Lasco Distributors Board approved the rules of the 2014 Stock Option Plan for the Employees of Lasco Distributors. The amount of shares available in the option plan is 168,321,556 units or 5 percent of the total of 3,366,431,150 shares currently issued pursuant to a resolution passed at the 3013 annual general meeting which gave the directors powers to set the terms of the options.
The resolution passed states “THAT the directors be and are hereby authorized to enter into a stock option plan for up to but not more than 5% of the issued ordinary shares of the Company with such of the employees of the Company as the directors might determine upon such terms and conditions and subject to such rules and regulations as the directors shall in their absolute discretion determine and to execute such deeds agreements documentation or other assurances as might be required and to enter into such engagements and arrangements as might be necessary for the due operation and administration of such a plan.”
The company has been very successful with profit for the year to March this year increasing to $587.46 million versus $506.8 million in 2013. The company is expected to benefit from the distribution of Salada Foods products which it started to handle at the start of 2014 as well as from additional products from the expanded Lasco Manufacturing factory, a sister company.