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VTech Holdings Ltd Annual Report 2009 49
18 SHARE CAPITAL AND SHARE OPTIONS
(a) Share Capital
2009 2008
US$ million US$ million
Authorised
Ordinary shares:
400,000,000 (2008: 400,000,000) of US$0.05 each 20.0 20.0
2009 2009 2008 2008
No. of shares US$ million No. of shares US$ million
Issued and fully paid
Ordinary shares of US$0.05 each:
Balance as at 1st April 242,577,133 12.1 239,112,133 11.9
Issued shares upon exercise of share options 3,275,000 0.2 3,465,000 0.2
Balance as at 31st March 245,852,133 12.3 242,577,133 12.1
(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 efforts 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 specifically
identified 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 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 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.