The 7 high-performing dentists:- Signed 12-year service agreements, expressing their confidence and commitment to Q&M
- 2.014 million shares will be issued through the Performance Share Plan at S$0.330 each and 4.986 million treasury shares will be issued through placement at S$0.351 each, amounting to S$1.75 million
SINGAPORE, Sept 30, 2022 - (ACN Newswire) - Mainboard-listed Q&M Dental Group (Singapore) Limited [SGX: QC7] announced on 29 September 2022 the award of 2,014,245 shares to 7 promising next-generation dentists as part of the Q&M Performance Share Plan (PSP) 2018, as well as the proposed placement of an additional 4,985,755 treasury shares, totalling S$1.75 million, through placement to the same dentists.
These 7 Key Dentists are the recipients of awards under the PSP 2018 by Q&M in its announcement dated 29 September 2022. These Key Dentists have also expressed their interest to subscribe for further shares as an expression of their confidence in and their commitment to the continued success of the company. They intend to enter into an arrangement similar to that entered into between the founding dentists of the Group in respect of Q&M's controlling shareholder, Quan Min Holdings Pte. Ltd., in order to hold their Shares in Q&M.
The placement of 4,985,755 treasury shares at a price of 35.1 Singapore cents is based on the volume weighted average price (VWAP) for trades done on the shares
of Q&M on the Singapore Exchange for the full market day on 29 September 2022, being the market day on which the Placement Letters were executed. This amounts to a gross consideration of S$1.75 million.
"The Board is heartened by the decision of these Key Dentists to cement their association with the Company in tying their long-term futures with the future success of Q&M Dental Group. These high-performing dentists represent some of the very best of the Company's dentists and the quality of their work is demonstrated on a day-to-day basis. We are very pleased to see them take this next major step. The Company's next generation management could even be among them!" said Dr Ng Chin Siau, CEO, Q&M Dental Group.
The Board is approached from time to time by its dentists who seek opportunities to participate in the growth of Q&M through equity investments. Share-based incentive schemes such as PSP 2018 Plan are somewhat limited in scope and do have a direct impact on Q &M's bottom line.
Q&M's Board is thus of the view that a placement exercise to its own dentists brings greater benefit to the Group in the following ways:
- Allows key dentists to participate in the equity of Q&M by investing their own funds, thereby aligning their interests with those of the Group. This alignment of interest promotes greater dedication, loyalty and higher standards of performance amongst dentists; and
- Strengthens the capital base of Q&M and increases Q&M's public spread, which has the potential to improve the level of trading liquidity of its Shares.
Dr Karan Singh Ubhi (one of the 7 Key Dentists) said, "We are grateful for the opportunity given by the Board to participate in the success of the Company and appreciate also the recognition of the work and effort that we have put in. We are firmly committed to the continued success of Q&M Dental Group and hope to contribute positively to its growth going forward."
Click here to continue