Annual Report 2015
95
REPORT OF THE DIRECTORS
DIRECTORS’ INTERESTS IN SHARES, UNDERLYING SHARES AND DEBENTURES
(continued)
(B) Long position in underlying shares – share options
(continued)
Share Option Scheme of New World Department Store China Limited (“NWDS”)
On 12 June 2007, NWDS adopted a share option scheme (the “NWDS Share Option Scheme”). Under the NWDS
Share Option Scheme, the directors of NWDS may at their discretion grant options to any eligible participant (as
explained hereinafter) to subscribe for shares in NWDS.
Summary of the NWDS Share Option Scheme disclosed in accordance with the Listing Rules is as follows:
NWDS Share Option Scheme
Purpose of the scheme
The purpose of the NWDS Share Option Scheme is to attract
and retain the best available personnel and to provide additional
incentives to employees, directors, consultants, business associates
and advisers of NWDS to promote the success of NWDS and its
subsidiaries (“NWDS Group”).
Participants of the scheme
The directors of NWDS may offer any employee (whether full-time
or part-time), director, consultant, business associate or adviser of
NWDS Group options to subscribe for shares of NWDS at a price
calculated in accordance with the terms of the NWDS Share Option
Scheme.
Total number of shares available for issue
under the scheme and percentage of
issued share capital of NWDS as at the
date of this annual report
No share option has been granted during the year under the NWDS
Share Option Scheme up to the date of this report.
NWDS may grant share options to subscribe for 162,520,000 shares
of NWDS, representing approximately 9.64% of the issued share
capital of NWDS as at the date of this report.
Maximum entitlement of each participant
under the scheme
Unless approved by shareholders of NWDS in the manner as set
out in the NWDS Share Option Scheme, the total number of shares
of NWDS issued and to be issued upon exercise of the options
granted to each eligible person (including both exercised, cancelled
and outstanding options) in any 12-month period must not exceed
1.0% of the relevant class of securities of NWDS in issue.
The period within which the shares must
be taken up under an option
A period to commence not less than one year and not to exceed 10
years from the date of grant of options.
The minimum period for which an option
must be held before it can be exercised
Not less than one year upon the grant of options by the directors of
NWDS.
The amount payable on application or
acceptance of the option and the period
within which payments or calls must or
may be made or loans for such purposes
must be paid
The amount payable for the acceptance of an option shall be the
sum of HK$1.0 which shall be paid upon acceptance of the offer
of such option. An offer of an option must be made by NWDS in
writing on a business day and accepted in writing by the participant
in such manner as the board of directors of NWDS may prescribe
within 21 calendar days (from and including the date of the offer by
NWDS) of the same being made and if not so accepted such offer
shall lapse.
The basis of determining the exercise
price
The exercise price is determined by the directors of NWDS and
shall be not less than the higher of (i) the closing price of the
shares as stated in the HKEx’s daily quotations sheet on the date
of grant of option; (ii) the average closing price of the shares as
stated in the HKEx’s daily quotations sheets for the five business
days immediately preceding the date of grant of option; and (iii) the
nominal value of the shares.
The remaining life of the scheme
The NWDS Share Option Scheme shall be valid and effective for
a period not to exceed 10 years from the date of adoption, i.e.
12 June 2007.
During the year ended 30 June 2015, no share option of NWDS has been granted under the NWDS Share Option
Scheme.
