Annual Report 2011/12 - International Entertainment Corporation

Notes to the Consolidated Financial StatementsFor the year ended 31 March 201230. SHARE OPTION SCHEME (Continued)THE COMPANY (Continued)Each grant of share options to any director, chief executive, management shareholder or substantial shareholder ofthe Company, or any of their respective associates should be subject to the prior approval of the independent nonexecutivedirectors of the Company (excluding an independent non-executive director who was the grantee of theoptions). Where any grant of share options to a substantial shareholder or an independent non-executive director ofthe Company, or any of their respective associates, would result in the shares of the Company issued and to be issuedupon exercise of all share options already granted and to be granted (including share options exercised, cancelled oroutstanding) to such person in the 12-month period up to and including the date of such grant:(i)representing in aggregate over 0.1% (or such other percentage as might from time to time be specified by theStock Exchange) of the Company’s shares in issue; and(ii)having an aggregate value, based on the closing price of the shares on the date of grant, in excess of HK$5million (or such other amount as might from time to time be specified by the Stock Exchange), such grant of shareoptions should be subject to prior approval by resolution of the shareholders of the Company (voting by way ofpoll) on which all connected persons of the Company should abstain from voting in favor but (for the avoidanceof doubt), any connected person might without affecting the validity of the relevant resolution vote against therelevant resolution at the general meeting provided that his intention to do so had been stated in the circular to besent to the shareholders in connection therewith.The period within which the Company’s shares had to be taken up under the share option, which was to be notified bythe committee of the board of directors (the “Committee”) to each grantee at the time of making an offer of a grant of ashare option which should not be later than 10 years from the date of grant of a share option.Share options granted had to be taken up within 28 days of the date of grant upon payment of HK$10 asconsideration for the grant.The exercise price was determined by the Company’s board of directors in its absolute discretion and would not beless than the average closing price of the Company’s shares for the five trading days immediately preceding the offerdate or the closing price of the shares on the offer date, whichever was the higher, provided that the exercise priceshould not be lower than the nominal value of a share.There was no share option granted under the Share Option Scheme during the period from 1 April 2010 to 27September 2010 (date of termination of the Share Option Scheme) and no share option outstanding as at 31 March2012 and 2011.82International Entertainment Corporation - Annual Report 2011/12