GHL System Berhad Annual Report 2017

ANNUAL REPORT 2017 111 NOTES TO THE FINANCIAL STATEMENTS 31 December 2017 CONT’D 21. SHARE CAPITAL (cont’d) (f) The ESS of the Company came into effect on 30 August 2013. The ESS shall be in force for a period of five (5) years until 29 August 2018 (“the scheme period”). The main features of the ESS are as follows: (cont’d) (iv) The option price of a new ordinary share under the ESS shall be at a discount of not more than ten percent (10%) of the five (5)-days weighted average market price of the shares as quoted in the Daily Official List issued by Bursa Malaysia Securities Berhad immediately preceding the date of offer, or at the par value of the ordinary shares, whichever is higher; (v) Upon exercise of the options, the shares issued rank pari passu in all respects with the then existing ordinary shares of the Company; (vi) The employees and Directors to whom the options have been granted have no right to participate, by virtue of these options, in any ordinary share issue of any other company; and (vii) The option price and the number of ordinary shares comprised in the ESS options are subject to adjustment in the event of any alteration in the capital structure of the Company during the scheme period in accordance with the provisions in the ESS By-Laws (“By-Laws”), subject to the determination by ESS Committee. The details of the options over ordinary shares of the Company are as follows: Number of options over ordinary shares Outstanding as at 1.1.2017 Movements during the financial year Outstanding as at 31.12.2017 Exercisable as at 31.12.2017 Granted Exercised Forfeited 2017 20 June 2014 - second tranche 1,420,001 - (1,420,001) - - - - third tranche 1,499,999 - (1,499,999) - - - 2,920,000 - (2,920,000) - - - Weighted average exercise prices (RM) 0.57 - 0.57 - - - Weighted average remaining contractual life (months) 6 - 8 September 2015 - first tranche 600,000 - (600,000) - - - - second tranche 600,000 - (600,000) - - - - third tranche 600,000 - (600,000) - - - 1,800,000 - (1,800,000) - - - Weighted average exercise prices (RM) 0.86 - 0.86 - - - Weighted average remaining contractual life (months) 20 -