Iplayco Corporation Limited (CVE:IPC) announced it has granted options to certain directors of the children’s play equipment company.
The Langley, BC-based company is granting incentive stock options to purchase an aggregate of up to 150,000 shares exercisable at C$0.50 per share for a three-year period from the date of issue.
The options will vest over one year, with half of the options vesting immediately and the other half a year from issuance.
"The granting of stock options is designed to help Iplayco attract and retain highly qualified directors while keeping cash compensation to a minimum," said David Banks, board chairman of Iplayco.
According to Banks, this is the first time in over a decade that the company has granted options. The board may consider granting options to members of the senior management team in the future, he said.
At present, the board's opinion is that financial results have not met the standard anticipated, and that the share price has suffered as a result, Banks said in a statement.
Iplayco said it will consider any option grant to management only once the performance of the business has recovered.
David Banks recently joined Iplayco as chairman following the departure of Mel Barsky.
Iplayco's shares traded at C$0.50 on Thursday morning.
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