Cathay Pacific 2000 Annual Report Download - page 31

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CATHAY PACIFIC AIRWAYS LIMITED ANNUAL REPORT 2000 29
Fixed assets
Movements of fixed assets are shown in note 11 to the accounts. Details of aircraft acquisitions and
disposals are set out on page 9.
Bank and other borrowings
The net bank loans, overdrafts and other borrowings, including obligations under finance leases, of
the Company and its subsidiary companies are shown in notes 16 and 20 to the accounts.
Share capital
During the year under review, the Company made the following purchases of its shares on The Stock
Exchange of Hong Kong Limited (“The Stock Exchange”). These purchases were made for the
benefit of the Company and shareholders taking into account relevant factors and circumstances at
the time. All the shares purchased were cancelled.
Month Number Purchased Highest Price Paid Lowest Price Paid Total Paid
HK$ HK$ HK$
April 8,960,000 14.00 11.35 115,592,219
May 5,640,000 14.05 13.30 78,145,816
June 25,000 14.00 14.00 351,220
October 1,200,000 14.00 13.60 16,617,398
November 11,200,000 14.25 13.60 156,421,566
December 6,900,000 14.20 13.40 94,328,882
Total 33,925,000 14.25 11.35 461,457,101
At 31st December 2000, 3,350,621,848 shares were in issue (31st December 1999: 3,384,199,848
shares).
The Company adopted a share option scheme on 10th March 1999, whereby certain flight deck crew
were granted options to subscribe for shares at a price not less than the higher of 80% of the
average of the closing prices of the Company’s shares on The Stock Exchange on the five trading
days immediately preceding the date of grant, and the nominal value of the shares. Options to
subscribe for a total of 67,837,097 shares at a subscription price of HK$7.47 per share were granted
under the share option scheme, of which options to subscribe for 67,490,097 shares were
outstanding as at 31st December 2000. Other than in limited circumstances, the options in relation
to 50% of the shares will become exercisable on 15th March 2002, and the balance on 15th March
2004. The options will, except in limited circumstances, be exercisable until 14th March 2009. An
Extraordinary General Meeting was held on 17th May 2000 to formally ratify certain minor
amendments to the original share option scheme. During the year under review, the Company
issued a total of 347,000 shares for the options exercised and received HK$2,592,090 in total for the
subscription of the shares.
Directors’ Report