CY Oriental Holdings Ltd announces the results of its annual general meeting held on June 4, 2007. At the Meeting, the shareholders of the Company approved all resolutions placed before them by management, including the election of directors, the appointment of the auditor, and an amendment to the Company's share option plan.
The shareholders elected Senator Larry W. Campbell, Ping Chen, Dickson Hall, The Honourable John D. Reynolds, P.C, and Ka (Philip) Yu to serve as directors of the Company. As of the close of the Meeting, the Company's board is constituted of a majority of independent directors, namely Larry Campbell, Dickson Hall and John Reynolds.
The shareholders appointed Ernst & Young LLP as the Company's auditors and authorized the directors to fix their remuneration.
The shareholders amended the share option plan to increase the maximum number of common shares issuable under the Company's share option plan by an additional 4,574,500 common shares from 110,000 to 4,684,500 common shares representing approximately, but not greater than, 10% of the issued and outstanding common shares of the Company as is customary for share option plans.
The shareholders also adopted the amended and restated share option plan, which included this increase in the number of common shares issuable under the plan. The Company views this amended share option plan to be a key component of the Company's compensation package for its employees and directors.
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