number of SARs being exercised. Subject to Exchange policy, each grant will be subject to the discretion of the Company with respect to the particular directors, officers, employees or other qualified recipients to which SARs are granted, the number of SARs granted in each case, vesting provisions, and other material terms and conditions. No one individual may receive a grant of SARs in any 12-month period that exceeds in number 1% of the Company's issued and outstanding shares at the date of grant. The maximum number of SARs that may outstanding under the Plan at any time is a fixed 2,500,000 less any SARs previously granted and exercised. SARs granted under the Plan that expire, terminate or otherwise cease to be exercisable, other than by reason of their exercise, will become available for the grant of future SARs under the Plan. The Plan will be in addition to the Company's existing Stock Option Plan under which a maximum of 2,411,900 shares are reserved. Options on a total of 750,000 shares are currently outstanding under the Stock Option Plan.
The Plan is subject to the approval of the Exchange, and the approval of the disinterested shareholders of the Company at the Annual General Meeting scheduled for December 8, 2014.
Bevo Agro is North America's leading supplier of propagated agricultural plants, operating 44 acres of greenhouse facilities on 98 acres of land in Langley, BC and 20 acres of land in Pitt Meadows, BC. The Company's main products are the propagation of vegetable plants such as tomatoes, peppers, cucumbers, and other plants such as bedding plants, flowers and grasses. The Company markets its products to established greenhouse growers, nurseries and retail outlets throughout North America.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE: Bevo Agro Inc.
For further information: Jack Benne, President, Bevo Agro Inc., Phone: (604) 888-0420, Fax: (604) 888-8048, Email: [email protected]