Annual Report 2016
103
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
shares 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 total number of issued
shares 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 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
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 2016, no share option of NWDS has been granted under the NWDS Share Option Scheme.
