Yinson Annual Report 2019

103 Yinson Group Overview Strategy and Sustainability Governance Accountability Annual General Meeting ISSUE OF SHARES AND DEBENTURES During the financial year, the Company increased its issued and paid-up ordinary share capital from 1,092,808,440 to 1,093,245,873 by way of issuance of 437,433 new ordinary shares arising from the exercise of options under Employees’ Share Scheme at the exercise price of RM2.80 per ordinary share. The new ordinary shares issued rank pari passu in all respects with the existing ordinary shares of the Company. There was no new debenture issued during the financial year. TREASURY SHARES During the financial year ended 31 January 2019, the Company repurchased 7,318,500 of its issued share from open market on Bursa Malaysia Securities Berhad (“Bursa Malaysia”) for total consideration paid of RM31,196,031, including transaction costs. The average price paid for the shares repurchased was approximately RM4.26 per share and was financed by internally generated funds. The shares repurchased are being held as treasury shares in accordance to Section 127(4) of the Companies Act 2016. Details of the treasury shares are set out in Note 28 to the financial statements. EMPLOYEES’ SHARE SCHEME On 3 November 2015, the Company obtained all required approvals and complied with the requirements pertaining to the establishment of Employees’ Share Scheme (“ESS”). On 25 January 2018, the Board of Directors resolved to extend the ESS tenure for additional five (5) years till 2 November 2025 in accordance with the terms of the ESS By-Laws. The Company had issued two offers of options with total of 4,000,000 and 6,048,000 options on 23 December 2016 and 30 March 2018 respectively to eligible employees of the Group, including Executive Directors of the Company with 3 vesting periods. The options for unissued share are exercisable at RM2.80 per share and RM3.65 per share respectively in 3 tranches upon fulfilling the vesting condition and shall expire on 2 November 2020 and 30 March 2022 respectively. During the financial year ended 31 January 2019, 1,520,000 new options were granted to Directors and Group Chief Executive Officer (including options allocated to person connected to them). Details of options held by Directors and Group Chief Executive Officer are disclosed in page 105 to the financial statements. The aggregate maximum number of options granted to the Directors and Senior Management shall not be more than 80% of the total options offered. During the financial year ended 31 January 2019, 47.9% of the options offered under the second offer were allotted to the Directors and Senior Management of the Company. Since commencement of the ESS to financial year ended 31 January 2019, 45.2% of the total options offered were allotted to the Directors and Senior Management of the Company. Subsequent to the financial year end, the Company has made the third offer of options to eligible Executive Directors and employees of the Company. The details are disclosed in Note 48 to the financial statements. The salient features and other terms of the ESS are disclosed in Note 29 to the financial statements.