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Glorious Property
Annual Report 2011
Report of the Directors
(Continued)
Share Option Schemes (Continued)
Particulars of the Company’s Pre-IPO Share Option Scheme and Share Option Scheme are set out in note 39 to the
consolidated financial statements. The following table discloses details of the Company’s outstanding share options held
by the Directors and certain employees of the Company under the Pre-IPO Share Option Scheme and its movement
during the year ended 31 December 2011:
Number of underlying shares comprised in share options
Date of grant
Balance
as at
01/01/2011
Granted
during
the year
Exercised
during
the year
Cancelled
during
the year
Lapsed
during
the year
Re-
classified
Balance
as at
31/12/2011
Exercise
price per
share
HK$
Exercise
period
Category 1:
Directors
Mr. ZHANG Zhi Rong
09/09/2009
15,000,000
—
—
—
—
— 15,000,000
1.76 Note 1
Mr. DING Xiang Yang
09/09/2009
15,000,000
—
—
—
—
— 15,000,000
1.76 Note 1
Mr. CHENG Li Xiong
09/09/2009
15,000,000
—
—
—
—
— 15,000,000
1.76 Note 1
Mr. LIU Ning
09/09/2009
5,000,000
—
—
—
—
— 5,000,000
1.76 Note 1
Mr. XIA Jing Hua
09/09/2009
5,000,000
—
—
—
—
— 5,000,000
1.76 Note 1
Mr. LI Xiao Bin (Note 2)
09/09/2009
5,000,000
—
—
—
— (5,000,000)
— 1.76 Note 1
Mr. YAN Zhi Rong
09/09/2009
5,000,000
—
—
—
—
— 5,000,000
1.76 Note 1
65,000,000
—
—
—
— (5,000,000) 60,000,000
Category 2:
Senior Management and other
Employees (in aggregate)
09/09/2009
13,000,000
—
—
—
— 5,000,000 18,000,000
1.76 Note 1
Total:
78,000,000
—
—
—
—
— 78,000,000
Note 1:
Each of the grantees to whom the options have been granted under the Pre-IPO Share Option Scheme is entitled to exercise:
(i)
up to 20% of the shares that are subject to the options granted to the relevant grantee (rounded down to the nearest whole number of shares) at
any time during the period commencing on 2 October 2009 (the “Listing Date”) and ending on the first anniversary of the Listing Date;
(ii) up to 40% of the shares that are subject to the options granted to the relevant grantee less the number of shares in respect of which the options
have been exercised by the grantee (rounded down to the nearest whole number of shares) at any time during the period commencing on the
expiry of the first anniversary of the Listing Date and ending on the second anniversary of the Listing Date;
(iii) up to 60% of the shares that are subject to the options granted to the relevant grantee less the number of shares in respect of which the options
have been exercised by the grantee (rounded down to the nearest whole number of shares) at any time during the period commencing on the
expiry of the second anniversary of the Listing Date and ending on the third anniversary of the Listing Date;
(iv) up to 80% of the shares that are subject to the options granted to the relevant grantee less the number of shares in respect of which the options
have been exercised by the grantee (rounded down to the nearest whole number of shares) at any time during the period commencing on the
expiry of the third anniversary of the Listing Date and ending on the fourth anniversary of the Listing Date;
(v) such number of shares subject to the options granted to the relevant grantee less the number of shares in respect of which the options have been
exercised by the grantee (rounded down to the nearest whole number of shares) at any time during the period commencing on the expiry of the
fourth anniversary of the Listing Date and ending on 8 September 2019.
Note 2:
Mr. Li Xiao Bin retired as an executive director of the Company by rotation at the AGM held on 20 May 2011 and did not offer himself for re-election.
Pre-emptive Rights
There is no provision for pre-emptive rights under the articles of association of the Company or the relevant laws of the
Cayman Islands which would oblige the Company to offer new shares on a pro rata basis to existing shareholders.