NOTES TO THE FINANCIAL STATEMENTS
For the financial year ended 31 December 2014
Financial Statements
129
Annual Report 2014
30.
Share capital
Issued share capital
No. of ordinary
shares
Amount
’000
$’000
2014
Beginning and end of financial year
2,239,245
270,608
2013
Beginning and end of financial year
2,239,245
270,608
All issued shares are fully paid. There is no par value for these ordinary shares.
Fully paid ordinary shares carry one vote per share and carry a right to dividends as and when declared by
the Company.
Share options
The COSCO Group Employees’ Share Option Scheme 2002 (the “Scheme 2002”) was approved by
members of the Company at an Extraordinary General Meeting on 8 May 2002.
Under the Scheme 2002, share options to subscribe for the ordinary shares of the Company are granted
to directors, key management personnel and employees. The exercise price of the granted options
is determined at the average of the closing prices of the Company’s ordinary shares as quoted on the
Singapore Exchange for the five market days immediately preceding the date of the grant. The options
may be exercised in full or in part in respect of 1,000 shares or a multiple thereof, on the payment of the
exercise price. The persons to whom the options have been issued have no right to participate by virtue of
the options in any share issue of any other company. The Group has no legal or constructive obligation to
repurchase or settle the options in cash.
The aggregate number of shares over which options may be granted on any date, when added to the
number of shares issued and issuable in respect of all options granted under the Scheme, shall not exceed
15% of the issued shares of the Company on the day preceding that date.
Options issued to directors and employees who have been in the service of the Company, subsidiary or
associated company, or the holding corporation for at least one year on or prior to the date of the grant,
may be exercised twelve months after the date of grant but before the end of one hundred and twenty
months. For employees and directors who are in the service of the associated company and non-executive
directors, the options shall expire at the end of sixty months. Options issued at a discount to market price,
may only be exercised two years after the date of the grant.
Options issued to directors and employees who have been in the service of the Company, subsidiary or
associated company, or the holding corporation for at least six months but less than one year on or prior
to the date of grant, may be exercised twenty-four months after the date of the grant but before the end
of one hundred and twenty months. For employees and directors who are in the service of the associated
company and non-executive directors, the options shall expire at the end of sixty months. Options issued
at a discount to market price, may only be exercised three years after the date of the grant.
Particulars of the options granted pursuant to the Scheme 2002 in 2006, 2007 and 2008 known as “2006
Options”, “2007 Options” and “2008 Options” respectively were set out in the Directors’ Report for the
financial years ended 31 December 2006, 31 December 2007 and 31 December 2008 respectively.
