Lenovo 2016 Annual Report Download - page 227

225
2015/16 Annual Report Lenovo Group Limited
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.
2016
Number of
outstanding
share options
2015
Number of
outstanding
share options
At the beginning of the year –31,487,601
Exercised during the year (ii) –(1,172,000)
Lapsed during the year (iii) –(30,315,601)
At the end of the year ––
(i) No share options were granted or cancelled by the Company during the years ended March 31, 2016 and
2015.
(ii) Details of share options exercised during the year ended March 31, 2015 are as follows:
Exercise date
(MM.DD.YYYY)
Exercise price
HK$
Market value
per ordinary share
at exercise date
HK$
Number of share
options exercised
Gross proceeds
received
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