Vtech 2008 Annual Report Download - page 46

NOTES TO THE FINANCIAL STATEMENTS
VTech Holdings Ltd Annual Report 2008
44
17 SHARE CAPITAL AND SHARE OPTIONS
(a) Share Capital
2008 2007
US$ million US$ million
Authorised
Ordinary shares:
400,000,000 (2007: 400,000,000) of US$0.05 each 20.0 20.0
2008 2008 2007 2007
No. of shares US$ million No. of shares US$ million
Issued and fully paid
Ordinary shares of US$0.05 each:
Balance as at 1st April 239,112,133 11.9 238,773,133 11.9
Issued shares upon exercise of share options 3,465,000 0.2 339,000 –
Balance as at 31st March 242,577,133 12.1 239,112,133 11.9
Note: Subsequent to the balance sheet date and up to 3rd July 2008, the issued and fully paid share capital of the Company was increased to 243,500,133
ordinary shares upon the exercise of 923,000 share options.
(b) 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 adoption of the
2001 Scheme, to grant options to full time employees of the
Company or subsidiaries of the Group, including executive
directors (but excluding non-executive directors) or any other
person who devotes substantially all of his time and e orts
to the business, management and operation of the Company
and/or any subsidiary of the Group to subscribe for shares in
the Company at prices to be determined by the directors in
accordance with the requirements of the Listing Rules.
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 speci cally identi 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. Subject to the further
restrictions in the Hong Kong Listing Rules concerning grant of
options to substantial shareholders, 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 o er of a grant of options may be accepted
within 30 days from the date of o er, 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.