New World Development Company Limited
98
Report of the Directors
NWCL 2002 Share Option Scheme and
NWCL 2011 Share Option Scheme
The minimum period for which an option
must be held before it can be exercised
One month.
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$10.0 is to be paid as consideration for the grant of option within 28
days from the date of offer.
The basis of determining the exercise price
The exercise price shall be determined by NWCL’s directors, being at least
the higher of:
(a)
the closing price of shares as stated in the HKEx’s daily quotations
sheet on the date of offer, which must be a business day; and
(b)
the average closing price of shares as stated in the HKEx’s daily
quotations sheets for the five business days immediately preceding
the date of offer.
The remaining life of the schemes
The NWCL 2002 Share Option Scheme expired on 26 November 2012. The
NWCL 2011 Share Option Scheme was terminated by the shareholders of
NWCL on 4 August 2016.
Share options granted to Directors
NWCL 2002 Share Option Scheme
Name
Date of grant
Exercisable
period
(Note)
Number of share options
Exercise
price
per share
Balance
as at
1 July 2015
Exercised
during
the year
(3)
Lapsed
during
the year
Balance
as at
30 June
2016
HK$
Dr. Cheng Kar-Shun, Henry 18 January 2011
(1)
2,077,922 (2,077,922)
–
–
3.036
Dr. Cheng Chi-Kong, Adrian 18 January 2011
(2)
935,066
(935,066)
–
–
3.036
Mr. Cheng Kar-Shing, Peter 18 January 2011
(1)
831,169
(831,169)
–
–
3.036
Mr. Lee Luen-Wai, John
18 January 2011
(1)
311,688
(311,688)
–
–
3.036
4,155,845 (4,155,845)
–
–
Notes:
(1)
Divided into 5 tranches exercisable from 19 February 2011, 19 February 2012, 19 February 2013, 19 February 2014 and 19 February
2015, respectively to 18 February 2016.
(2)
Divided into 3 tranches exercisable from 19 February 2013, 19 February 2014 and 19 February 2015, respectively to 18 February 2016.
(3)
The exercise date was 15 January 2016. On the trading date immediately before the exercise date, the closing price per share was
HK$7.59.
(4)
The cash consideration paid by each of the above Directors for each grant of share options is HK$10.0.
Directors’ interests in Shares, Underlying Shares and Debentures
(continued)
(B) Long Position in Underlying Shares — Share Options
(continued)
Share Option Schemes of New World China Land Limited (“NWCL”)
(continued)
