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GHL Systems Berhad
(293040-D)
Annual report 2015
Notes to the Financial Statements
31 December 2015 (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
2015
2014
Offer date
RM
RM
3 September 2013
- first tranche
0.23
0.23
3.9.2013 - 2.9.2016
- second tranche
0.23
0.23
3.9.2014 - 2.9.2016
- third tranche
0.23
0.23
3.9.2015 - 2.9.2016
20 June 2014
- first tranche
0.57
0.57
20.6.2014 - 19.6.2017
- second tranche
0.57
0.57
2.1.2016 - 19.6.2017
- third tranche
0.57
0.57
2.1.2017 - 19.6.2017
8 September 2015
- first tranche
0.86
-
8.9.2015 - 2.9.2018
- second tranche
0.86
-
8.9.2016 - 2.9.2018
- third tranche
0.86
-
6.8.2017 - 2.9.2018
Share options exercised during the financial year resulted in the issuance of RM8,257,700 (2014: 8,223,500)
ordinary shares at an average price of RM0.248 (2014: RM0.334) each. The related weighted average
ordinary share price at the date of exercise was RM1.00 (2014: RM0.79).
The fair value of share options granted during the financial year was estimated by 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
8.9.2015 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
8 September 2015
- first tranche
- second tranche
- third tranche
-
0.21
0.16
0.09
0.13
-
-
-
-
-
-
-
Weighted average share price (RM)
0.95
0.95
0.38
Weighted adjusted average exercise price (RM)
0.86
0.57
0.23
Expected volatility (%)
25
25
25
Expected life (years)
3
3
3
Risk free rate (%)
3.29
3.88
3.29
Expected dividend yield (%)
Nil
Nil
Nil