Interim Report 2015/2016
OTHER INFORMATION
47
Directors’ Interests in Securities
(continued)
(B) Long position in underlying shares – share options
(continued)
(1) Long position in underlying shares of the Company – share options
(continued)
Share options granted to other eligible participants (continued)
Notes:
(1) Divided into 4 tranches exercisable from 19 March 2012, 19 March 2013, 19 March 2014 and 19 March 2015 respectively to
18 March 2016.
(2) Divided into 4 tranches exercisable from 16 November 2012, 16 November 2013, 16 November 2014 and 16 November 2015
respectively to 15 November 2016.
(3) Divided into 4 tranches exercisable from 22 January 2014, 22 January 2015, 22 January 2016 and 22 January 2017 respectively
to 21 January 2018.
(4) Divided into 4 tranches exercisable from 27 October 2014, 27 October 2015, 27 October 2016 and 27 October 2017
respectively to 26 October 2018.
(5) Divided into 4 tranches exercisable from 7 July 2015, 7 July 2016, 7 July 2017 and 7 July 2018 respectively to 6 July 2019.
(6) The closing price per share immediately before 7 July 2015, the date of grant, was HK$9.72.
(7) The exercise date was 10 July 2015. On the trading date immediately before the exercise date, the closing price per share was
HK$9.24.
(8) The exercise date was 2 July 2015. On the trading date immediately before the exercise date, the closing price per share was
HK$10.14.
(9) The Company declared final dividend for the year ended 30 June 2015 in cash (with scrip option) during the period.
Accordingly, adjustments were made to the number of outstanding share options and the exercise price. The exercise price
per share of the share options granted on 19 March 2012 was adjusted from HK$9.161 to HK$9.152 on 29 December 2015.
The exercise price per share of the share options granted on 16 November 2012 was adjusted from HK$11.249 to HK$11.238
on 29 December 2015. The exercise price per share of the share options granted on 22 January 2014 was adjusted from
HK$9.766 to HK$9.756 on 29 December 2015. The exercise price per share of the share options granted on 27 October 2014
was adjusted from HK$9.495 to HK$9.485 on 29 December 2015. The exercise price per share of the share options granted on
7 July 2015 was adjusted from HK$9.976 to HK$9.966 on 29 December 2015.
(10) The cash consideration paid by each participant for the grant of share options is HK$10.0.
The fair value of the share options granted during the period is estimated at HK$1.574 per share using the
Binomial pricing model. Value is estimated based on the risk-free rate at 0.923% per annum with reference
to the market yield rates of the Hong Kong Government Bond (maturing 30 September 2019) as of the value
date, a historical volatility of 30.98% calculated based on the historical price with period equals to the life of
the options, assuming dividend yield of 3.82% based on the average dividend yield in the past five years and
an expected option life of four years.
The Binomial pricing model requires input of subjective assumptions such as the expected stock price
volatility. Change in the subjective input may materially affect the fair value estimates.
