Mandarin Oriental International Limited - Mandarin Oriental Hotel ...

19 Share capital
Ordinary shares in millions
2008 2007 2008 2007
US$m US$m
Authorized:
Shares of US¢5.00 each 1,500.0 1,500.0 75.0 75.0
Issued and fully paid:
At 1st January 990.8 990.8 49.6 49.6
Issued under share incentive schemes 0.4 – – –
At 31st December 991.2 990.8 49.6 49.6
Outstanding under share incentive schemes (7.8 ) (17.2 ) (0.4 ) (0.9 )
At 31st December 983.4 973.6 49.2 48.7
20 Share premium
2008 2007
US$m US$m
At 1st January 173.0 173.0
Issued under share incentive schemes 0.4 –
At 31st December 173.4 173.0
Outstanding under share incentive schemes (4.5 ) (9.5 )
At 31st December 168.9 163.5
21 Senior Executive Share Incentive Schemes
The Senior Executive Share Incentive Schemes were set up in order to provide selected executives with options to
purchase ordinary shares in the Company.
The exercise price of the granted options is based on the average market price for the five trading days immediately
preceding the date of grant of the options. Options are vested in tranches over a period of up to five years and are
exercisable for up to ten years following the date of grant. Prior to the adoption of the 2005 Plan on 4th May 2005,
ordinary shares were issued on the date of grant of the options to the Trustee of the Schemes, Mandarin Oriental
Overseas (PTC) Limited, a wholly-owned subsidiary undertaking, which holds the ordinary shares until the options
are exercised. Under the 2005 Plan, ordinary shares may be issued upon exercise of the options.
The shares issued under the Schemes held on trust by the wholly-owned subsidiary undertaking are, for presentation
purposes, netted off the Company’s share capital in the consolidated balance sheet (refer note 19) and the premium
attached to them is netted off the share premium account (refer note 20).
Annual Report 2008 65