2008 Annual Report - Kenford Group Holdings Limited

More documents

Recommendations

Info

Report of the Directors SHARE OPTION SCHEME (Continued) II) Pre-IPO Share Option Scheme (Continued) (e) the defi nition of the “Eligible Persons” means key executives, senior management and full-time employees of the Enlarged Group (including executive directors of the Enlarged Group); (f) the total number of Shares subject to the Pre-IPO Share Option Scheme is 4,000,000 Shares; and (g) save for the options which have been conditionally granted under the Pre-IPO Share Option Scheme in respect of 4,000,000 Shares, no further options will be offered or granted pursuant to the Pre-IPO Share Option Scheme, as the right to do so has been terminated on 27 May 2005. Particulars of outstanding options under Pre-IPO Share Option Scheme at the beginning and at the end of the fi nancial year ended 31 March 2008 and the details of share options granted, exercised, cancelled and lapsed during the year were as follows: No. of No. of No. of No. of shares options No. of shares options shares options share options Exercise Exercise held at shares options exercised cancelled/ held at period of price of 1 April granted during during lapsed during 31 March Name of grantee Date of grant share option share option 2007 the year the year the year 2008 HK$ Senior management Mr Kwong Pak Chuen, Patrick 28 May 16 December One third 1,200,000 – (1,200,000) – – Senior Engineering Manager 2005 2005 to 13 June of 0.55 2008* Mr Wong Siu Man Former 28 May 16 December One third 600,000 – – (600,000) – Senior Materials Manager # 2005 2005 to of 0.55 13 June 2008* Mr Lam Wai Hung 28 May 16 December One third 1,000,000 – (1,000,000) – – Administration Manager 2005 2005 to of 0.55 13 June 2008* 2,800,000 – (2,200,000) (600,000) – * The closing price of the Shares as stated in the Stock Exchange’s daily quotations sheet on the date of exercise of the option shall not be less than 1.25 times of HK$0.55. # Due to the resignation of Mr. Wong Siu Man as the Senior Materials Manager of the Group, the outstanding 600,000 share options granted to Mr. Wong Siu Man were automatically lapsed under the Pre-IPO Share Option Scheme during the year ended 31 March, 2008. Save as disclosed above, no option was granted, exercised, cancelled and lapsed by the Company under the Pre-IPO Share Option Scheme during the fi nancial year ended 31 March 2008. Annual Report 2008 17
Report of the Directors SHARE OPTION SCHEME (Continued) Fair Value of the Pre-IPO Share Options For the determination of the fair value of the Share Options granted under the pre-IPO Share Option Scheme (the “Pre-IPO Share Options”), reference was made to the Binomial Option Pricing Model. A number of factors such as the exercise price and the life of the options, the market price and volatility of the underlying shares, and the risk-free interest rate for the life of the options were taken in account. In addition, it requires input of assumptions that have signifi cant sensitivity effects, including the approximation of the stock price at the date of grant of the Pre-IPO Share Options, expected stock price volatility, expected dividend, etc. Any changes in the subjectivity input assumptions may materially affect the estimation of the fair value of an option. The fair value of the Pre-IPO Share Options granted by using Binomial Option Pricing Model was approximately HK$0.2501 per share option. ARRANGEMENTS TO PURCHASE SHARES OR DEBENTURES Save as disclosed above, at no time during the year were there any rights to acquire benefi ts by means of the acquisition of securities of the Company granted to any Director or their respective spouse or children under 18 years of age, or were there any such rights exercised by them; or was the Company, its holding company, or any of its subsidiaries or fellow subsidiaries a party to any arrangement to enable the Directors to acquire such rights in any other body corporate. SUFFICIENCY OF PUBLIC FLOAT Based on information that is publicly available to the Company and within the knowledge of its Directors, as at the latest practicable date prior to the printing of this Report, the Company has maintained sufficient public float of the Company’s issued shares as required under the Listing Rules. INDEPENDENCY OF INDEPENDENT NON-EXECUTIVE DIRECTORS The Company has received from each of its Independent Non-Executive Directors an annual confirmation of his independence. The Company considers that all of its Independent Non-Executive Directors are independent. FIVE YEARS FINANCIAL SUMMARY A summary of the results and the assets and liabilities of the Group for the last five financial years is set out on pages 83 and 84. RELATED PARTY TRANSACTIONS Details of the information in relation to the related party transactions of the Group during the year is set out on Note 37 to the Financial Statements. PRE-EMPTIVE RIGHTS There are no provisions for pre-emptive rights under the Company’s articles of association or the laws of the Cayman Islands which would oblige the Company to offer new Shares on a pro rata basis to its existing Shareholders. 18 KENFORD GROUP HOLDINGS LIMITED
Page 2 and 3: Contents Page 1. Corporate Informat
Page 4 and 5: Chairman’s Statement On behalf of
Page 6 and 7: Management Discussion and Analysis
Page 8 and 9: Management Discussion and Analysis
Page 10 and 11: Report of the Directors PROPERTY, P
Page 12 and 13: Report of the Directors DIRECTORS
Page 14 and 15: Report of the Directors SUBSTANTIAL
Page 16 and 17: Report of the Directors SHARE OPTIO
Page 20 and 21: Report of the Directors TAXATION OF
Page 22 and 23: Directors' and Senior Management's
Page 24 and 25: Directors' and Senior Management's
Page 26 and 27: Corporate Governance Report BOARD O
Page 28 and 29: Corporate Governance Report CHAIRMA
Page 30 and 31: Corporate Governance Report NOMINAT
Page 32 and 33: Corporate Governance Report INVESTO
Page 34 and 35: Corporate Structure CORPORATE STRUC
Page 36 and 37: Independent Auditor’s Report OPIN
Page 38 and 39: Consolidated Balance Sheet As at 31
Page 40 and 41: Consolidated Statement of Changes i
Page 42 and 43: Notes to the Financial Statements F
Page 68 and 69:
Notes to the Financial Statements F
Page 70 and 71:
Page 72 and 73:
Page 74 and 75:
Page 76 and 77:
Page 78 and 79:
Page 80 and 81:
Page 82 and 83:
Page 84 and 85:
Five Years Financial Summary CONSOL
show all

2008 Annual Report - Kenford Group Holdings Limited

You also want an ePaper? Increase the reach of your titles

Delete template?

Save as template?