Annual Report 2003 - Parkway Pantai

DIRECTORS’ REPORTYear ended 31 December 2003Directors’ Interests (Cont’d)Except as disclosed in this report, there were no changes in any of the above-mentioned interests in the Company betweenthe end of the financial year and 21 January 2004.Except as disclosed under the “Share Options” section of this report, neither at the end of nor at any time during the financialyear was the Company a party to any arrangement whose objects are, or one of whose objects is, to enable the directors ofthe Company to acquire benefits by means of the acquisition of shares in or debentures of the Company or any other bodycorporate.During the year, certain transactions were made between the Company and/or its subsidiaries and its directors, or thesubsidiaries’ directors or a firm in which one of the directors is deemed to have a substantial financial interest or companiesin which the directors of the Company or its subsidiaries have substantial financial interest in the ordinary course of business.However, these directors have neither received nor will they become entitled to receive any benefit from these transactionsother than as suppliers, directors and members of these firms/companies.Except as disclosed in this report and in note 31 to the financial statements, since the end of the last financial year, nodirector has received or become entitled to receive a benefit by reason of a contract made by the Company or a relatedcorporation with the director or with a firm of which he is a member or with a company in which he has a substantial financialinterest.Share OptionsParkway Employee Share Option Scheme (“Parkway Scheme”)Details of the Parkway Scheme were set out in the Directors’ Report for the year ended 31 December 1988, and amendmentswere effected by a resolution passed at the Extraordinary General Meeting of the Company held on 22 August 1994 andwhich were set out in the Directors’ Report for the year ended 31 December 1994.At the Extraordinary General Meeting held on 18 January 2001, the shareholders of the Company approved the terminationof the Parkway Scheme. Existing options granted under the Parkway Scheme but not exercised will not be prejudiced as therules of the scheme state that the termination of the Parkway Scheme shall not affect options which have been grantedunder the scheme, whether such options have been exercised (fully or partially) or not.Other statutory information regarding the Parkway Scheme is set out below:(i)(ii)(iii)The exercise price of the option is determined at the average of the middle market quotation computed from thehighest and lowest transacted prices of the Company’s shares on the Singapore Exchange Securities TradingLimited (“SGX-ST”) prevailing on the five business days immediately preceding the date of grant of such options.The options vest one year after the grant date.The options granted expire after 46 months from the vesting date unless they have been cancelled or have lapsedprior to that date.At the end of the financial year, details of the options granted under the Parkway Scheme on the unissued ordinary sharesof S$0.25 each of the Company are as follows:Date ofgrant ofoptionsExercisepriceper shareOptionsoutstandingat1 Jan 2003OptionsgrantedOptionsexercisedOptionslapsedOptionsoutstandingat31 Dec 2003Number ofoptionholders at31 Dec 2003Exerciseperiod20/4/1998 S$1.33 940,000--(940,000)--20/4/1999 to19/2/2003940,000--(940,000)-38Parkway Holdings Limited Annual Report 2003