Lenovo 2009 Annual Report Download - page 62

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DIRECTORS’ REPORT (Continued)
2008/09 Annual Report Lenovo Group Limited
60
Directors’ rights to acquire shares or debentures (continued)
Long-term incentive program
The Company adopted the LTI Program on May 26, 2005, under which the Board or the trustee of the program shall select the
employees (including but not limited to the directors) of the Group for participation in the program, and determine the number of
shares to be awarded.
Details of the program and the movement in the number of awards for the year ended March 31, 2009 are set out in the Corporate
Governance section on pages 44 to 47.
Apart from the share option schemes and the LTI Program, at no time during the year ended March 31, 2009 was the Company
or any of its subsidiaries a party to any arrangements to enable the directors of the Company to acquire benefits by means of
acquisitions of shares in, or debentures of, the Company or any body corporate.
Purchase, sale, redemption or conversion of the Company’s securities
During the year, the Company purchased 77,628,000 ordinary voting shares of HK$0.025 each in the capital of the Company at
prices ranging from HK$5.00 to HK$5.99 per share on The Stock Exchange of Hong Kong Limited.
Aggregate
Number of shares Highest price Lowest price Consideration paid
Month/Year repurchased per share per share (excluding expenses)
HK$ HK$ HK$
April 2008 29,228,000 5.58 5.00 154,574,380
May 2008 3,000,000 5.99 5.79 17,573,000
June 2008 42,400,000 5.96 5.20 231,088,920
July 2008 3,000,000 5.49 5.13 15,947,540
The repurchased shares were cancelled and accordingly, the issued share capital of the Company was diminished by the nominal
value thereof. The premium payable on repurchase was charged against the share premium account of the Company.
During the year, the trustee of the LTI Program purchased 24,710,000 ordinary voting shares from the market for award to
employees upon vesting. Details of the program are set out in the Corporate Governance section on pages 44 to 47.
On May 8, 2008, the Company received a written notice from IBM for the conversion of 375,282,756 ordinary non-voting shares
and as a result of such conversion, the 375,282,756 ordinary non-voting shares were converted into same number of fully paid
ordinary voting shares of the Company on May 15, 2008.
Save as disclosed above, neither the Company nor any of its subsidiaries purchased, sold or redeemed any of the Company’s listed
securities and no further conversion notice was received during the above-mentioned period.
Directors
The directors during the year and up to the date of this report were:
Chairman and Non-executive Director
Mr. Liu Chuanzhi
Executive Directors
Mr. Yang Yuanqing
Mr. William J. Amelio (resigned on February 5, 2009)
Non-executive Directors
Mr. Zhu Linan
Ms. Ma Xuezheng
Mr. James G. Coulter
Mr. William O. Grabe
Dr. Wu Yibing (appointed on May 21, 2009)
Mr. Shan Weijian (resigned on May 23, 2008)
Mr. Justin T. Chang
(Alternate director to Mr. James G. Coulter)
Mr. Daniel A. Carroll (resigned on May 23, 2008)
(Alternate director to Mr. Shan Weijian)