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14 Share Capital (in $ million) (continued)
Included in the authorized share capital are 3,000,000,000 non-tradable redeemable cumulative preference shares
of $0.50 each ($1.00 each prior to the capital reduction), which carry full voting rights ("ASA shares"). When
issued, the ASA shares will be partially paid to $0.01 each and will carry equal voting rights as those of ordinary
shares, whether partially paid or otherwise. These shares will be issued only when the directors determine that the
Company’s operating rights under any of the ASAs are threatened by reason of the nationality of the majority
shareholders.
Share option plans
Under the Singapore Airlines Limited Employee Share Option Plan ("SIA ESOP"), the Singapore Airport Terminal
Services Limited Employee Share Option Plan ("SATS ESOP") and the SIA Engineering Company Limited Employee
Share Option Plan ("SIAEC ESOP"), the Group grant options to senior executives and all other employees. Options
are granted for a term no longer than 10 years from the date of grant. The exercise price of the options will be the
average of the closing prices of the Company’s ordinary shares on the SGX-ST for the five market days immediately
preceding the date of grant.
Under the Employee Share Option Scheme, options will vest two years after the date of grant. Under the Senior
Executive Share Option Scheme, options will vest:
(a) one year after the date of grant for 25% of the ordinary shares subject to the options;
(b) two years after the date of grant for an additional 25% of the ordinary shares subject to the options;
(c) three years after the date of grant for an additional 25% of the ordinary shares subject to the options; and
(d) four years after the date of grant for the remaining 25% of the ordinary shares subject to the options.
Information with respect to the number of options granted under the respective Employee Share Option Plans is
as follows:
SIA ESOP SATS ESOP SIAEC ESOP
2003 2002 2003 2002 2003 2002
Outstanding at 1 April
38,569,920 25,668,300 47,310,700 32,452,600 44,578,400 29,339,600
Granted
13,787,922 13,348,840 15,239,500 15,350,200 16,594,800 15,516,700
Exercised*
(1,000) – – – (437,000) –
Cancelled
(529,920) (447,220) (751,000) (492,100) (435,200) (277,900)
Outstanding at 31 March
51,826,922 38,569,920 61,799,200 47,310,700 60,301,000 44,578,400
Exercisable at 31 March
22,641,036 12,210,541 31,095,500 17,959,200 27,867,861 14,997,511
* Considerations received from share options exercised during the year was:
SIA ESOP SIAEC ESOP
2002-03 2001-02 2002-03 2001-02
Aggregate proceeds from shares issued (in thousand $) 12.0 – 866.7 –
Details of share options granted during the financial year:
SIA ESOP SATS ESOP SIAEC ESOP
2002-03 2001-02 2002-03 2001-02 2002-03 2001-02
Expiry Date 30.6.2012 1.7.2011 30.6.2012 1.7.2011 30.6.2012 1.7.2011
Exercise price $12.82 $11.96 $1.90 $1.54 $2.38 $1.41
84 SIA Annual Report 02/03
Notes to the Financial Statements
31 March 2003