Company: AEHL
Filing Date: 2025-08-05
Form Type: 20-F/A
Source: 0001641172-25-022290
Chunk: 199

Company: Antelope Enterprise Holdings Ltd
Filing Date: 2025-08-05
Form: 20-F/A
Chunk 199
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 price over the                                                                                                                                                                                                                                                                                                                                                                                                                                   
 service periods.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
 The share-based payment reserve also represents the                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
 equity-settled share options granted to employees (Note 22). The reserve is made up of the cumulative value of services received from                                                                                                                                                                                                                                                                                                                                                                                                                                     
 employees recorded over the vesting period commencing from the grant date of equity-settled share options, and is reduced by the expiry                                                                                                                                                                                                                                                                                                                                                                                                                                   
 or exercise of the share options.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |

| F-46 |

|     | The share-based payment reserve also represents the shares issued to its senior officers as stock compensation expense.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
| (e) | Reverse recapitalization reserve                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
|     | The reverse recapitalization reserve arises as a result of the method of accounting for the Success Winner Acquisition. In accordance with IFRS, the acquisition has been accounted for as a reverse recapitalization.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
| (f) | Capital reverse                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
|     | On July 31, 2014, Sound Treasure Limited, the Company’s largest shareholder and an affiliate of the Company’s Chief Executive Officer, entered into a three party agreement (the “Novation”) with the financial institution that originated the foreign currency transaction agreements and the Company. Under the Novation, Sound Treasure Limited assumed these agreements and all assets (mainly deposits placed with the financial institution) and all existing and future liabilities arising under these agreements, and the Company was released from the liabilities arising under the foreign currency transaction agreements. As a result, after July 31, 2014, the Company is no longer required to fund any losses related to these agreements, and the Company will neither suffer any future liabilities arising under those agreements nor enjoy any benefit arising under those agreements. |

| F-47 |

23. SHARE-BASED EMPLOYEE REMUNERATION

(a) Employee share scheme

The Board of Directors duly adopted and approved the 2019 Equity Compensation Plan (“the 2019 Plan”) on December 20, 2019. The purpose of the 2019 Plan was to attract and retain outstanding individuals as Employees, Directors and Consultants of the Company and its Subsidiaries, to recognize the contributions made to the Company and its Subsidiaries by Employees, Directors and Consultants, and to provide such Employees, Directors and Consultants with additional incentive to expand and improve the