Vtech 2002 Annual Report Download - page 31

Annual Report 2002 29
Report of the Directors
DIRECTORS’ SERVICE CONTRACTS
None of the directors has a service contract with any company in the Group which is not determinable by the Group within one year without
payment of compensation, other than statutory compensation.
DIRECTORS’ INTERESTS IN SHARES
According to the register of directors’ interests maintained by the Company pursuant to Section 29 of the Securities (Disclosure of Interests)
Ordinance of Hong Kong and the records of notification made to the UK Listing Authority pursuant to Paragraphs 16.13 to 16.17 of the Listing
Rules of the Financial Services Authority in the United Kingdom, as at 31st March 2002, the directors and their associates had the following
interests in the shares of the Company. All of these interests were beneficial:
Number of shares
Name of director Personal interests Family interests Other interests Total
Allan WONG Chi Yun 14,906,830 3,968,683 74,101,153 (i) 92,976,666
Albert LEE Wai Kuen 999,332 ——999,332
Paddy LAW Wai Leung ————
Raymond CH’IEN Kuo Fung ————
William FUNG Kwok Lun 1,045,630 ——1,045,630
Michael TIEN Puk Sun 1,123,000 ——1,123,000
Patrick WANG Shui Chung ————
Note:
(i) The shares were held beneficially as to 65,496,225 by Conquer Rex Limited, as to 1,416,325 by Honorex Limited and as to 7,188,603 by Twin Success Pacific
Limited, which were owned by trusts, the discretionary objects of which were Mr. Allan WONG Chi Yun and members of his family.
During the period from 1st April 2002 to 26th June 2002, there was no change to the above interests.
DIRECTORS’ RIGHTS TO ACQUIRE SHARES
Pursuant to the share option schemes adopted on 24th September 1991 (the “1991 Scheme”) and on 10th August 2001 (the “2001 Scheme”)
respectively, the Company granted share options in favour of certain directors to subscribe for shares of the Company at prices to be determined by the
board of directors in accordance with the terms of the 1991 Scheme and the 2001 Scheme.
According to the register of directors’ interests maintained by the Company pursuant to Section 29 of the Securities (Disclosure of Interests)
Ordinance of Hong Kong and the records of notification made to the UK Listing Authority pursuant to Paragraphs 16.13 to 16.17 of the Listing
Rules of the Financial Services Authority in the United Kingdom, as at 31st March 2002, the directors and their associates had the following
interests in share options of the Company. All of these interests were beneficial:
1st April 2001 31st March 2002
Number of Number of
Name of director Date of grant Exercise price Exercisable period share options share options
Allan WONG Chi Yun 11th March 2002 HK$10.20 11th March 2002 —2,000,000
to 10th March 2012 (i)
Albert LEE Wai Kuen 5th March 2002 HK$10.20 5th March 2002 —1,750,000
to 4th March 2012 (i)
Paddy LAW Wai Leung 1st May 1998 US$2.90 1st May 1998 200,000 (ii) —
to 30th April 2008
5th March 2002 HK$10.20 5th March 2002 —1,750,000
to 4th March 2012 (i)
No options were exercised by any director or lapsed during the year.
Notes:
(i) As one of the conditions of grant, the grantee concerned agreed with the Company that the options granted shall not be exercisable within the period of
36 months from the date on which such options were granted or deemed to be granted and accepted and shall not be exercisable after 60 months from
the date on which such options were granted or deemed to be granted and accepted.
(ii) The outstanding and unexercised 200,000 options at US$2.90 each granted to Mr. Paddy LAW Wai Leung under the share option scheme adopted on
24th September 1991 were all surrendered and cancelled on 5th March 2002.
During the period from 1st April 2002 to 26th June 2002, there was no change to the above interests.
Other than as disclosed above, at no time during the year was the Company or any of its subsidiaries a party to any arrangements to enable the
directors and their associates to acquire benefits by means of the acquisition of shares in or debentures of the Company or any other body corporate.