Computer Modelling Group Announces Amendment of Stock Option Plan
July 02 2014 - 12:00PM
Marketwired
Computer Modelling Group Announces Amendment of Stock Option Plan
CALGARY, ALBERTA--(Marketwired - Jul 2, 2014) - Computer
Modelling Group Ltd. (TSX:CMG) (CMG or the Company) today announced
that further to its distribution of the management information
circular (the Circular) to shareholders of CMG in relation to the
annual meeting of shareholders (the Meeting), the Company has been
involved in discussions with, and has received suggestions from
Institutional Shareholder Services Canada (ISS), a proxy voting
advisory and corporate governance services firm, with respect to
amending the amendment provision contained in CMG's Amended and
Restated Stock Option Plan (2014) (the Plan) so that it conforms
with ISS's current guidelines. Having considered the views of ISS,
the Company has determined to amend the amendment provision
contained in its Plan. The amendment of the Plan is subject to
receipt of regulatory approval.
Based on the amendments made to the Plan, we expect ISS to issue
an updated alert whereby it will recommend shareholders of the
Company to vote FOR the resolution seeking approval of unallocated
options, as more fully described under the item "Special
Business" on page 12 of the Circular. The revised version of
the Plan will be filed on SEDAR including a black-lined version,
and will be available to shareholders at the Meeting and upon
request to the Vice-President, Finance and CFO of the
Corporation.
FORWARD LOOKING INFORMATION
This news release contains forward‐looking statements that
involve substantial known and unknown risks and uncertainties.
These forward‐looking statements are identified by their use of
terms and phrases such as "anticipate", "achievable", "believe",
"expect", "estimate", "plan", "intend", "project", "may", "should",
"could", "predict", "will", or similar words suggesting future
outcomes or language suggesting an outlook. Forward‐looking
statements and information are based on CMG's current beliefs as
well as assumptions made by and information currently available to
CMG. Although management of CMG considers these assumptions to be
reasonable based on information currently available to it, they may
prove to be incorrect. Forward‐looking statements are subject to
many external variables and risks that are beyond CMG's control,
including but not limited to the fact that there is no guarantee
that ISS will issue a favourable voting recommendation following
the Company's amendment of the Plan as per ISS's current
guidelines.
About Computer Modelling Group Ltd.
Computer Modelling Group Ltd. is a computer software technology
and consulting company serving the oil and gas industry. CMG,
recognized by oil and gas companies worldwide as a leading
developer of reservoir modelling software, has sales and technical
support services based in Calgary, Houston, London, Caracas, Dubai,
Bogota and Kuala Lumpur. CMG is the leading supplier of advanced
processes reservoir modelling software in the world with a blue
chip client base of international oil companies and technology
centers in over 50 countries. The Company's shares are listed on
the Toronto Stock Exchange under the trading symbol "CMG."
Computer Modelling Group Ltd.Kenneth M. DedelukPresident &
CEO(403) 531-1300ken.dedeluk@cmgl.caComputer Modelling Group
Ltd.Sandra BalicVice President, Finance & CFO(403)
531-1300sandra.balic@cmgl.cawww.cmgl.ca
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