Lenovo 2015 Annual Report Download - page 195

193
2014/15 Annual Report Lenovo Group Limited
NOTES TO THE FINANCIAL STATEMENTS
29 SHARE CAPITAL (continued)
(b) Share options
Under the Company’s employee share option scheme adopted on January 18, 1994 (“Old Option Scheme”), the
Company granted options to employees (including directors) of the Company or its subsidiaries to subscribe for ordinary
shares in the Company, subject to a maximum of 10 percent of the issued share capital of the Company from time to
time. Options granted are exercisable at any time during a period of ten years from the date upon which the option is
accepted. The subscription price of the option shares is the higher of the nominal value of the ordinary shares and an
amount which is 80 percent of the average of the closing prices of the listed ordinary shares on the five trading days
immediately preceding the date on which the offer is made. The Old Option Scheme was terminated on April 26, 2002.
On March 25, 2002, an ordinary resolution approving the adoption of a new share option scheme (“New Option
Scheme”) was passed by shareholders at an extraordinary general meeting of the Company.
Under the New Option Scheme, the Company may grant options to qualified participants as defined in the New Option
Scheme to subscribe for ordinary shares in the Company, subject to a maximum of 10 percent of the issued share
capital of the Company as at the date of adoption of the New Option Scheme. Options granted are exercisable at any
time during a period of ten years from the date upon which the option is accepted. The subscription price of the option
shares is the highest of the closing price of the listed ordinary shares on the date of grant; the average of the closing
prices of the listed ordinary shares for the five trading days immediately preceding the date of grant; and the nominal
value of the ordinary shares.
The New Option Scheme expired on April 26, 2012, and no further options could thereafter be granted under the New
Option Scheme. However, all remaining provisions will remain in full force and effect to govern the exercise of all the
options granted under the New Option Scheme prior to its expiration.
2015 2014
Number of
outstanding
share options
Number of
outstanding
share options
At the beginning of the year 31,487,601 63,939,051
Exercised during the year (ii) (1,172,000) (18,277,450)
Lapsed during the year (iii) (30,315,601) (14,174,000)
At the end of the year (iv) –31,487,601
(i) No share options were granted or cancelled by the Company during the years ended March 31, 2014 and 2015.
(ii) Details of share options exercised during the year ended March 31, 2015 are as follows:
Exercise date
Exercise
price
Market value
per ordinary
share at
exercise date
Number
of share
options
exercised
Gross
proceeds
received
(MM.DD.YYYY) HK$ HK$ HK$
04.01.2014 to 04.25.2014 2.545 8.80-9.48 1,172,000 2,982,740
1,172,000 2,982,740
US$385,000