FY 2011 Annual Report - Sheng Siong

34 Sheng Siong Annual Report 2011
Directors’ Report
Directors’ interests (Continued)
Note:
(1) Mr. Lim Hock Chee, Mr. Lim Hock Eng and Mr. Lim Hock Leng (each a “Lim Director”) are siblings and each of them
is a director and shareholder (each holding an equity interest of approximately 33.3%) of Sheng Siong Holdings Pte.
Ltd. (“SS Holdings”). Pursuant to Section 7 of the Companies Act (Cap. 50), each of the Lim Directors is deemed
to be interested in the shares of the Company held by (i) the other Lim Directors (340,800,000 shares); and (ii) SS
Holdings (478,800,000 shares).
Except as disclosed in this report, no director who held office at the end of the financial year had interests in shares,
debentures, warrants or share options of the Company, or of related corporations, either at the date of incorporations
or date of appointment if later, or at the end of the financial year.
There were no changes in any of the above mentioned interests in the Company between the end of the financial year
and 21 January 2012.
Neither at the end of, nor at any time during the financial year, was the Company a party to any arrangement whose
objects are, or one of whose objects is, to enable the directors of the Company to acquire benefits by means of the
acquisition of shares in or debentures of the Company or any other body corporate.
Except for salaries, bonuses and fees and those benefits that are disclosed in this report and in Note 24 to the financial
statements, since the date of incorporation, no director has received or become entitled to receive, a benefit by reason
of a contract made by the Company or a related corporation with the director, or with a firm of which he is a member,
or with a company in which he has a substantial financial interest.
Share options
Sheng Siong Group Ltd. share option scheme (the “Scheme”) was approved by its members at an Extraordinary General
Meeting held on 1 July 2011. The Scheme is administered by the Company’s Remuneration Committee, comprising
three directors, Goh Yeow Tin (Chairman), Jong Voon Hoo and Lee Teck Leng, Robson.
Other information regarding the Scheme is set out below:
• The consideration of each option is S$1.00 and the exercise price (the “Exercise Price”) for each share in
respect of which an option is exercisable shall be determined and fixed by the Remuneration Committee and
shall be equal to the average of the closing prices of the shares of the Company for the past five market days
immediately preceding the relevant date of grant of the option (the “Market Price”).
• The Remuneration Committee may grant options on a yearly basis and any such grants shall be made at least
60 days after the end of the financial year of the Company.
• The period for the exercise (the “Exercise Period”) of an option granted under the Scheme shall be:
a) in the case of an option granted at Market Price (the “Market Price Option”), a period commencing after
the first anniversary of the relevant date of the grant and expiring on the fifth anniversary of such grant
date, or such other period which may from time to time be prescribed under any relevant law, regulation
or rule of the SGX-ST; and