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56 SIA Annual Report 01/02
Report by the Board of Directors
12 Options on Shares in Subsidiary Companies (continued)
At the end of the financial year, options to take up 47,310,700 unissued shares of $0.10 each in SATS were outstanding:-
Number of unissued ordinary shares of $0.10 each
Balance at
1.4.2001/ Balance at
Date of grant Date of grant Cancelled Exercised 31.3.2002 Exercise price Expiry date
28.3.2000 18,435,900 (285,900) – 18,150,000 $2.50 27.3.2010
3.7.2000 14,016,700 (99,400) – 13,917,300 $2.10 2.7.2010
2.7.2001 15,350,200 (106,800) – 15,243,400 $1.54 1.7.2011
47,802,800 (492,100) – 47,310,700
(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 15,516,700 unissued shares of $0.10 each in SIAEC at an exercise price of
$1.41 per share.
At the end of the financial year, options to take up 44,578,400 unissued shares of $0.10 each in SIAEC were outstanding:-
Number of unissued ordinary shares of $0.10 each
Balance at
1.4.2001/ Balance at
Date of grant Date of grant Cancelled Exercised 31.3.2002 Exercise price Expiry date
28.3.2000 15,204,050 (124,400) – 15,079,650 $2.05 27.3.2010
3.7.2000 14,135,550 (67,800) – 14,067,750 $1.95 2.7.2010
2.7.2001 15,516,700 (85,700) – 15,431,000 $1.41 1.7.2011
44,856,300 (277,900) – 44,578,400
13 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 realize their book value in the ordinary course of business were written
down to an amount which they might be expected so to realize.
(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.