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| Other information regarding Share Plans is as follows: |
| a. |
Share Option Plan
Under the rules of the Share Option Plan, participants who ceased to be employed by the Group or the associated
company by reason of ill health, injury or disability, redundancy, retirement at or after the legal retirement age,
retirement before the legal retirement age, death, etc., or any other event approved by the Committee, may
be allowed by the Committee to retain their unexercised options. The Committee may determine the number
of shares comprised in that option which may be exercised and the period during which such option shall be
exercisable, being a period not later than the expiry of the exercise period in respect of that option. Such option
may be exercised at any time notwithstanding that the date of exercise of such option falls on a date prior to the
first day of the exercise period in respect of such option.
Other information regarding the Share Option Plan is as follows:
| i. |
The exercise price of the options can be set at market price or a discount to the market price not exceeding
20% of the market price in respect of options granted at the time of grant. Market price is the volume-weighted
average price for the shares on the Singapore Exchange Limited (“Singapore Exchange”) over the
three consecutive trading days prior to grant date of that option. For all options granted to date, the exercise
prices are set at market price. |
| ii. |
After the first 12 months of lock-out period, the Group imposed a further vesting of 4 years for managers and
above for retention purposes. |
| iii. |
In 2009, all options were settled by the issuance of treasury shares. |
| iv. |
The options granted expire after 5 years for non-executive directors and associated company’s employees, and
10 years for the employees of the Group. |
At the end of the year, details of the options granted under the Share Option Plan on unissued ordinary shares of the Company are as follows:
Date of
grant of
options |
Exercise
price
per
share |
Options
outstanding
at Jan 1,
2009 |
Options
exercised |
Options
cancelled /
lapsed/
not
accepted |
Options
outstanding
at Dec 31,
2009 |
Options
exercisable
at Jan 1,
2009 |
Options
exercisable
at Dec 31,
2009 |
Proceeds
on
options
exercised
during
the year
credited
to share
capital
S$'000 |
Exercise
period |
|
|
|
|
|
|
|
|
|
|
26/06/2000 |
S$1.63 |
225,323 |
— |
(36,600) |
188,723 |
225,323 |
188,723 |
— |
27/06/2001 to 26/06/2010 |
24/07/2000 |
S$1.90 |
175,175 |
(27,870) |
(147,305) |
— |
175,175 |
— |
— |
20/05/2001 to 19/05/2009 |
24/07/2000 |
S$1.76 |
34,065 |
(34,065) |
— |
— |
34,065 |
— |
— |
16/09/2001 to 15/09/2009 |
19/04/2001 |
S$1.19 |
169,350 |
(8,000) |
(38,600) |
122,750 |
169,350 |
122,750 |
— |
20/04/2002 to 19/04/2011 |
07/05/2002 |
S$1.23 |
222,125 |
(21,000) |
(12,000) |
189,125 |
222,125 |
189,125 |
— |
08/05/2003 to 07/05/2012 |
17/10/2002 |
S$0.62 |
95,875 |
(1,625) |
(3,000) |
91,250 |
95,875 |
91,250 |
— |
18/10/2003 to 17/10/2012 |
02/06/2003 |
S$0.78 |
116,100 |
(10,875) |
— |
105,225 |
116,100 |
105,225 |
— |
03/06/2004 to 02/06/2013 |
18/11/2003 |
S$0.93 |
157,750 |
(27,625) |
— |
130,125 |
157,750 |
130,125 |
— |
19/11/2004 to 18/11/2013 |
17/05/2004 |
S$0.99 |
68,750 |
(68,250) |
(500) |
— |
68,750 |
— |
— |
18/05/2005 to 17/05/2009 |
17/05/2004 |
S$0.99 |
611,650 |
(319,375) |
— |
292,275 |
611,650 |
292,275 |
— |
18/05/2005 to 17/05/2014 |
22/11/2004 |
S$1.16 |
88,250 |
(85,750) |
(2,500) |
— |
88,250 |
— |
— |
23/11/2005 to 22/11/2009 |
22/11/2004 |
S$1.16 |
851,900 |
(473,625) |
(2,000) |
376,275 |
851,900 |
376,275 |
— |
23/11/2005 to 22/11/2014 |
01/07/2005 |
S$2.37 |
105,000 |
(13,125) |
— |
91,875 |
65,625 |
91,875 |
— |
02/07/2006 to 01/07/2010 |
01/07/2005 |
S$2.37 |
1,683,197 |
(271,495) |
(94,750) |
1,316,952 |
929,572 |
1,316,952 |
— |
02/07/2006 to 01/07/2015 |
21/11/2005 |
S$2.36 |
148,750 |
(13,125) |
— |
135,625 |
100,625 |
135,625 |
— |
22/11/2006 to 21/11/2010 |
21/11/2005 |
S$2.36 |
1,998,870 |
(325,419) |
(123,375) |
1,550,076 |
1,224,870 |
1,550,076 |
— |
22/11/2006 to 21/11/2015 |
09/06/2006 |
S$2.52 |
402,500 |
(17,500) |
— |
385,000 |
175,000 |
271,250 |
— |
10/06/2007 to 09/06/2011 |
09/06/2006 |
S$2.52 |
3,378,950 |
(414,315) |
(222,500) |
2,742,135 |
1,481,700 |
1,955,385 |
— |
10/06/2007 to 09/06/2016 |
|
|
10,533,580 |
(2,133,039) |
(683,130) |
7,717,411 |
6,793,705 |
6,816,911 |
— |
|
Date of
grant of
options |
Exercise
price
per
share |
Options
outstanding
at Jan 1,
2008 |
Options
exercised* |
Options
cancelled /
lapsed /
not
accepted |
Options
outstanding
at Dec 31,
2008 |
Options
exercisable
at Jan 1,
2008 |
Options
exercisable
at Dec 31,
2008 |
Proceeds
on options
exercised
during
the year
credited
to share
capital
S$'000 |
|
Exercise
period |
|
|
|
|
|
|
|
|
|
|
|
26/06/2000 |
S$1.63 |
305,953 |
(3,030) |
(77,600) |
225,323 |
305,953 |
225,323 |
— |
|
27/06/2001 to 26/06/2010 |
24/07/2000 |
S$1.90 |
350,948 |
(115,750) |
(60,023) |
175,175 |
350,948 |
175,175 |
84 |
|
20/05/2001 to 19/05/2009 |
24/07/2000 |
S$1.76 |
39,064 |
— |
(4,999) |
34,065 |
39,064 |
34,065 |
— |
|
16/09/2001 to 15/09/2009 |
19/04/2001 |
S$1.19 |
230,650 |
(6,000) |
(55,300) |
169,350 |
230,650 |
169,350 |
4 |
|
20/04/2002 to 19/04/2011 |
07/05/2002 |
S$1.23 |
294,250 |
(7,875) |
(64,250) |
222,125 |
294,250 |
222,125 |
10 |
|
08/05/2003 to 07/05/2012 |
17/10/2002 |
S$0.62 |
150,625 |
(12,375) |
(42,375) |
95,875 |
150,625 |
95,875 |
5 |
|
18/10/2003 to 17/10/2012 |
02/06/2003 |
S$0.78 |
36,750 |
(23,750) |
(13,000) |
— |
36,750 |
— |
— |
|
03/06/2004 to 02/06/2008 |
02/06/2003 |
S$0.78 |
376,350 |
(185,375) |
(74,875) |
116,100 |
376,350 |
116,100 |
65 |
|
03/06/2004 to 02/06/2013 |
18/11/2003 |
S$0.93 |
63,000 |
(56,250) |
(6,750) |
— |
63,000 |
— |
8
|
|
19/11/2004 to 18/11/2008 |
18/11/2003 |
S$0.93 |
608,875 |
(373,500) |
(77,625) |
157,750 |
608,875 |
157,750 |
198 |
|
19/11/2004 to 18/11/2013 |
17/05/2004 |
S$0.99 |
79,000 |
(10,250) |
— |
68,750 |
32,750 |
68,750 |
107 |
|
18/05/2005 to 17/05/2009 |
17/05/2004 |
S$0.99 |
1,181,427 |
(469,652) |
(100,125) |
611,650 |
464,552 |
611,650 |
— |
|
18/05/2005 to 17/05/2014 |
22/11/2004 |
S$1.16 |
107,250 |
(19,000) |
— |
88,250 |
60,500 |
88,250 |
303 |
|
23/11/2005 to 22/11/2009 |
22/11/2004 |
S$1.16 |
1,494,400 |
(463,875) |
(178,625) |
851,900 |
774,525 |
851,900 |
10 |
|
23/11/2005 to 22/11/2014 |
01/07/2005 |
S$2.37 |
122,500 |
(17,500) |
— |
105,000 |
26,250 |
65,625 |
— |
|
02/07/2006 to 01/07/2010 |
01/07/2005 |
S$2.37 |
2,371,647 |
(577,450) |
(111,000) |
1,683,197 |
736,897 |
929,572 |
589 |
|
02/07/2006 to 01/07/2015 |
21/11/2005 |
S$2.36 |
183,750 |
(35,000) |
— |
148,750 |
70,000 |
100,625 |
21 |
|
22/11/2006 to 21/11/2010 |
21/11/2005 |
S$2.36 |
2,742,320 |
(600,325) |
(143,125) |
1,998,870 |
1,057,820 |
1,224,870 |
966 |
|
22/11/2006 to 21/11/2015 |
09/06/2006 |
S$2.52 |
472,500 |
(70,000) |
— |
402,500 |
78,750 |
175,000 |
— |
|
10/06/2007 to 09/06/2011 |
09/06/2006 |
S$2.52 |
4,299,470 |
(729,020) |
(191,500) |
3,378,950 |
1,233,095 |
1,481,700 |
393 |
|
10/06/2007 to 09/06/2016 |
|
|
15,510,729 |
(3,775,977) |
(1,201,172) |
10,533,580 |
6,991,604 |
6,793,705 |
2,763 |
|
|
* In 2008, 1,568,994 options were settled by the issuance of new shares and the rest by issuance of treasury shares.
At the end of the financial year, details of the options granted under the Share Option Plan on unissued ordinary shares of Sembcorp Marine Ltd are as follows:
Date of
grant of
options |
Exercise
price
per
share |
Options
outstanding
at Jan 1,
2009 |
Options
exercised |
Options
cancelled /
lapsed /
not accepted |
Options
outstanding
at Dec 31,
2009 |
Options
exercisable
at Jan 1,
2009 |
Options
exercisable
at Dec 31,
2009 |
Exercise
period |
|
|
|
|
|
|
|
|
|
08/09/2000 |
S$0.50 |
191,170 |
— |
— |
191,170 |
191,170 |
191,170 |
08/09/2001 to 07/09/2010 |
27/09/2001 |
S$0.47 |
178,710 |
(79,100) |
— |
99,610 |
178,710 |
99,610 |
28/09/2002 to 27/09/2011 |
07/11/2002 |
S$0.64 |
335,700 |
(14,650) |
(12,600) |
308,450 |
335,700 |
308,450 |
08/11/2003 to 07/11/2012 |
08/08/2003 |
S$0.71 |
1,015,270 |
(113,250) |
(23,800) |
878,220 |
1,015,270 |
878,220 |
09/08/2004 to 08/08/2013 |
10/08/2004 |
S$0.74 |
52,500 |
(52,500) |
— |
— |
52,500 |
— |
11/08/2005 to 10/08/2009 |
10/08/2004 |
S$0.74 |
3,586,885 |
(956,607) |
(32,000) |
2,598,278 |
3,586,885 |
2,598,278 |
11/08/2005 to 10/08/2014 |
11/08/2005 |
S$2.11 |
250,250 |
(47,250) |
— |
203,000 |
147,000 |
203,000 |
12/08/2006 to 11/08/2010 |
11/08/2005 |
S$2.11 |
9,703,475 |
(2,589,438) |
(78,250) |
7,035,787 |
5,348,775 |
7,035,787 |
12/08/2006 to 11/08/2015 |
02/10/2006 |
S$2.38 |
649,250 |
(61,250) |
— |
588,000 |
281,750 |
453,250 |
03/10/2007 to 02/10/2011 |
02/10/2006 |
S$2.38 |
9,955,834 |
(1,450,621) |
(169,560) |
8,335,653 |
4,318,857 |
5,774,379 |
03/10/2007 to 02/10/2016 |
|
|
25,919,044 |
(5,364,666) |
(316,210) |
20,238,168 |
15,456,617 |
17,542,144 |
|
Date of
grant of
options |
Exercise
price
per
share |
Options
outstanding
at Jan 1,
2008 |
Options
exercised |
Options
cancelled /
lapsed /
not accepted |
Options
outstanding
at Dec 31,
2008 |
Options
exercisable
at Jan 1,
2008 |
Options
exercisable
at Dec 31,
2008 |
Exercise
period |
|
|
|
|
|
|
|
|
|
08/09/2000 |
S$0.50 |
198,870 |
(7,700) |
— |
191,170 |
198,870 |
191,170 |
08/09/2001 to 07/09/2010 |
27/09/2001 |
S$0.47 |
259,280 |
(80,570) |
— |
178,710 |
259,280 |
178,710 |
28/09/2002 to 27/09/2011 |
07/11/2002 |
S$0.64 |
513,650 |
(177,250) |
(700) |
335,700 |
513,650 |
335,700 |
08/11/2003 to 07/11/2012 |
08/08/2003 |
S$0.71 |
142,800 |
(142,800) |
— |
— |
142,800 |
— |
09/08/2004 to 08/08/2008 |
08/08/2003 |
S$0.71 |
2,130,490 |
(1,106,820) |
(8,400) |
1,015,270 |
2,130,490 |
1,015,270 |
09/08/2004 to 08/08/2013 |
10/08/2004 |
S$0.74 |
430,500 |
(378,000) |
— |
52,500 |
280,000 |
52,500 |
11/08/2005 to 10/08/2009 |
10/08/2004 |
S$0.74 |
6,856,205 |
(3,154,220) |
(115,100) |
3,586,885 |
2,412,955 |
3,586,885 |
11/08/2005 to 10/08/2014 |
11/08/2005 |
S$2.11 |
365,750 |
(115,500) |
— |
250,250 |
134,750 |
147,000 |
12/08/2006 to 11/08/2010 |
11/08/2005 |
S$2.11 |
12,635,335 |
(2,609,460) |
(322,400) |
9,703,475 |
3,582,935 |
5,348,775 |
12/08/2006 to 11/08/2015 |
02/10/2006 |
S$2.38 |
724,500 |
(75,250) |
— |
649,250 |
136,500 |
281,750 |
03/10/2007 to 02/10/2011 |
02/10/2006 |
S$2.38 |
11,319,490 |
(894,585) |
(469,071) |
9,955,834 |
2,388,059 |
4,318,857 |
03/10/2007 to 02/10/2016 |
|
|
35,576,870 |
(8,742,155) |
(915,671) |
25,919,044 |
12,180,289 |
15,456,617 |
|
Except as disclosed above, there were no unissued shares of the Company or its subsidiaries under options granted by the Company or its subsidiaries as at the end of the financial year.
Sembcorp Industries Ltd’s options exercised in 2009 were all settled by way of issuance of treasury shares. Out of
the options exercised in 2008, 1,568,994 ordinary shares were issued at a weighted average share price of S$1.76
per ordinary share. Sembcorp Industries Ltd’s options were exercised on a regular basis throughout the year. The
weighted average share price during the year was S$3.02 (2008: S$3.88).
Sembcorp Marine Ltd’s options exercised in 2009 resulted in 5,364,666 (2008: 8,742,155) ordinary shares being
issued at a weighted average share price of S$1.87 (2008: S$1.34) per ordinary share. Sembcorp Marine Ltd’s
options were exercised on a regular basis throughout the year. The weighted average share price during the year
was S$2.67 (2008: S$3.33).
Fair Value of Share Options
The fair value of services received is measured by reference to the fair value of share options granted. |
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