Lenovo 2012 Annual Report Download - page 160
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2011/12 Annual Report Lenovo Group Limited
158
NOTES TO THE FINANCIAL STATEMENTS
30 Share capital
2012 2011
Number of
shares HK$’000
Number of
shares HK$’000
Authorized:
At the beginning and end of the year
Ordinary shares 20,000,000,000 500,000 20,000,000,000 500,000
Series A cumulative convertible
preferred shares – – 3,000,000 27,525
500,000 527,525
Number of
shares US$’000
Number of
shares US$’000
Issued and fully paid:
Voting ordinary shares:
At the beginning of the year 9,965,161,897 31,941 9,788,044,282 31,388
Issue of ordinary shares 338,689,699 1,088 – –
Conversion from Series A cumulative
convertible preferred shares – – 282,263,115 891
Exercise of share options 31,761,000 102 52,614,500 168
Repurchase of shares – – (157,760,000) (506)
At the end of the year 10,335,612,596 33,131 9,965,161,897 31,941
Series A cumulative convertible
preferred shares:
At the beginning of the year – – 769,167 891
Conversion to voting ordinary shares – – (769,167) (891)
At the end of the year – – – –
Pursuant to an ordinary resolution passed in the annual general meeting of the Company held on July 22, 2011, the series A
cumulative convertible preferred shares were cancelled from the existing authorized share capital of the Company.
(a) Long-term incentive program
A performance-related long-term incentive program was approved on May 26, 2005 for the purpose of rewarding and
motivatingdirectors,executivesandtop-performingemployeesoftheCompanyanditssubsidiaries(the“Participants”).
The long-term incentive program is designed to enable the Company to attract and retain the best available personnel,
and encourage and motivate Participants to work towards enhancing the value of the Company and its shares by
aligning their interests with those of the shareholders of the Company.
The Company also approved a share-based compensation package for non-executive directors.
Under the long-term incentive program, the Company may grant awards, at its discretion, using any of the two types of
equity-based compensation: (i) share appreciation rights and (ii) restricted share units, which are described below:
(i) Share Appreciation Rights (“SARs”)
An SAR entitles the holder to receive the appreciation in value of the Company’s share price above a
predetermined level.
(ii) Restricted Share Units (“RSUs”)
An RSU is equal to the value of one ordinary share of the Company. Once vested, an RSU is converted to an
ordinary share.
Under the two types of compensation, the Company reserves the right, at its discretion, to pay the award in cash or
ordinary shares of the Company.