Notes to FinancialStatements31 October <strong>2007</strong>12. SHARE BASED PAYMENTS (Cont’d)ECOWISE PERFORMANCE SHARE PLAN (“THE SHARE PLAN”)The <strong>ecoWise</strong> Performance Share Plan was approved by the members of the company at an extraordinary general meetingheld on 23 March <strong>2007</strong> which provides for the grant of fully paid-up ordinary shares in the capital of the company, theirequivalent cash value or combinations thereof, to selected employees of the company and/or its subsidiaries, includingthe directors of the company, and other selected participants. Under the Share Plan, the maximum number of sharesto be issued to eligible employees shall not exceed 15% of the issued share of the company on the date preceding thegrant of the award.The Share Plan is administered by the Remuneration Committee. Awards are released once the Remuneration Committeeis satisfied that the prescribed performance target(s) have been achieved and the vesting period (if any) has expired.There may be vesting periods beyond the performance achievement periods, imposed by the Remuneration Committee.The lapsing of the award is provided for upon the occurrence of certain events which includes:-(a) the misconduct of a participant;(b) the termination of the employment of a participant;(c) the bankruptcy of a participant;(d) the retirement, ill health, injury, disability or death of a participant; and(e) a take-over, amalgamation, winding-up or reconstruction of the company.The Share Plan shall continue in force at the discretion of the Remuneration Committee, subject to a maximum periodof 10 years commencing on the date on which the Share Plan is adopted by the company in general meeting providedalways that the Share Plan may continue beyond the above stipulated period with the approval of Shareholders byordinary resolution in general meeting and of any relevant authorities which may then be required.The company may deliver shares pursuant to awards granted under the Share Plan by way of:-1. Issuance of new share and; or2. Delivery of existing shares purchased from the market or shares held in treasury and; or3. Cash in lieu of shares, based on the aggregate market value of such shares.5,450,000 shares have been granted under the Share Plan as of the date the financial statements were approved forissue by the Board of Directors.Number ofNumber of sharesPerformance Shares vested but not issuedCategory Number of person Granted as at 31 October <strong>2007</strong>Executive Directors 3 3,500,000 1,750,000Independent Directors 3 350,000 175,000Employees 8 1,600,000 625,00014 5,450,000 2,550,000The above number of shares represents the shares required if participants are awarded at 100% of the grant. However,the shares awarded at the vesting date are dependent on the level of achievement against the pre-set performanceconditions and targets.The above performance shares granted are subjected to adjustments for rights cum warrants issues (Note 31).66 • <strong>ecoWise</strong> <strong>Holdings</strong> <strong>Limited</strong> • <strong>Annual</strong> <strong>Report</strong> <strong>2007</strong>
Notes to FinancialStatements31 October <strong>2007</strong>13. PROPERTY, PLANT AND EQUIPMENTLeaseholdConstruction property and Plant andin progress improvements equipment Total$’000 $’000 $’000 $’000GroupCostAt beginning of year 1 November 2006 53 2,586 9,890 12,529Adjustment – – 37 37Arising from acquisition/(disposal) of subsidiary – – (161) (161)Additions 143 117 1,679 1,939Reclassification (42) – 42 –Disposals – – (131) (131)At end of year 31 October <strong>2007</strong> 154 2,703 11,356 14,213Accumulated depreciationAt beginning of year 1 November 2006 – 1,500 4,370 5,870Adjustment – – 37 37Arising from acquisition/(disposal) of subsidiary – – (32) (32)Depreciation – 201 1,036 1,237Disposal – – (101) (101)Impairment loss – – 35 35At end of year 31 October <strong>2007</strong> – 1,701 5,345 7,046Net book valueAt end of year 31 October <strong>2007</strong> 154 1,002 6,011 7,16767
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