Annual Report 2016 - page 108

New World Development Company Limited
94
Report of the Directors
The Scheme
Total number of shares available for issue
under the scheme and percentage of issued
shares as at the date of this annual report
The Company had granted 425,987,928 shares of the Company under the
Scheme up to the date of this report.
The total number of shares available for issue under the Scheme is
165,099,042 representing approximately 1.76% of the Company’s total
number of issued shares as at the date of this report.
Maximum entitlement of each participant
under the scheme
Unless approved by shareholders of the Company, the total number of
shares issued and to be issued upon exercise of the share options granted
to each eligible participant (including both exercised and outstanding
options) in any 12-month period must not exceed 1.0% of the total number
of shares of the Company in issue.
The period within which the shares must be
taken up under an option
A period to be specified by the Directors 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
Any period as determined by the Directors.
The amoun t pa y ab l e on app l i ca t i on o r
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
HK$10.0 is to be paid as consideration for the grant of option within 14
days from the date of offer.
The basis of determining the exercise price
The exercise price is determined by the Directors which must be at least
the higher of (i) the closing price of the shares on the HKEx as stated in
the HKEx’s daily quotations sheets on the date of grant, which must be a
dealing day; and (ii) the average closing price of the shares as stated in
the HKEx’s daily quotation sheets for the five dealing days immediately
preceding the date of grant.
The remaining life of the scheme
The Scheme shall be valid and effective for a period of 10 years from the
date of adoption, i.e. 24 November 2006.
Directors’ Interests in Shares, Underlying Shares and Debentures
(continued)
(B) Long Position in Underlying Shares — Share Options
(continued)
Share Option Scheme of the Company
(continued)
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