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NOTES TO THE FINANCIAL STATEMENTS
31 March 2010
29. SHARE CAPITAL (continued)
Shares (continued)
Notes: (continued)
(b)
(c)
During the year ended 31 March 2009, the Company
repurchased 754,000 of its ordinary shares HK$0.05 each
in nominal value from the market at a total consideration
of approximately HK$3,989,000 (including expenses of
HK$14,000). These repurchased ordinary shares were
subsequently cancelled by the Company and the share premium
of HK$3,951,000 has been debited to the share premium
account of the Company. In addition, the Company also
transferred HK$38,000, which is equivalent to the nominal value
of these repurchased shares, from retained profits to the capital
redemption reserve as set out in note 31(b) to the financial
statements.
The subscription rights attaching to 5,800,000 share options
and 1,597,000 share options were exercised at the subscription
price of HK$4.97 per share and HK$5.60 per share (note
30), respectively, resulting in the issue of 7,397,000 ordinary
shares of HK$0.05 each in nominal value each for a total
cash consideration, before expenses, of approximately
HK$37,769,000.
Share options
Details of the Company’s share option scheme and the
share options issued under the scheme are included in
note 30 to the financial statements.
30. SHARE OPTION SCHEME
The Company operates a share option scheme (the
“Scheme”), in compliance with the requirements of
Chapter 17 of the Listing Rules, for the purpose of
providing incentives and rewards to eligible participants
who contribute to the success of the Group’s operations.
Eligible participants of the Scheme include the Company’s
directors, including independent non-executive directors,
and other employees of the Group. The Scheme became
effective on 28 August 2002 and will remain in force for
10 years from that date.
The maximum number of share options permitted to be
granted under the Scheme was an amount equivalent,
upon their exercise, to 10% of the shares of the Company
in issue at any time. The maximum number of shares
issuable under share options to each eligible participant
in the Scheme within any 12-month period is limited to
1% of the shares of the Company in issue at any time.
Any further grant of share options in excess of this limit is
subject to shareholders’ approval in a general meeting.
29.
(b)
(c)
3,989,000
14,0000.05
754,000
3,951,000
38,000
31(b)
5,800,0001,597,000
4.975.60
30)7,397,000
0.05
37,769,000
30
30.
17
10%
1%
TEXWINCA HOLDINGS LIMITED ANNUAL REPORT 2010
103