Anthony Clark - Issuance Of Shares For Bonuses
ANTHONY CLARK INTERNATIONAL INSURANCE BROKERS LTD. (TSX Venture Exchange: “ACL”")(Pink Sheets: ACKBF) (the “Corporation”) announces that on June 20, 2011, the Directors of the Corporation, on recommendations received from the Compensation Committee, have approved certain bonuses for the year ended March 31, 2011, to be payable to the following officers and management of the Corporation: (i) Tony Consalvo, the Chief Executive Officer; (ii) Mahesh Bhatia, the Chief Financial Officer; and (iii) Shelley Samec, the Corporate Controller; (collectively, the "Management Personnel").
For the year ended March 31, 2011, the Board of Directors have approved a performance bonus in the aggregate amount of $106,175 to be divided between the Management Personnel. The performance bonus for the year ended on March 31, 2011, was awarded to the Management Personnel for their efforts on behalf of the Corporation during that year.
To preserve the Corporation's working capital, the Management Personnel have all agreed to accept their bonuses payable in common shares of the Corporation at a price of $0.15 per common share, which price reflects the closing price of the common shares of the Corporation on July 4, 2011. As such, the Corporation will be awarding the following common share bonuses to the following Management Personnel: (i) Mr. Consalvo – common share bonus in the aggregate amount of $53,675 payable by the issuance of 357,833 common shares of the Corporation; (ii) Mr. Bhatia – common share bonus in the aggregate amount of $37,500 payable by the issuance of 250,000 common shares of the Corporation; and (iii) Ms. Samec – common share bonus in the aggregate amount of $15,000 payable by the issuance of 100,000 common shares of the Corporation. The issuance of any common shares of the Corporation pursuant to the common share bonuses to the Management Personnel is subject to any and all required regulatory approvals and the acceptance of the TSX Venture Exchange.
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