Sydney, Australia, May 23, 2014 - (ABN Newswire) - Freelancer Ltd (ASX:FLN) (Company) today lodged an Appendix 3C in relation to the buy-back and cancellation of 700,000 fully paid ordinary shares in accordance with the terms of the Company's Employee Share Plan (ESP). The attached Appendix 3B (see link below) is in relation to the issue of 1,050,000 fully paid ordinary shares to employees in accordance with the terms of the ESP.
200,000 ESP shares were issued at an issue price of $1.14 and are not subject to vesting conditions other than those prescribed by the terms of the ESP.
850,000 ESP shares were issued at an issue price of $1.14 and are subject to certain performance hurdles relating to the financial year ending 31 December 2014 in addition to the vesting conditions prescribed by the terms of the ESP.
The effect of these transactions on the Company's issued capital is as follows:
Previous number of shares on issue- 437,200,000
ESP share buy-back and cancellation- (700,000)
Issue of ESP shares to employees- 1,050,000
Number of shares on issue- 437,550,000
There is no cash outlay by the Company for the issue and buy-back of the ESP shares. The loans from the Company to employees to fund the purchase of the ESP shares are satisfied by the return and cancellation of the shares. Loans made under the ESP involve no cash outlay by the Company.
For and on behalf of the Board.
To view the Appendix 3C, please visit:
About Freelancer Ltd:
Triple Webby award-winning Freelancer.com is the world's largest freelancing and crowdsourcing marketplace by total number of users and projects posted. Over 10.3 million registered users have posted 5.5 million projects and contests to date in over 600 areas as diverse as website development, logo design, marketing, copywriting, astrophysics, aerospace engineering and manufacturing. Freelancer Limited is listed on the Australian Securities Exchange under the ticker ASX:FLN.