Singapore Airlines 2008 Annual Report Download - page 75

Singapore Airlines Annual Report 2007-08
73
5 Options on Shares in the Company (continued)
(i) Employee Share Option Plan (continued)
At the end of the financial year, options to take up 56,670,796 unissued shares in the Company were outstanding:
Number of options to subscribe for unissued ordinary shares
Balance at
1.4.2007/later Balance at Exercise
Date of grant date of grant Cancelled Exercised 31.3.2008 price * Exercisable period
28.3.2000 9,689,890 (215,460) (4,530,849) 4,943,581 $ 14.84 28.3.2001 – 27.3.2010
3.7.2000 9,784,740 (156,480) (4,459,435) 5,168,825 $ 16.15 3.7.2001 – 2.7.2010
2.7.2001 5,122,617 (118,010) (2,293,989) 2,710,618 $ 11.46 2.7.2002 – 1.7.2011
1.7.2002 7,264,844 (74,920) (3,194,748) 3,995,176 $ 12.32 1.7.2003 – 30.6.2012
1.7.2003 4,989,435 (18,978) (1,984,079) 2,986,378 $ 9.84 1.7.2004 – 30.6.2013
1.7.2004 6,712,907 (46,596) (1,894,171) 4,772,140 $ 10.20 1.7.2005 – 30.6.2014
1.7.2005 12,204,525 (94,574) (3,898,514) 8,211,437 $ 10.78 1.7.2006 – 30.6.2015
3.7.2006 12,569,949 (314,175) (461,308) 11,794,466 $ 12.10 3.7.2007 – 2.7.2016
2.7.2007 12,324,345 (236,170) - 12,088,175 $ 18.22 2.7.2008 – 1.7.2017
80,663,252 (1,275,363) (22,717,093) 56,670,796
* Following approval by the Company’s shareholders of the declaration of a special dividend of $0.50 on 31 July 2007, the Board
Compensation & Industrial Relations Committee approved a reduction of $0.50 in the exercise prices of the share options outstanding
on 2 August 2007. The exercise prices reflected here are the exercise prices after such adjustment.
The details of options granted to and exercised by directors of the Company:
Aggregate Aggregate
options options
granted since exercised since Aggregate
Exercise price commencement commencement options
Options for options of scheme of scheme outstanding
granted during granted during to end of to end of at end of
financial year financial year financial year financial year Options financial year
Name of participant under review under review under review under review lapsed under review
Chew Choon Seng - - 1,194,000 - - 1,194,000
The particulars of options on shares in subsidiary companies are as follows:
(a) Singapore Airport Terminal Services Limited (“SATS”)
The Singapore Airport Terminal Services Limited Employee Share Option Plan (“SATS ESOP”), 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 20 March 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 SATS ESOP in respect of 14,093,000 unissued shares in SATS at an exercise price of $3.06
per share, which was later reduced to $3.01 per share following the approval of a special dividend of $0.05 on
26 July 2007.
REPORT BY THE BOARD OF DIRECTORS