Annual report 2014
135
NOTES TO THE FINANCIAL STATEMENTS
31 December 2014 (continued)
32. EXECUTIVES’ SHARE SCHEME (“ESS”) (continued)
The details of share options outstanding at the end of the reporting period are as follows:
Weighted average
exercise price
Exercise period
2014
2013
Offer date
RM
RM
3 September 2013
- first tranche
0.227
0.34 3.9.2013 - 2.9.2016
- second tranche
0.227
0.34 3.9.2014 - 2.9.2016
- third tranche
0.227
0.34 3.9.2015 - 2.9.2016
20 June 2014
- first tranche
0.574
- 20.6.2014 - 19.6.2017
- second tranche
0.574
- 2.1.2016 - 19.6.2017
- third tranche
0.574
- 2.1.2017 - 19.6.2017
Share options exercised during the financial year resulted in the issuance of 8,223,500 (2013: 2,238,200)
ordinary shares at an average price of RM0.334 (2013: RM0.34) each. The related weighted average
ordinary share price at the date of exercise was RM0.79 (2013: RM0.38).
The fair value of share options granted during the financial year was estimated by an independent
professional valuer using the Trinomial option pricing model, taking into account the terms and conditions
upon which the options were granted. The risk-free rate is based on Malaysian Government Securities
(“MGSs”). The fair value of share options measured at grant date and the assumptions are as follows:
ESS Grant date
20.6.2014 3.9.2013
Fair value of share options at the following grant dates (RM):
3 September 2013
- first tranche
-
0.10
- second tranche
-
0.08
- third tranche
-
0.06
20 June 2014
- first tranche
0.26
-
- second tranche
0.19
-
- third tranche
0.13
-
Weighted average share price (RM)
0.95
0.38
Weighted average exercise price (RM)
0.86
0.34
Expected volatility (%)
25
25
Expected life (years)
3
3
Risk free rate (%)
3.88
3.29
Expected dividend yield (%)
Nil
Nil
