Annual Report 1999 - Parkway Pantai

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Directors’ Reportfor the year ended 31 December 1999Parkway Holdings Limitedand its Subsidiaries33Share Options (cont’d)(c)Share Options ExercisedDuring the financial year, the Company issued 615,000 ordinary shares of $0.50 each forcash, following the exercise of options under the Parkway Scheme at the following exerciseprices:Number of SharesExercise Price Per Share100,000 $3.538100,000 $3.394415,000 $3.490615,000(d)Unissued Shares Under OptionAt the end of the financial year, unissued shares of the Company under option are as follows:(i)(ii)20,000 ordinary shares of $0.50 each at $3.394 per share exercisable between 17 April1996 and 16 February 2000 by grantees under the Parkway Scheme.240,000 ordinary shares of $0.50 each at $3.682 per share exercisable between 21 March1997 and 20 January 2001 by grantees under the Parkway Scheme.(iii) 1,483,000 ordinary shares of $0.50 each at $5.690 per share exercisable between 3 April1998 and 2 February 2002 by grantees under the Parkway Scheme.(iv) 1,060,000 ordinary shares of $0.50 each at $3.490 per share exercisable between 20April 1999 and 19 February 2003 by grantees under the Parkway Scheme.Subsequent to balance sheet date, share options for 20,000 ordinary shares of $0.50 each at$3.394 per share and 338,000 ordinary shares of $0.50 each at $3.49 per share were exercisedunder the Parkway Scheme.The options granted by the Company do not entitle the holders of the options, by virtue of suchholdings, to any right to participate in any share issue of any other company.
Parkway Holdings Limitedand its Subsidiaries34Directors’ Reportfor the year ended 31 December 1999Year 2000 StatementYear 2000 (“Y2K”) Compliance DefinitionYear 2000 compliance means that any computer chip dependent equipment or software will be ableto process any date and time data values correctly between the twentieth and twenty-first centuries.Impact On Business, Cost and RevenuesThe Group has had a smooth transition into the Year 2000 and has not encountered major disruptionsto its operations.As a healthcare service provider, the Group is especially concerned about patient safety and theaccuracy of clinical data. The Group will continue its efforts in monitoring compliance with Y2Kand ensure any possible disruptions to its operations are expeditiously resolved.The Group has incurred approximately $1.4 million in replacing the embedded system to ensureY2K readiness, which was expensed off in the financial year under review.Corporate GovernanceThe Company fully supports and observes the Best Practices Guide on Corporate Governancerecommended by the Stock Exchange Securities Trading Limited. The Board of Directors has adopteda Corporate Governance Policy comprising the various self-regulatory and monitoring mechanismsas follows:The Board of Directors and its CommitteesThe Board consists of thirteen members. The Managing Director, Mr Tony Tan Choon Keat andthe Finance Director, Mr Tan Kai Seng are the only two executive directors on the Board. Allthe other members are non-executive directors who have a diversity of experience and expertise.The responsibilities of the Board include approval of the Group’s strategic plans, significantinvestment/divestment and funding decisions, review of the Group’s financial performance andoperational initiatives, and approval of compensation of senior management personnel. Thesefunctions are carried out by the Board or through Board Committees such as the ManagementCommittee, the Executive Committee and the Directors’ Remuneration sub-committee.In addition, the Audit Committee is chaired by Mr Goh Kee Song and assisted by two othernon-executive members. The Audit Committee members are non-executive members of the Board.The present Audit Committee will continue to play an important role in assisting the Board in ensuringthat the financial reporting and internal accounting controls of the Group meet the highest standards.The responsibility for administrating the Parkway Scheme is vested with the Directors’ RemunerationSub-Committee in its absolute discretion with such powers and duties as are conferred on it by theBoard of Directors.In discharging this responsibility, the Directors’ Remuneration Sub-Committee would take intoaccount certain criteria as established in the Parkway Scheme for evaluating the eligibility ofemployees to participate under the scheme. In addition, the Directors’ Remuneration Sub-Committeeis authorized, from time to time, to make and vary the terms and conditions governing the ParkwayScheme as and when it considers appropriate and in accordance with the established guidelines.
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Page 20 and 21: The Parkway LaboratoryServicesThe s
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Page 26 and 27: Financial StatementsParkway Holding
Page 28 and 29: Directors’ Reportfor the year end
Page 38 and 39: Statement by Directorsfor the year
Page 40 and 41: Consolidated Balance Sheetas at 31
Page 42 and 43: Consolidated Statement of Cash Flow
Page 44 and 45: Consolidated Statement of Cash Flow
Page 46 and 47: Profit and Loss Accountfor the year
Page 48 and 49: Notes to the Financial Statementsfo
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Notes to the Financial Statementsfo
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Summary of Major PropertiesParkway
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Comparative Figures for Financial Y
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Analysis of Shareholdingsas at 14 A
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Notice of Annual General MeetingPar
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Proxy FormParkway Holdings Limited(
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Project Consultant : Asia Business
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Annual Report 1999 - Parkway Pantai

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