Nextmedia ar cover 21june op.co

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54 Next Media Limited annual report 06 07 Directors’ Report (continued) Reserves Details of the movements in the reserves of the Company during the year are set out in note 32 to the Financial Statements. Distributable Reserves As at 31 March 2007, distributable reserves of the Company, calculated under section 79B of the Hong Kong Companies Ordinance, amounted to HK$423,357,000 (2006 restated: HK$290,257,000). Major Customers and Suppliers The fi ve largest customers of the Group accounted for 39.0% of the Group’s turnover and the fi ve largest suppliers of the Group accounted for 41.6% of the Group’s total purchases for the year. The largest customer of the Group accounted for 31.8% of the Group’s turnover and the largest supplier of the Group accounted for 18.5% of the Group’s total purchases for the year. None of the Directors, their associates or shareholders (which to the knowledge of the Directors own more than 5% of the Company’s share capital), had an interest in any of the above mentioned suppliers and customers. Donations Donations for charitable and other purposes made by the Group during the year amounted to approximately HK$1,369,000 (2006: HK$2,353,000). Share Options (a) Share Option Scheme of the Company The share option scheme adopted by the Company on 29 December 2000 (the “2000 Share Option Scheme”) was amended to comply with the requirements of Chapter 17 of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (the “Listing Rules”) on 31 July 2002. The limit of number of ordinary shares of HK$1.00 each of the Company (the “Shares”) which may be issued upon exercise of all options to be granted was refreshed to 10% of the issued ordinary share capital of the Company as at 31 July 2002. Key terms of the 2000 Share Option Scheme are summarized below: (i) The purpose of the 2000 Share Option Scheme is to provide participants with the opportunity to acquire proprietary interests in the Company and to encourage participants to work towards enhancing the value of the Company and its Shares for the benefi t of the Company and its shareholders as a whole. (ii) The participants include any full-time employees and Directors (including non-executive Directors and independent non-executive Directors) of the Company or any of its subsidiaries. (iii) The total number of Shares issued and to be issued upon exercise of the options granted and to be granted to each participant (including both exercised and outstanding options) in any 12-month period shall not exceed 1% of the Shares in issue and any further grant of options in excess of such limit must be subject to separate shareholders’ approval in general meeting with such participant and his associates abstaining from voting. (iv) The option period under which the option must be exercised shall be such period as the Board may in its absolute discretion determine at the time of grant, provided that such period shall not expire later than 10 years from the adoption date of the 2000 Share Option Scheme.
55 (v) The period for which an option must be held before it can be exercised shall be determined by the Board at the time of grant. (vi) An offer of share options may be accepted within 14 days from the date of offer, upon payment of HK$10.00 by way of consideration. (vii) The exercise price shall be no less than the highest of: (i) the closing price of the Shares as stated in the daily quotations sheets issued by The Stock Exchange of Hong Kong Limited (the “Stock Exchange”) on the date of grant; (ii) the average closing price of the Shares as stated in the daily quotations sheets issued by the Stock Exchange of the fi ve business days immediately preceding the date of grant; and (iii) the nominal value of the Shares on the date of grant. (viii) The total number of Shares which may be issued upon exercise of all further options to be granted is 81,416,117 which represents approximately 3.38% of the issued ordinary share capital of the Company as at the date of this annual report. (ix) The 2000 Share Option Scheme will expire on 29 December 2010. The table below sets out movements in the share options under the 2000 Share Option Scheme during the year: 2000 Share Option Scheme Exercise Balance Granted Exercised Lapsed Cancelled Balance Name or category price as at during during during during as at of participant Date of grant per share Exercisable period 1.4.2006 the year the year the year the year 31.3.2007 Directors Ting Ka Yu, Stephen 18.03.2002 HK$1.67 19.03.2003 – 28.12.2010 1,618,000 – – – – 1,618,000 25.01.2007 HK$2.60 26.01.2008 – 28.12.2010 – 3,500,000 – – – 3,500,000 Tung Chuen Cheuk 18.01.2006 HK$3.75 19.01.2007 – 28.12.2010 3,000,000 – – – 3,000,000 – 06.12.2006 HK$3.102 07.12.2007 – 28.12.2010 – 3,000,000 – – – 3,000,000 Employees In aggregate 18.03.2002 HK$1.67 19.03.2003 – 28.12.2010 1,973,600 – 185,600 464,000 – 1,324,000 24.08.2005 HK$3.325 25.08.2006 – 28.12.2010 1,000,000 – – – – 1,000,000 18.01.2006 HK$3.75 19.01.2007 – 28.12.2010 6,100,000 – – 500,000 5,600,000 – 01.03.2006 HK$4.35 02.03.2007 – 28.12.2010 1,000,000 – – – 1,000,000 – 26.06.2006 HK$4.20 27.06.2007 – 28.12.2010 – 1,000,000 – – 1,000,000 – 25.10.2006 HK$4.15 26.10.2007 – 28.12.2010 – 5,500,000 – – 5,500,000 – 06.12.2006 HK$3.102 07.12.2007 – 28.12.2010 – 15,850,000 – 1,000,000 – 14,850,000 06.12.2006 HK$3.102 07.12.2007 – 28.12.2010 – 1,000,000 – – – 1,000,000 08.01.2007 HK$2.784 09.01.2008 – 28.12.2010 – 600,000 – – – 600,000 09.03.2007 HK$2.76 10.03.2008 – 28.12.2010 – 400,000 – – – 400,000 Total outstanding 14,691,600 30,850,000 185,600 1,964,000 16,100,000 27,292,000 Note: The weighted average closing price immediately before the date on which the options were exercised was HK$4.30.
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Lighting Up Our Lives
Page 6: Next Media Limited annual report 06
Page 10: Next Media Limited annual report 06
Page 13 and 14: 11 Chairman’s Statement A Flexibl
Page 15 and 16: 13 I continue to believe strongly t
Page 17 and 18: 15 Profi t for the year HK$ million
Page 19 and 20: 17 Management Discussion and Analys
Page 21 and 22: 19 Taiwan The people of Taiwan have
Page 23 and 24: 21 1,198,000 at mid-year 2006. Thes
Page 25 and 26: 23 Hong Kong Next Magazine Despite
Page 27 and 28: 25 The dominant position of Taiwan
Page 29 and 30: 27 EBITDA and Segment Results The G
Page 31 and 32: 29 Share Capital Structure During t
Page 33 and 34: 31 In regard to the revaluation def
Page 35 and 36: 33 Group Commitments Number of staf
Page 37 and 38: 35 During the 2006/07 fi nancial ye
Page 39 and 40: 37 Next Media endeavours to ensure
Page 41 and 42: 39 Corporate Governance The Board o
Page 43 and 44: 41 The Company has a policy of prov
Page 45 and 46: 43 All members of the Audit Committ
Page 47 and 48: 45 In compliance with provision C.2
Page 49 and 50: 47 Mr. Ip Yut Kin, aged 55, a Direc
Page 51 and 52: 49 Corporate Information Directors
Page 53 and 54: 51 Corporate Structure Newspapers P
Page 55: 53 Directors’ Report The Director
Page 59 and 60: 57 (b) Share Option Schemes of subs
Page 61 and 62: 59 Next Media Publishing Limited No
Page 63 and 64: 61 (b) Interests in Associated Corp
Page 65: 63 Directors’ Interests in Contra
Page 68 and 69: 66 Next Media Limited annual report
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