FRONTLINE COVER FA 070606 CR2.indd

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42 frontline technologies corporation ltd annual report 2006 > directors’ report 3. Directors’ interests in shares and debentures (cont’d) Except as disclosed above, no other directors had interests in the shares or debentures of any company in the Group either at the beginning or the end of the financial year and on 21 April 2006. 4. Directors’ contractual benefits Since the end of the previous financial year, no director has received or become entitled to receive a benefit (other than a benefit or any fixed salary of a full-time employee of the Company included in the aggregate amount of emoluments shown in the financial statements, or any emoluments received from related corporations) by reason of a contract made by the Company or a related corporation with the director or with a firm of which the director is a member, or with a company in which the director has a substantial financial interest. 5. Share options Frontline Technologies Corporation Ltd Share Option Scheme 2000 (“the Scheme”) The Scheme was approved by the members of the Company at an Extraordinary General Meeting held on 19 September 2000. The Scheme provides an opportunity for employees and executive and non-executive directors of the Group to participate in the share capital of the Company. The Scheme serves to motivate employees to optimise their performance standards, dedication and efficiency and promote the retention of employees. The Scheme is administered by the Compensation Committee comprising the following directors: Harrison Wang Hong She (Chairman) Tay Swee Sze Steve Ting Tuan Toon On 28 January 2002, the Company issued 104,860,000 options to the employees of the Group, to subscribe for ordinary shares of the Company at a discounted price of $0.22 per share. The exercise period of the option is from 28 January 2004, where up to 33% of options granted to the employees may be exercised, to 28 January 2006 where 100% of the options may be exercised. Options granted are cancelled when the option holder ceases to be in full-time employment of the Company or any corporation in the Group. No options were issued during the financial year and none were exercised.
frontline technologies corporation ltd annual report 2006 43 > directors’ report 5. Share options (cont’d) Movement in the number of share options outstanding are as follows: Options As at 28 January 2002 104,860,000 Cancellation during the year (13,600,000) As at 31 March 2002 91,260,000 Cancellation during the year (15,596,000) As at 31 March 2003 75,664,000 Cancellation during the year (27,893,000) As at 31 March 2004 47,771,000 Cancellation during the year (5,298,000) As at 31 March 2005 42,473,000 Cancellation during the year (9,250,000) As at 31 March 2006 33,223,000 As at 31 March 2006, no options have been granted to directors of the Company, controlling shareholders of the Company or associates of the Company and no employees have received 5% or more of the total options available under the Scheme. The options under the Scheme do not entitle the holder to participate in any share issue of any other corporation by virtue of the option. As at 31 March 2006, no options have been exercised under this Scheme in the Group. Convertible bonds Pursuant to a subscription agreement dated 12 September 2002 among the Company, PLE Investment Pte Ltd (“PLEI”) and a subsidiary, FTI Ventures Pte Ltd (“FTIV”), FTIV issued 1,375,000 convertible bonds at $1 each to the Company and PLEI, who took up 60% and 40% respectively. On 3 January 2005, the Company acquired 2 ordinary shares of $1.00 each and 550,000 convertible bonds owned by PLEI in the capital of FTIV for a consideration of S$110,607.00. As a result of this acquisition, FTIV became a whollyowned subsidiary of the Company. Accordingly, PLEI ceases to have any rights over FTIV, including exercises of options, and the Company has acquired all rights over all the convertible bonds of FTIV. On 8 June 2005, the Company converted the convertible bonds in FTIV into ordinary shares of $1.00 each.
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FRONTLINE COVER FA 070606 CR2.indd

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