Vtech 2007 Annual Report Download - page 29

VTech Holdings Ltd
Annual Report 2007 27
SUBSTANTIAL SHAREHOLDINGS (continued)
Save as disclosed above, the Company has not been notifi ed
by any person (other than the directors or chief executive of
the Company) who had interests or short positions in shares,
underlying shares and debentures of the Company as at
31st March 2007 which were required to be disclosed to the
Company under Part XV of the SFO, or which were recorded
in the register required to be kept by Company under Section
336 of the SFO or which were required to be notifi ed pursuant
to Rule 5 of DTR of the FSA.
PUBLIC FLOAT
Based on the information publicly available, the Company has
maintained at least 25% of the total issued share capital of
the Company to be held by the public at all times during the
year ended 31st March 2007 and up to the date of this report.
MANAGEMENT CONTRACTS
No contracts concerning the management and administration
of the whole or any substantial part of the business of the
Company were entered into or existed during the year.
SECURITIES PURCHASE ARRANGEMENTS
At the annual general meeting held on 11th August 2006,
shareholders renewed the approval of a general mandate
authorizing the directors to effect repurchases of the
Company’s own shares up to a limit of 10% of the shares in
issue as at that date.
PURCHASE, SALE OR REDEMPTION OF
LISTED SHARES
The Company has not redeemed any of its shares during the
year. Neither the Company nor any of its subsidiaries has
purchased or sold any of the Company’s shares during the year.
MAJOR CUSTOMERS AND SUPPLIERS
For the year ended 31st March 2007, the aggregate
amount of purchases attributable to the Group’s fi ve largest
suppliers represented less than 30% of the Group’s total
value of purchases. The Group’s largest customer accounted
for approximately 18.2% of the Group revenue and the
Group’s fi ve largest customers in aggregate accounted for
approximately 39.5% of the Group revenue during the year.
None of the directors, their associates or any shareholder
(who, to the knowledge of the directors, owns more than
5% of the Company’s share capital) had an interest in the
customers and the suppliers noted above.
PRE-EMPTIVE RIGHTS
There is no provision for pre-emptive rights under the Bye-laws
of the Company and there are no statutory restrictions against
such rights under the laws of Bermuda in which the Company
is incorporated.
SHARE OPTION SCHEME
The Company operates share option scheme for the purposes
of providing incentives and rewards to eligible participants
who contribute to the success of the Group’s operations.
Eligible participants of these share option schemes include
executive directors and employees of the Company and its
subsidiaries. On 10th August 2001, the Company adopted a
share option scheme (the “2001 Scheme”) under which the
directors may, at their discretion, at any time during the
10 years from the date of adoption of the 2001 Scheme,
invite employees of the Company and any subsidiaries of
the Group, including executive directors (but excluding non-
executive directors) to take up shares of the Company in
accordance with the terms of the 2001 Scheme.
Details of the 2001 Scheme are set out in note 16 to the
fi nancial statements.
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