Full Report - Fraser and Neave Limited

DIRECTORS’ REPORT
5. SHARE OPTIONS (cont’d)
Statutory and other information regarding the Options (cont’d)
(iii) Options expire 119 months after the Offer Date unless an option has previously lapsed by reason of the
resignation of the grantee from employment with the group after the grant of an option and before
its exercise.
(iv) The number of shares which may be acquired by a grantee and the Exercise Price are subject to
adjustment, as confirmed by the auditors of the Company that such adjustment is fair and reasonable,
by reason of any issue of additional shares in the Company by way of rights or capitalisation of profits
or reserves, or repayment and reduction of capital, made while an option remains unexercised.
(v) The persons to whom the options have been issued have no right to participate by virtue of the options
in any share issue of any other company.
(b) Share Options pursuant to the Asia Pacific Breweries Limited Executives’ Share Option Scheme
(“APBL Scheme”)
The APBL Scheme expired in July 2004 but options already granted under that Scheme remains exercisable
until the end of the relevant Option period. The Phantom Share Option Plan approved by the Remuneration
Committee of APBL on 24 September 2004 and endorsed by the APBL Board succeeded the APBL Scheme.
Information pertaining to outstanding Options
At the end of the financial year, 206,069 unissued ordinary shares of APBL were under options granted
pursuant to the APBL Scheme. Details of the options to subscribe for ordinary shares in the capital of APBL
granted to executives pursuant to the APBL Scheme are as follows:
Balance Balance
as at Options Options as at Exercise
Options Offer Date 1.10.2005 Lapsed # Exercised 30.9.2006 Price Exercise Period
1999 23.12.1998 12,379 – (6,100) 6,279 $3.61 22.09.2001 – 21.11.2008
2000 22.12.1999 17,820 – (9,980) 7,840 $4.28 21.09.2002 – 20.11.2009
2001 20.12.2000 53,700 – (38,750) 14,950 $3.91 19.09.2003 – 18.11.2010
2002 08.10.2001 140,625 – (134,975) 5,650 $3.79 08.07.2004 – 07.09.2011
2003 15.10.2002 636,950 – (599,850) 37,100 $4.79 15.07.2005 – 14.09.2012
2004 08.10.2003 1,031,525 (30,625) (866,650) 134,250 $6.29 08.07.2006 – 07.09.2013
# lapsed due to resignation
1,892,999 (30,625) (1,656,305) 206,069
Statutory and other information regarding the APBL Options
The statutory and other information provided above at paragraph 5(a), sub-paragraphs (i) to (v) inclusive in
respect of the Fraser and Neave, Limited Executives’ Share Option Scheme, applies also to the APBL options.
Fraser and Neave, Limited & Subsidiary Companies Annual Report 2006 77