Nagakov postpones stock awards again due to COVID-19 impact

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Casino operator Nagakov Inc NAG.O will postpone its share award plan announced in January until the financial year ending in 2022 or 2023. The decision "is due to the prolonged global market turmoil caused by the COVID-19 pandemic," the Hong Kong-listed company filed on Friday.

The plan was scheduled to be implemented until June 30. However, on June 25, the company said it would postpone the award of shares to December 2021, citing a "temporary suspension" of operations at Cambodia's Nagaworld casino complex.

Nagakov holds a long-lived exclusive casino license for Cambodia's capital Phnom Penh through the Nagaworld resort complex.

The Naga World complex was closed due to the COVID-19 pandemic from early March until it reopened on Sept. 15.

In Friday's filing, Nagakov said he would "further delay grants" to the equity scheme "fiscal year ending in 2022 or 2023, and the exact timing of such grants will be determined by the board of directors after considering the group's performance at relevant times."

In January, Nagakov said the board had adopted a 10-year effective share award scheme, proposing an initial grant of about 19.23 million shares in total, including company directors.

It said at the time that 10.23 million shares would go to Nagakov's directors and 9 million shares would go to the group's employees.

Initial grants were to include 6 million shares to Nagakov's chairman, Tim McNally, 1.17 million shares to the group's founder and chief executive, Sir Chen Lip, and 3 million shares to the company's vice chairman and director, Philip Lee Wyattuck.

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