Vtech 2013 Annual Report Download - page 64

62 VTech Holdings Ltd Annual Report 2013
Notes to the Financial Statements
16 Share Capital, Share Options and Share
Purchase Scheme (Continued)
(b) Share Options (Continued)
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 2011 scheme and any other
schemes does not in aggregate exceed 10% of the relevant class of
shares in issue as at the date of adoption of the 2011 Scheme. 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 total number of shares
issued and to be issued upon exercise of options granted and to
be granted to any one eligible employee in any 12-month period
must 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 by the grantee. The period within which the options must be
exercised will be specified by the Company at the time of grant,
and must expire no later than 10 years from the date of grant. The
Company may specify any minimum period(s) for which an option
must be held before it can be exercised. The 2011 Scheme does
not contain any such minimum period. The 2011 Scheme has a life
of 10 years and will expire on 21 July 2021. As at the date of this
Annual Report, the number of shares which may be issued upon
exercise of options to be granted under the 2011 Scheme was
23,095,913 shares, which represented approximately 9.22% of the
issued share capital of the Company. During the financial year and
since the adoption of the 2011 Scheme, no options granted,
exercised, lapsed or cancelled under the 2011 Scheme.
As at the date of this Annual Report, the number of shares issuable under the options granted pursuant to the 2001 Scheme was 726,000
shares, which represented approximately 0.29% of the issued share capital of the Company. The movements in the number of share
options under the 2001 Scheme during the financial year were as follows:
Number of share options
Exercisable period Balance in issue at Exercised Balance in issue at
Date of grant Exercise price (Note 1) 1 April 2012 during the year 31 March 2013
Directors
17 April 2008 HK$41.07 23 April 2010 to 22 April 2012 113,000 (113,000) –
(Note 2)
17 April 2008 HK$41.07 23 April 2011 to 22 April 2013 248,000 (120,000) 128,000
(Note 3)
9 April 2010 HK$85.35 12 April 2012 to 12 April 2014 896,000 (512,000) 384,000
(Note 4)
Employees
9 April 2010 HK$85.35 12 April 2012 to 3 May 2014 486,000 (144,000) 342,000
(Note 5)
1,743,000 (889,000) 854,000
Notes:
(1) The 2001 Scheme does not specify any minimum holding period before the option can be exercised but the Board has the authority to determine the minimum
holding period at the time of grant of any particular option.
(2) An aggregate of 113,000 share options were exercised at the exercise price of HK$41.07 per share during the financial year. The weighted average closing prices
of the shares of the Company immediately before the date on which the options were exercised and at the date of exercise were HK$94.90 per share and
HK$92.30 per share respectively.
(3) An aggregate of 120,000 share options were exercised at the exercise price of HK$41.07 per share during the financial year. The weighted average closing prices
of the shares of the Company immediately before the date on which the options were exercised and at the date of exercise were HK$95.50 per share and
HK$92.35 per share respectively.
(4) An aggregate of 512,000 share options were exercised at the exercise price of HK$85.35 per share during the financial year. The weighted average closing prices
of the shares of the Company immediately before the date on which the options were exercised and at the date of exercise were HK$92.35 per share and
HK$91.30 per share respectively.
(5) An aggregate of 144,000 share options were exercised at the exercise price of HK$85.35 per share during the financial year. The weighted average closing prices
of the shares of the Company immediately before the date on which the options were exercised and at the date of exercise were HK$95.14 per share and
HK$92.88 per share respectively.
(6) No options were granted, lapsed or cancelled during the financial year.
(7) Subsequent to the financial year and up to the date of this Annual Report, an aggregate of 128,000 share options were exercised at the exercise price of
HK$41.07 per share.