Vtech 2007 Annual Report Download - page 48

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Notes to the Financial Statements
VTech Holdings Ltd
Annual Report 2007
46
16 SHARE CAPITAL, SHARE OPTIONS AND WARRANTS
Share Capital
2007 2006
US$ million US$ million
Authorised
Ordinary shares:
400,000,000 (2006: 400,000,000) of US$0.05 each 20.0 20.0
2007 2007 2006 2006
No. of shares US$ million No. of shares US$ million
Issued and fully paid
Ordinary shares of US$0.05 each:
Balance as at 1st April 238,773,133 11.9 225,627,133 11.3
Issued shares upon exercise of share options 339,000 – 10,146,000 0.5
Issued shares upon exercise of warrants – – 3,000,000 0.1
Balance as at 31st March 239,112,133 11.9 238,773,133 11.9
Note: Subsequent to the balance sheet date and up to 20th June 2007, the issued and fully paid share capital of the Company was increased to
240,412,133 ordinary shares upon the exercise of 1,300,000 share options since April 2007.
Share Options
Pursuant to the share option scheme adopted on 10th August
2001 (the “2001 Scheme”), the directors are authorised, at
any time during the 10 years from the date of approval of the
2001 Scheme, to grant options to certain employees of the
Company or subsidiaries of the Group, including executive
directors (but excluding non-executive directors) to subscribe
for shares in the Company at prices to be determined by the
directors in accordance with the terms of the 2001 Scheme.
Pursuant to Chapter 17 of the Listing Rules, the Company can
issue options so that number of shares that may be issued
upon exercise of all options to be granted under the schemes
does not in aggregate exceed 10% of the relevant class of
shares in issue from time to time. The Company may renew
this limit at any time, subject to shareholders’ approval and
the issue of a circular. The Company may also seek separate
shareholders’ approval for granting options beyond the
10% limit to eligible employees specifi cally identifi ed by the
Company, subject to shareholders’ approval and the issue
of a circular. The Company can issue options so that shares
to be issued upon exercise of all outstanding options does
not exceed 30% of the relevant class of shares in issue from
time to time. The maximum entitlement for any one eligible
employee is that the total number of shares issued and to be
issued upon exercise of options granted and to be granted
in any 12-month period up to the date of the last grant does
not exceed 1% of the relevant class of shares in issue. The
Company can grant further options in excess of this limit,
subject to shareholders’ approval (with that eligible employee
and his associates abstaining from voting) and the issue of
a circular. The offer of a grant of options may be accepted
within 30 days from the date of offer, upon payment of a
non-refundable sum of HK$1.0 by the grantee. The 2001
Scheme has a life of 10 years and will expire on 9th August 2011.
12bVtechNotes(E).indd46 2007/7/511:37:52PM