HSBC 2007 Annual Report Download - page 440

HSBC HOLDINGS PLC
Notes on the Financial Statements (continued)
Note 38
438
HSBC Holdings non-voting deferred shares
The 301,500 non-voting deferred shares were in issue throughout 2006 and 2007 and are held by a subsidiary of
HSBC Holdings. Holders of the non-voting deferred shares are not entitled to receive dividends on these shares. In
addition, on winding-up or other return of capital, holders are entitled to receive the amount paid up on their shares
after distribution to ordinary shareholders of £10 million in respect of each ordinary share held by them.
Shares under option
Details of the options outstanding to subscribe for HSBC Holdings ordinary shares under the HSBC Holdings Group
Share Option Plan, HSBC Holdings Executive Share Option Scheme, the HSBC Share Plan and HSBC Holdings
savings-related share option plans are given in Note 10. In aggregate, options outstanding under these plans were as
follows:
Number of
HSBC Holdings
ordinary shares Period of exercise Exercise price
31 December 2007 ....................................... 240,726,775 2008 to 2015 £5.3496 – 9.642
12,839,412 2008 to 2013 HK$103.4401 – 108.4483
823,472 2008 to 2013 €10.4217 – 11.0062
6,324,920 2008 to 2013 US$13.3290 – 14.7478
31 December 2006 ........................................ 269,423,027 2007 to 2015 £5.0160 – 9.642
6,661,998 2007 to 2012 HK$103.4401
270,473 2007 to 2012 €11.0062
2,932,100 2007 to 2012 US$13.3290 – 14.1621
31 December 2005 ........................................ 341,281,540 2006 to 2015 £2.1727 – 9.642
HSBC France and subsidiary company plans
Following the acquisition of HSBC France in 2000, outstanding employee share options over HSBC France shares
vested. On exercise of the options, the HSBC France shares are exchangeable for HSBC Holdings ordinary shares in
the same ratio as for the acquisition of HSBC France (13 HSBC Holdings ordinary shares for each HSBC France
share).
During 2007, 280,850 (2006: 445,115) HSBC France shares were issued following the exercise of employee share
options and were exchanged for 3,651,050 HSBC Holdings ordinary shares. These shares were delivered from The
HSBC Holdings Employee Benefit Trust 2001 (No. 1) (2006: 5,786,495 HSBC Holdings ordinary shares). During
2007, no options over HSBC France shares lapsed (2006: nil). During 2006 and 2007, no HSBC France shares
previously issued following the exercise of employee share options were exchanged for HSBC Holdings ordinary
shares. At 31 December 2007, The HSBC Holdings Employee Benefit Trust 2001 (No. 1) held 11,665,278 (2006:
15,316,328) HSBC Holdings ordinary shares which may be exchanged for HSBC France shares arising from the
exercise of options.
HSBC France options effectively outstanding over HSBC Holdings ordinary shares under this arrangement were as
follows:
Number of
HSBC France
shares exchangeable
for HSBC Holdings
ordinary shares Period of exercise Exercise price
31 December 2007 ............................................... 1,007,031 2008 to 2010 €73.50 – 142.50
31 December 2006 ................................................ 1,287,881 2007 to 2010 €37.05 – 142.50
31 December 2005 ................................................ 1,732,996 2006 to 2010 €35.52 – 142.50
HSBC Private Bank France plan
There also exist outstanding options over the shares of HSBC Private Bank France, a subsidiary of HSBC France,
which are exchangeable for HSBC Holdings ordinary shares, the details of which are set out in the Directors’ Report
on pages 313 and 314 and are summarised below.