Singapore Airlines 2001 Annual Report Download - page 58

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56 SIA annual report 00/01
13 Options on Shares in Subsidiary Companies (continued)
(b) SIA Engineering Company Limited (SIAEC)
The SIA Engineering Company Limited Employee Share Option Plan, which comprises the Senior Executive Share Option Scheme
and the Employee Share Option Scheme for senior executives and all other employees respectively, was approved on 9 February
2000.
The basis upon which an option may be exercised is identical to that of the Plan implemented by the Company.
During the financial year, in consideration of the payment of $1.00 for each offer accepted, offers of options were granted
pursuant to the share option plan in respect of 14,246,950 unissued shares of $0.10 each in SIAEC at an exercise price of $1.95
per share.
At the end of the financial year, options to take up 29,339,600 unissued shares of $0.10 each in SIAEC were outstanding:-
Number of unissued ordinary shares of $0.10 each
Balance at
1.4.2000/ Balance at
Date of grant Date of grant Cancelled Exercised Adjustment 31.3.2001 Exercise price Expiry date
28.3.2000 15,337,950 (60,000) – (73,900) 15,204,050 $2.05 27.3.2010
3.7.2000 14,246,950 (27,200) – (84,200) 14,135,550 $1.95 2.7.2010
29,584,900 (87,200) – (158,100) 29,339,600
14 Other Statutory Information
(a) Before the financial statements of the Group and of the Company were made out, the directors took reasonable steps:-
(i) to ascertain that proper action had been taken in relation to the writing-off of bad debts and the making of provision for
doubtful debts and satisfied themselves that all known bad debts had been written-off and that adequate provision had
been made for doubtful debts; and
(ii) to ensure that any current assets which were unlikely to realise their book value in the ordinary course of business were
written down to an amount which they might be expected so to realise.
(b) At the date of this report, the directors are not aware of any circumstances which would render:-
(i) the amount written-off for bad debts or the amount of the provision for doubtful debts inadequate to any substantial
extent; and
(ii) the values attributed to current assets misleading.
(c) At the date of this report, the directors are not aware of any circumstances not otherwise dealt with in the report or financial
statements which would render any amount stated in the financial statements of the Group and of the Company misleading.
(d) As at the date of this report:-
(i) there are no charges on the assets of the Group and of the Company which have arisen since the end of the financial year
to secure the liabilities of any other person; and
(ii) there are no material contingent liabilities which have arisen since the end of the financial year.
(e) No contingent liability or other liability has become enforceable or is likely to become enforceable within the period of twelve
months after the end of the financial year which, in the opinion of the directors, will or may affect the ability of the Company
or its subsidiary companies to meet their obligations as and when they fall due.
(f) In the opinion of the directors, no item, transaction or event of a material and unusual nature has arisen in the interval
between the end of the financial year and the date of this report which is likely to affect substantially the results of the
operations of the Group or of the Company for the financial year in which this report is made.
Report by the Board of Directors