GHL System Berhad Annual Report 2018

G H L S y s t e m S B e r h a d ( 2 9 3 0 4 0 - D ) 60 D I RECTORS ' rEPORT C O N T ’ D REPURCHASE OF OWN SHARES (cont’d) (c) the Directors of the Company may decide to: (i) retain the shares purchased as treasury shares for distribution as dividend to the shareholders; and/or (ii) resale on the market of Bursa Securities and/or for cancellation subsequently; and/or (iii) cancel the shares so purchased; and/or (iv) retain part of the shares so purchased as treasury shares and cancel the remainder. The Company has the right to retain, cancel, resell the shares it purchased and/or distribute these shares as dividends. As treasury shares, the rights attached to them as to voting, dividends and participation in any other distributions or otherwise are suspended. Of the total 737,984,933 (2017: 659,444,992) issued and fully paid ordinary shares as at 31 December 2018, 678,601 ordinary shares amounting to RM305,847 are held as treasury shares by the Company as at 31 December 2017. During the financial year, the Company had completed the resale of treasury shares of 678,601 (2017: 737,300) units with prices ranging from RM1.60 to RM1.65 (2017: RM1.70 to RM1.73). The number of outstanding ordinary shares in issue after deducting the treasury shares is 737,984,933 (2017: 658,766,391) as at 31 December 2018. EXECUTIVES’ SHARE SCHEME The ESS of the Company came into effect on 30 August 2018. The ESS shall be in force for a period of five (5) years until 29 August 2023 (“the scheme period”). The main features of the ESS are as follows: (a) Eligible executives are those who meet the following criteria: (i) if he has attained the age eighteen (18) years of age and is not an undischarged bankrupt; (ii) if he is employed on a full time basis and is on the payroll of any corporation in the Group and has not served a notice to resign or received a notice of termination; (iii) if his employment has been confirmed in writing; (iv) if he is serving in a specific designation under an employment contract for a fixed duration but not if he is merely employed for a specific project; and (v) if he fulfils any other criteria and/or falls within such category as may be set by ESS Committee from time to time. (b) The maximum number of options to be offered under the ESS based on the issued and paid-up ordinary share capital as at 31 December 2018, excluding treasury shares held, is 110,697,740 (2017: 98,814,959); (c) The options granted may be exercised any time upon the satisfaction of vesting conditions of each tranche; (d) 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 Securities immediately preceding the date of offer, or at the par value of the ordinary shares, whichever is higher;