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TNB Financial Report 2002
16
Directors’ Report (Continued)
Share Capital
During the financial year, 5,050,000 new ordinary shares of RM1.00 each were issued by the Company for cash by virtue of the exercise of options
pursuant to the Company’s Employee Share Option Scheme (‘ESOS’) at the following issue prices:
Number of ordinary shares of RM1.00 each Issue price (RM) Proceeds (RM)
432,000 10.59 4,574,880
3,177,000 9.03 28,688,310
907,000 7.92 7,183,440
60,000 7.06 423,600
474,000 5.13 2,431,620
5,050,000 43,301,850
The new shares rank pari passu in all respects with the existing ordinary shares of the Company.
Employee Share Option Scheme
Options under the ESOS were granted to eligible Directors, employees and retirees of the Group to subscribe for ordinary shares of RM1.00 each.
The first ESOS was exercisable on specific days during the period commencing 5 June 1993, but not later than thirty days before 11 May 1997,
as determined by the by-laws of the ESOS. At an Extraordinary General Meeting held on 6 June 1996, the shareholders approved the extension of the
ESOS for a further five years to expire on 11 May 2002. There has been no further extension of the ESOS which expired on 11 May 2002.
The movement during the financial year in the number of options over the shares of the Company are as follows:
____________ No. of options over ordinary shares of RM1.00 each ____________
As at
As at
Option price 1.9.2001 Granted Exercised Expired 31.8.2002 Expiry date
RM per share
11.61 2,704,000 0 0 (2,704,000) 0 11 May 2002
10.59 0 1,616,000 (432,000) (1,184,000) 0 11 May 2002
9.03 3,322,000 0 (3,177,000) (145,000) 0 11 May 2002
7.92 1,087,000 0 (907,000) (180,000) 0 11 May 2002
7.06 60,000 0 (60,000) 0 0 11 May 2002
5.13 489,000 0 (474,000) (15,000) 0 11 May 2002
7,662,000 1,616,000 (5,050,000) (4,228,000) 0
The exercise price is determined based on the average price for five preceding market days prior to the date of the offer. For the purpose of establishing
the average price, the closing buy and sell price quotation of the ordinary shares of the Company as quoted and shown in the daily official list issued
by the Kuala Lumpur Stock Exchange is used.
The persons to whom the options have been granted under the ESOS have no right to participate in any share option scheme of any other company
by virtue of these options.