United Energy Group Limited - HKExnews
United Energy Group Limited - HKExnews
United Energy Group Limited - HKExnews
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Annual Report 2009<br />
Notes to the Financial Statements<br />
For the nine months ended 31 December 2009<br />
29. SHARE-BASED PAYMENTS (Continued)<br />
Equity-settled share option scheme (Continued)<br />
Details of the share options outstanding during the period/year are as follows:<br />
At 31 December 2009 At 31 March 2009<br />
Weighted<br />
Weighted<br />
average<br />
average<br />
Number of exercise Number of exercise<br />
share options price share options price<br />
HK$<br />
HK$<br />
Outstanding at the beginning<br />
of the period/year 365,000,000 1.398 275,000,000 1.560<br />
Granted during the period/year – – 330,000,000 0.902<br />
Forfeited during the period/year (10,000,000) (0.902) (240,000,000) (0.902)<br />
Outstanding at the end<br />
of the period/year 355,000,000 1.412 365,000,000 1.398<br />
Exercisable at the end<br />
of the period/year 161,500,000 1.462 82,500,000 1.560<br />
The options outstanding at the end of the period have a weighted average remaining contractual life of 3.03 years<br />
(for the year ended 31 March 2009: 3.79 years) and the exercise prices are ranging from HK$0.902 to HK$1.56<br />
(for the year ended 31 March 2009: HK$0.902 to HK$1.56).<br />
The estimated fair values of the share options granted on 4 December 2007 and 20 May 2008 are determined<br />
using the Black-Scholes model. The respective fair values and significant inputs to the model were as follows:<br />
Share option grant date<br />
20 May 2008 4 December 2007<br />
Fair value at grant date HK$176,913,000 HK$231,400,000<br />
Number of share options granted 330,000,000 275,000,000<br />
Grant date share price HK$0.900 HK$1.49<br />
Exercise price HK$0.902 HK$1.56<br />
Expected volatility 110.71% 105.04%<br />
Risk free rate 1.181% – 1.160% –<br />
2.420% 2.403%<br />
Expected life 1-4 years 1-4 years<br />
Expected volatility was based on the historical volatility of the Company’s share price over the previous 5 years and<br />
1 year for the share options granted on 20 May 2008 and 4 December 2007 respectively. The expected life used<br />
in the model has been adjusted, based on the <strong>Group</strong>’s best estimate, for the effects of non transferability, exercise<br />
restrictions and behavioural considerations.<br />
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