easyhome Ltd.
TSX : EH

easyhome Ltd.

April 25, 2008 15:33 ET

easyhome Ltd. Announces Further Amendments to Share Option Plan

TORONTO, ONTARIO--(Marketwire - April 25, 2008) - easyhome Ltd. (TSX:EH) today announced that its Board of Directors has approved further amendments to the Company's Share Option Plan (the "Plan"). This is in response to a recommendation by Institutional Shareholder Services ("ISS") that shareholders vote against adoption of the proposed amendments to the Plan set out in easyhome's Management Information Circular for its annual meeting of shareholders to be held on Tuesday, April 29, 2008. The Company understands that ISS will now revise its recommendation to a "for" vote.

Such further amendments will result in:

- the total number of options for Common Shares held by non-employee directors at any time not exceeding 0.75% of the Company's outstanding shares (this would amount to a limit of 79,267 Common Shares as at the date of the Company's Management Information Circular; non-employee directors currently hold 32,000 options, representing approximately 0.3% of the currently outstanding shares); and

- future shareholder approval being required for changes to the Plan which would:

-- increase the number of shares reserved for issuance under the Plan (this restriction is already contemplated by the original proposed amendments);

-- reduce the exercise price or cancel and re-issue options for all optionees (the original proposed amendments restrict only insiders);

-- extend the term of an option beyond original expiry for all optionees (this restriction is already contemplated by the original proposed amendments);

-- permit options to be generally assignable (all options are currently non-assignable under the provisions of the Plan other than for normal estate settlement purposes);

-- amend the above-noted limit on options issuable to non-employee directors; and

-- amend the Plan's amendment provisions.

The resolution in respect of the Plan to be put before the shareholders at the annual meeting will be revised to incorporate the above-described further amendments. Such resolution must be approved by a majority of the votes cast thereon by disinterested shareholders.

easyhome Ltd., with 215 locations, including 209 locations in Canada and 6 in the U.S., is Canada's largest merchandise leasing company and the third largest in North America, offering top quality, brand-name household furnishings, appliances and home electronic products to consumers under weekly or monthly leasing agreements. easyhome Ltd. is listed on the TSX under the symbol 'EH'.

Contact Information

  • easyhome Ltd.
    Donald K. Johnson
    Chairman of the Board
    (416) 359-4119
    or
    easyhome Ltd.
    David Ingram
    President and Chief Executive Officer
    (905) 272-2788
    or
    easyhome Ltd.
    Chris Fregren
    Senior Vice President Chief Financial Officer
    (905) 272-2788