Yinson Annual Report 2021

181 ANNUAL REPORT 2021 Issue of shares and debentures During the financial year, the Company increased its issued and paid-up ordinary share capital from1,094,745,473 to 1,099,519,073 by way of issuance of 4,773,600 new ordinary shares arising from the exercise of options under the Employees' Share Scheme at the exercise price of RM2.80, RM3.65 and RM4.00 per ordinary share as shown in Note 29(a). The new ordinary shares issued rank pari passu in all respects with the existing ordinary shares of the Company. There were no new debentures issued during the financial year. Treasury shares During the financial year ended 31 January 2021, the Company repurchased 9,300,900 of its issued shares from the open market on Bursa Malaysia Securities Berhad ("Bursa Malaysia") for a total consideration paid of RM49,308,999, including transaction costs. The average price paid for the shares repurchased was approximately RM5.30 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 four offers of options with total of 4,000,000, 6,048,000, 9,000,000 and 3,740,000 options on 23 December 2016, 30 March 2018, 27 February 2019 and 22 January 2020 respectively to eligible employees of the Group, including Executive Directors of the Company with 3 vesting periods. The options for unissued shares are exercisable at RM2.80 per share, RM3.65 per share, RM4.00 per share and RM6.00 per share respectively in 3 tranches upon fulfilling the vesting condition and shall expire on 2 November 2020, 30 March 2022, 27 February 2023 and 22 January 2024 respectively. During the financial year ended 31 January 2021, there were no new options 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 184 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 Scheme Shares available under the ESS. Since commencement of the ESS to financial year ended 31 January 2021, 53.49% of the total options offered were allotted to the Directors and Senior Management of the Company. The salient features and other terms of the ESS are disclosed in Note 29(a) to the financial statements. DIRECTORS' REPORT (CONT’D)