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Notes to the Financial Statements
for the financial year ended 31 August 2007 (Continued)
35 SHARE CAPITAL (Continued)
Employees’ Share Option Scheme (‘ESOS’) (Continued)
The weighted average fair value of options granted during the year was determined using the Trinomial
valuation model. The significant inputs into the model were as follows:
5 year average
Share price Exercise Option Expected Risk free share price
Grant Date at grant date price life dividend yield interest rate movement
RM RM Years % % %
25.02.2005 8.24 7.75 8 1.14 3.64 21.57
31.03.2005 8.00 7.42 8 1.14 3.33/3.72 22.13
17.07.2005 8.56 7.80 7 1.14 3.40 19.41
24.02.2006 8.70 7.33 7 1.14 3.43/3.63/3.77 24.01
16.04.2006 8.65 7.33 7 1.14 3.55/3.96 18.07
25.09.2006 9.91 9.189 6 1.14 3.86/3.95 18.52
28.03.2007 11.50 11.07 6 1.14 3.48/3.50 17.59
The charges to income statement arising from share-based payments during the financial year amounted to
RM35.7 million (2006:nil) for the Group and RM30.8 million (2006:nil) for the Company as set out in Note 6 to
these financial statements.
31.8.2007
RM’000
Ordinary share capital, at par 66,736
Share premium 391,233
Proceeds received on exercise of share options 457,969
Fair value at exercise date of shares issued 743,961
Special Rights Redeemable Preference Share (‘Special Share’)
(a)
The Special Share would enable the Government of Malaysia through the Minister of Finance Incorporated
to ensure that certain major decisions affecting the operations of the Company are consistent with the
Government’s policies. The Special Shareholder, which may only be the Government or any representative
or person acting on its behalf, is entitled to receive notices of meetings but not to vote at such meetings
of the Company. However, the Special Shareholder is entitled to attend and speak at such meetings.
The Special Shareholder has the right to appoint any person, but not more than six at any time, to be the
Board of Directors of the Company.
(b)
(c)
(d)
Certain matters, in particular the alteration of the Articles of Association of the Company relating to the
rights of the Special Shareholder, creation and issue of additional shares which carry different voting
rights, the dissolution of the Company, substantial disposal of assets, amalgamations, merger and takeover,
require the prior consent of the Special Shareholder.
The Special Shareholder does not have any right to participate in the capital or profits of the Company.
The Special Shareholder has the right to require the Company to redeem the Special Share, at par, at any
time.
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Tenaga Nasional Berhad Annual Report 2007