SITLH made a public offer of shares, which opened on 23 November 2001 and closed on 28 December 2001. Following this share offer, 325 million ordinary shares of Rs 1.00 each were issued.
Those who subscribed for each Rs 15,000 shares were given an Option Certificate for free.
An Option Certificate is not a share certificate and therefore does not confer any rights attached to a shareholder in the Company.
What is an Option Certificate?
With a view to promoting the democratisation of land ownership, any person who subscribed for Rs 15,000 ( i.e 15,000 ordinary shares of Re 1 each) was given an “Option Certificate” which gives the option holder the possibility to participate in the purchase of plot of land, either agricultural or residential.
The “Option Certificate” also gives the holder/s a discount of Rs 15,000 on the purchase of a plot of land from SITLH or SIT Property Development Ltd (SPDL).
What is the purpose of an Option Certificate?
The Option certificate gives the holder/s the right to participate in the sale of land whereby the holder/s receives a discount of Rs 15,000 (fifteen thousand rupees) on the purchase of one plot of land, either agricultural or residential.
The Option certificate is valid in respect of the sale of land by SIT Land Holdings Ltd and SIT Property Development Ltd.
How do I purchase/sell an Option Certificate?
Option Certificates are traded on the ‘Development and Enterprise Market’ (DEM) ) of the Stock Exchange of Mauritius.
Once an existing Option Certificate is traded at the DEM, through a stock broker, the existing Option Certificate is cancelled and the new buyer is issued a "bought note" as well as regular statements of account.
Kindly contact an approved stock broker for more details, regarding trade of options.
How much does it cost to purchase an Option Certificate?
Kindly contact an approved stock broker for further assistance.
How many plots of land can I purchase with one Option Certificate?
One Option can be exercised to reserve 1 plot only.
What happen to my Option Certificate when I participate in a landsale?
Once the Option Certificate (OC) has been exercised during a land sale and a Letter of Award issued, the OC will be cancelled automatically by the Company and the Option will no longer be valid.
What happen if my Option Certificate is lost or destroyed?
If your option certificate has been lost or destroyed, an indemnity form would need to be duly filled in and the following documents would have to be submitted in order to obtain a duplicate certificate:
- Copy of NIC or Passports are accepted (Photo and Signature should be visible). FOR MINORS: Photocopies of Birth Certificates AND their responsible party(ies) must sign on thier behalf; and
- A fee of Rs 100/- would need to be paid for each lost certificate.
DOWNLOADS
What happen when an Option Certificate bought on the Development and Enterprise Market is lost or destroyed?
When an option is bought on CDS, the holder of the option is issued with a "bought note" and regular statements of account are sent to the option holder.
In case the bought note or statement of account is lost or destroyed, you should contact your stockbroker for assistance.
How to effect a transfer of Option Certificate bought on the Development and Enterprise Market (where holder is deceased)?
In case, the option holder passed away, the heirs of the option holder should contact their stockbroker for further assistance regarding transfer of option.
How to effect a transfer of Option Certificate bought on the Development and Enterprise Market (where holder is alive)?
In such case, the option holder should contact his stockbroker for further assistance regarding the transfer of option.
How to effect a transfer of Option Certificate (where holder is deceased)?
In case, the Option Certificate holder passed away, the heirs are required to proceed with a transfer of same, please refer to “Transfer of shares, deceased, Options”.
How to effect a transfer of Option Certificate (where holder is alive)?
In such case, the option holder should contact his/her stockbroker for further assistance.
Copyright © Sugar Investment Trust
