Annual Report 2005 - Parkway Pantai

Directors’ ReportYear ended 31 December 2005Directors’ Interests (Cont’d)Except as disclosed in this report, no director who held office at the end of the financial year had interests in shares, debentures,warrants or share options of the Company, or of related corporations, either at the beginning of the financial year, or date of appointmentif later, or at the end of the financial year.Subsequent to the end of the financial year and before 21 January 2006, the following directors accepted the share options granted on9 December 2005 as follows:Options to subscribe for OrdinaryShares (exercise price at $2.087per share and exercisable between10/12/2006 and 9/12/2010)Daniel Ashton Carroll 60,000Timothy David Dattels 60,000David R. White 50,000Except as disclosed in this report, there were no changes in any of the above-mentioned interests in the Company between the end ofthe financial year and 21 January 2006.Except as disclosed under the “Share Options” section of this report, neither at the end of, nor at any time during the financial year, wasthe Company a party to any arrangement whose objects are, or one of whose objects is, to enable the directors of the Company toacquire benefits by means of the acquisition of shares in or debentures of the Company or any other body corporate.During the year, certain transactions were made between the Company and/or its subsidiaries and its directors, or the subsidiaries’directors or a firm in which one of the directors is a member or companies in which the directors of the Company or its subsidiaries havesubstantial financial interest in the ordinary course of business. However, these directors have neither received nor will they becomeentitled to receive any benefit from these transactions other than as suppliers, directors and members of these firms/companies.Except for salaries, bonuses and fees and those benefits that are disclosed in this report and in notes 23 and 29 to the financialstatements, since the end of the last financial year, no director has received or become entitled to receive, a benefit by reason of acontract made by the Company or a related corporation with the director, or with a firm of which he is a member or with a company inwhich he has a substantial financial interest.Share OptionsParkway Share Option Scheme 2001 (Parkway Scheme 2001)The Parkway Scheme 2001 was approved by the shareholders of the Company at an Extraordinary General Meeting held on 18 January2001. Details of the Parkway Scheme 2001 and amendments effected by a resolution passed at the Extraordinary General Meeting ofthe Company held on 4 July 2001 were set out in the Directors’ Report for the year ended 31 December 2001. The Parkway Scheme2001 is administered by the Company’s Share Option Scheme Committee, comprising 4 directors, Timothy David Dattels, Richard SeowYung Liang, Sunil Chandiramani and Ashish Jaiprakash Shastry.Information regarding the Parkway Scheme 2001 is set out below:(i)(ii)The exercise price of the option is determined at the average of the last dealt price of the Company’s shares on the SingaporeExchange Securities Trading Limited (SGX-ST) prevailing on the three consecutive trading days immediately preceding the date ofgrant of such options.The options vest one year after the grant date in accordance with the vesting schedule set out below:Vesting schedulePercentage of shares over whichthe options are exercisableOn or before the first anniversary of the grant dateNilAfter the first anniversary, and on or before the second anniversary of the grant date 25%After the second anniversary, and on or before the third anniversary of the grant date 50%After the third anniversary, and on or before the fourth anniversary of the grant date 75%After the fourth anniversary, and on or before the fifth anniversary of the grant date 100%38