ACCOUNTABILITY | FINANCIAL STATEMENTS 273 NOTES TO THE FINANCIAL STATEMENTS For the financial year ended 31 January 2024 29. SHARE-BASED COMPENSATION PLANS (CONTINUED) (a) Employees’ Share Scheme 2015 (continued) The main features of the Scheme are as follows: (continued) (d) The aggregate maximum number of Scheme Shares that may be allocated to any one category/designation of eligible Director or employee of the Group shall be determined by the NRC provided that: (i) the Directors (including non-executive directors) and senior management do not participate in the deliberation and discussion of their own allocation; (ii) not more than 80% of the Scheme Shares available under the ESS on any date shall be allocated in aggregate to the Directors (including non-executive directors) and senior management of the Group; and (iii) the allocation to any individual eligible Director or employee of who, either singly or collectively through persons connected with the eligible Director or employee, holds twenty percent (20%) or more of the issued and paid-up share capital (excluding treasury shares) of the Company, does not exceed ten percent (10%) of the shares available under the ESS. The fair value of share options granted were determined using the Trinomial valuation model, taking into account the terms and conditions upon which the options were granted. The inputs to the model used were as follows: Grant date 27.2.2019 22.1.2020 28.9.2021 Dividend yield (%) 0.63 - 0.72 1.05 - 1.29 1.13 - 1.14 Expected volatility (%) 22.25 22.79 33.40 Risk-free interest rate (%) 3.59 - 3.76 3.29 - 3.34 2.96 - 3.41 Expected life of option (years) 1.50 - 3.50 1.50 - 3.50 1.50 - 3.50 Share price at date of grant (RM) 4.5 6.23 4.92 Adjusted exercise price of option (RM):* 1.71 2.56 1.99 Fair value of option at date of grant (RM):* - 1st tranche 0.21 0.38 0.40 - 2nd tranche 0.26 0.48 0.51 - 3rd tranche 0.30 0.55 0.60 * Adjusted following the Bonus Issue and Rights Issue. The expected average life of options is based on historical information, which may not necessarily be indicative of the future exercise pattern that may occur. The expected volatility reflects the assumptions based on the historical volatility on the assumptions that this is indicative of future trends which may also not necessarily be the actual outcome.
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