47
ANNUAL REPORT 2015
SHARE OPTIONS
Haw Par Corporation Group 2002 Share Option Scheme
The 2002 Scheme was approved by members of the Company at an Extraordinary General Meeting held on 22 May 2002.
The extension of the duration of the 2002 Scheme for a further period of 5 years to 2017 was approved by members of the
Company at the Annual General Meeting held on 20 April 2011. The 2002 Scheme is granted to key executives personnel
and directors (including non-executive directors) of the Company and the maximum life-span of exercising the options is
10 years. The exercise price of the options is determined at the average of the last dealt price of the Company’s ordinary
shares as quoted on the Singapore Exchange Securities Trading Limited for five market days immediately preceding the date
of the grant. The options are exercisable beginning on the first anniversary from the date when the options are granted or
the second anniversary if the options are granted at a discount to the market price. Once the options are vested, they are
exercisable for a period of four years. The options may be exercised in full or in part in respect of 1,000 shares or any multiple
thereof, on the payment of the exercise price. The Group has no legal or constructive obligation to repurchase or settle the
options in cash. The share option scheme size shall not exceed 15% of the total number of issued shares of the Company
on the day preceding grant date and exercise prices are allowed to be set at discounts of up to 20% to their market price.
The number of unissued ordinary shares of the Company covered by the options in relation to the 2002 Scheme outstanding
at the end of the financial year was as follows:
Number of unissued shares covered by the options
Balance at
Date of grant
31.12.2015
Exercise price
Exercise period
1.3.2011
63,000
$6.09
1.3.2012 - 29.2.2016
1.3.2012
56,000
$5.95
1.3.2013 - 28.2.2017
4.3.2013
229,000
$7.27
4.3.2014 - 3.3.2018
3.3.2014
472,000
$8.55
3.3.2015 - 1.3.2019
3.3.2015
529,000
$8.58
3.3.2016 - 2.3.2020
1,349,000
In 2015, options to subscribe for 544,000 unissued shares in the Company at the exercise price of $8.58 per share were
granted and 536,000 accepted under the 2002 Scheme. Options in respect of 5,516,000 unissued shares have been granted
and accepted since the adoption of the scheme on 22 May 2002. No options have been granted at a discount to the market
price of shares of the Company. Further information can be found in Note 26 to the financial statements.
During the financial year, options to subscribe for 21,000 unissued shares were cancelled and 169,000 shares were issued by
virtue of the exercise of options. The market price on the dates of exercise ranged from $8.11 to $9.25.
D I R E C TO R S ’ S TAT EME N T
For the financial year ended 31 December 2015
