AwanBiru Technology Berhad - Annual Report 2021

On 23 July 2020, PSKIN’s OS was transferred to a new High Court Judge. The OS was heard before the Court on 22 January 2021, 29 January 2021, 26 February 2021, 9 April 2021 and 20 May 2021. Further hearing dates for the OS have been fixed on 2, 3, 29 and 30 November 2021 and 7, 8 and 10 December 2021. PSKIN’s solicitors are of the view that PSKIN has reasonable prospects of success in its claims against the GOM. PSKIN and the GOM have also agreed to refer the dispute in respect of PSKIN’s Originating Summons to a court-annexed mediation conducted by the Kuala Lumpur Court Mediation Centre. The parties agreed that the mediation process shall proceed concurrently with the court proceedings. On 30 October 2019, representatives from PSKIN and the GOM (with parties’ respective Counsel) attended the first mediation session. A further mediation session between the parties has yet to be fixed. 5. SHARE BUY-BACK The Company did not buy back any of its issued shares from the open market during the financial year. 6. LONG TERM INCENTIVE PLAN (“LTIP”) In the year under review, the shareholders of Awantec approved the LTIP on 15 September 2020 and implemented the same on 25 January 2021. The LTIP comprises the establishment of an employee share option scheme and share grant plan of up to 15% of the issued share capital of the Company at any point in time during the duration of the LTIP for eligible directors and employees of the Company and its subsidiaries. The LTIP is governed by its By-Laws and under the administration of LTIP Committee of the Board. The LTIP shall be in force for a period of five (5) years from the effective date and extendable for a period of up to another five (5) years immediately from the expiry of the five (5) years upon the recommendation of the LTIP Committee and shall not in aggregate exceed ten (10) years from the effective date or such longer period as may be permitted by Bursa Securities or any other relevant authorities. The information in relation to the LTIP are as set out in the table below:- Total Number of Options as at 30 June 2021 Description Total Number Directors and Group CEO Options granted 2,413,800 384,700 Options exercised – – Options outstanding 2,413,800 384,700 In accordance with the Company’s By-Laws, not more than fifty per centum (50%) of the Company’s ordinary shares available under the LTIP shall be allocated, in aggregate to the Directors and Senior Management of the Group. The percentage of options granted to the Directors and senior management are as set out in the table below:- Options Granted to Directors and Senior Management During the financial year Since commencement up to 30 June 2021 Aggregate maximum allocation in percentage 2.1% 2.1% Actual percentage granted 2.0% 2.0% The breakdown of the options vested in Non-Executive Directors during the financial year under review was as follows:- Non-Executive Directors Amount of options granted Amount of options exercised Paul Chan Wan Siew 96,500 – Ginny Yeow Mei Ying 17,900 – Professor Emeritus Dato’ Dr. Hassan bin Said 10,000 – Hafidah Aman binti Hashim 10,000 – Transparency | Awantec Annual Report 2021 121