Annual Report 2012 - ecoWise Holdings Limited

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120ecoWise Holdings Limitedannual report 201231 OCTOBER 2012NOTES TO THE FINANCIAL STATEMENTS26. OTHER RESERVES (CONTINUED)26A. Equity-Settled Share-Based Compensation Reserve (Continued)The lapsing of the award is provided for upon the occurrence of certain events, which includes:(a)the misconduct of an eligible participant;(b)the termination of the employment of an eligible participant;(c)the bankruptcy of an eligible participant;(d)the retirement, ill health, injury, disability or death of an eligible participant; and/or(e)a take-over, amalgamation, winding-up or restructuring of the Company.The Share Plan shall continue in force at the discretion of the Remuneration Committee, subject to amaximum period of 10 years commencing on 23 March 2007. The Share Plan may continue beyond theabove stipulated period with the approval of members of the Company by ordinary resolution in a generalmeeting and of any relevant authorities which may then be required.The Company may deliver ordinary shares pursuant to awards granted under the Share Plan by way of:(a)Issuance of new ordinary shares;(b)Delivery of existing ordinary shares purchased from the market or ordinary shares held in treasury;and/or(c)Cash in lieu of ordinary shares, based on the aggregate market value of such ordinary shares.From the commencement date of the Share Plan to 31 October 2012, 43,232,225 performance shares havebeen granted (after adjustments for rights cum warrants issue on 1 November 2007 and rights issue on 26September 2008).
ecoWise Holdings Limitedannual report 201212131 OCTOBER 2012NOTES TO THE FINANCIAL STATEMENTS26. OTHER RESERVES (CONTINUED)26A. Equity-Settled Share-Based Compensation Reserve (Continued)At the end of the reporting year, the number of performance shares granted under the Share Plan are asfollows:Number of ecoWise performance sharesDate of GrantAt 1November2011 Granted AwardedCancelled/lapsedAt 31October201221 March 2012 – 5,426,875 – (350,000) 5,076,875The above number of performance shares represents the shares required if participants are awarded at 100%of the grant. However, the performance shares awarded at the vesting date are dependent on the level ofachievement against the pre-set performance conditions and targets.Group and Company2012 2011$’000 $’000Equity-settled share-based compensation reserveAt beginning of the reporting year – 577Equity-settled share-based expenses charged to profit or loss,included in other charges 528 –Transfer to share capital (Note 25) – (577)At end of the reporting year 528 –The equity-settled share-based compensation reserve is not available for distribution as cash dividends.26B. Foreign Currency Translation ReserveGroup2012 2011$’000 $’000At beginning of the reporting year (923) (576)Exchange differences on translating foreign operations (478) (347)At end of the reporting year (1,401) (923)
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