Plover Bay Technologies Limited — Share Issue/Capital Change 2022

Jun 17, 2022

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.

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(Incorporated in the Cayman Islands with limited liability)

(Stock Code: 1523)

GRANT OF SHARE OPTIONS

The Board of the Company hereby announces that, subject to acceptance of the Grantees, 7,400,000 Options to subscribe for the Shares were granted on 17 June 2022 under the Share Option Scheme.

This announcement is made pursuant to Rule 17.06A of the Rules Governing the Listing of Securities (the “ Listing Rules ”) on The Stock Exchange of Hong Kong Limited (the “ Stock Exchange ”).

The Board (the “ Board ”) of directors (the “ Director(s) ”) of Plover Bay Technologies Limited (the “ Company ”) hereby announces that subject to acceptance of the grantees (the “ Grantees ”), 7,400,000 share options (the “ Options ”) to subscribe for 7,400,000 ordinary shares of HK$0.01 each in the Company (the “ Shares ”) were granted on 17 June 2022 (the “ Date of Grant ”), under the share option scheme conditionally adopted by the Company on 21 June 2016 and which became effective on 13 July 2016 (the “ Share Option Scheme ”). The Options were granted to 56 current employees as part of the Company’s employment package and to 8 eligible consultants. Details of the Options granted are as follows:

Date of Grant:	17	June 2022
Exercise price of	HK$2.988 per share, representing the highest of:
Options granted:
	(i)	The closing price of HK$2.94 per Share as stated in
		the Stock Exchange’s daily quotation sheets on the
		Date of Grant;

(ii)	the average closing price of HK$2.988 per Share as
	stated in the Stock Exchange’s daily quotation
	sheets for the five business days immediately
	preceding the Date of Grant; and
(iii)	the nominal value of HK$0.01 per Share.

Validity period of Options:	5 years	from the Date of Grant up to 16 June 2027, both dates
	inclusive.
Vesting period of Options:	(i)	50% of the Options are exercisable from 17 June
		2024 to 16 June 2027;
	(ii)	25% of the Options are exercisable from 17 June
		2025 to 16 June 2027; and
	(iii)	25% of the Options are exercisable from 17 June
		2026 to 16 June 2027.

None of the Grantees is a Director, chief executive or substantial shareholder of the Company, or any of his respective associates (as defined in the Listing Rules).

By Order of the Board of Plover Bay Technologies Limited Chan Wing Hong Alex Chairman and executive Director

Hong Kong, 17 June 2022

As at the date of this announcement, the executive Directors are Mr. Chan Wing Hong Alex, Mr. Chau Kit Wai, Mr. Chong Ming Pui and Mr. Yeung Yu; the independent non-executive Directors are Dr. Yu Kin Tim, Mr. Ho Chi Lam and Mr. Wan Sze Chung.