ANNUAL%20REPORT%202015%20eng

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Notes to Consolidated Financial Statements 27 EQUITY-SETTLED SHARE-BASED PAYMENT TRANSACTIONS (Continued) (b) The movement of the number and weighted average exercise prices of share options are as follows: Weighted average exercise Price 2015 2014 Number of options Weighted average exercise Price Number of options HKD ’000 HKD ’000 Outstanding at 1 January (Note (i)) 3.09 70,735 5.42 50,113 Granted during the year 0.45 154,750 — — Forfeited during the year 4.53 (275) 5.30 (2,013) Outstanding at 31 December 1.21 225,210 5.42 48,100 Exercisable at 31 December 2.09 102,530 5.69 32,038 Note: (i) As a result of the rights issue completed on 29 December 2014, adjustments were required to be made to the exercise price and the number of Shares falling to be issued upon the exercise of the Share Options in accordance with the terms of the Share Option Scheme and the supplementary guidance issued by the Stock Exchange on 5 September 2005 regarding the adjustment of share options under Rule 17.03(13) of the Listing Rules. A total of 48,100,000 Options are outstanding under the Share Option Scheme as at the completion of the rights issue. The exercise price and the number of the Shares falling to be issued under the outstanding Share Options have been adjusted pursuant to Clause 11 of the Share Option Scheme (the “Option Adjustments”), with effect from 1 January 2015, and such adjustments have been reviewed and confirmed by the independent financial adviser of the Company, Somerley Capital Limited, as follows: Date of grant Exercise period Original Subscription Price (HKD) Original number of Shares subject to Options Adjusted Subscription Price (HKD) Adjusted number of Shares subject to Options Basis of additional Shares pursuant to the Option Adjustments 12 October 2011 12 October 2012 to 12 October 2019 6.66 26,350,000 4.53 38,750,000 8 additional Shares 12 October 2013 to 12 October 2019 for every 17 Shares 12 October 2014 to 12 October 2019 subject to Options 12 October 2015 to 12 October 2019 28 November 2012 28 November 2013 to 12 October 2020 3.92 21,750,000 2.67 31,985,294 8 additional Shares 28 November 2014 to 12 October 2020 for every 17 Shares 28 November 2015 to 12 October 2020 subject to Options Annual Report 2015 177
Notes to Consolidated Financial Statements 27 EQUITY-SETTLED SHARE-BASED PAYMENT TRANSACTIONS (Continued) (b) The movement of the number and weighted average exercise prices of share options are as follows: (Continued) The options outstanding at 31 December 2015 had an exercise price of HKD4.53 or HKD2.67 or HKD0.445 (2014: HKD6.66 or HKD3.92) per share and a weighted average remaining contractual life of 4.4 years (2014: 5.3 years). (c) Fair value of share options and assumptions The fair value of services received in return for share options granted is measured by reference to the fair value of share options granted. The estimate of the fair value of the share options granted is measured based on the Black-Scholes option pricing model. The variables of the models included expected life of the options, risk-free interest rate, expected volatility and expected dividend of the shares of the Company. Fair value of share options and assumptions 10 June 2015 28 November 2012 12 October 2011 Fair value at measurement date HKD0.160 HKD1.8155 HKD3.3793 ~HKD0.220 ~ HKD2.0303 ~ HKD3.7663 Share price HKD0.445 HKD3.92 HKD6.66 Exercise price HKD0.445 HKD3.92 HKD6.66 Expected life 5 years 4.5-5.5 years 4.5-6 years Risk-free interest rate 1.19% 0.249%~0.298% 0.755%~1.054% Expected volatility 60% 57.71%~59.43% 61.87%~63.43% Expected dividends — — — The expected volatility is based on the historic volatility of entities in the same industry (calculated based on the weighted average remaining life of the share options), adjusted for any expected changes to future volatility based on publicly available information. Expected dividends are based on management’s estimates. The risk-free interest rate is based on the yield of Hong Kong Exchange Fund Notes corresponding to the expected life of the options as at the grant date. Changes in the subjective input assumptions could materially affect the fair value estimate. Share options were granted under a service condition. The condition has not been taken into account in the grant date fair value measurement of the services received. There was no market condition associated with the share option grants. 178 Annual Report 2015
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(Incorporated in the Cayman Islands
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Company Profile Mongolian Mining Co
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Corporate Information BOARD OF DIRE
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Directors and Senior Management BOA
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Directors and Senior Management Gan
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Directors and Senior Management Une
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Directors and Senior Management SEN
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Group Structure 14 Annual Report 20
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Chairman’s Statement I believe th
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Management Discussion and Analysis
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Sustainability Report OUR APPROACH
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Sustainability Report Fair operatin
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Sustainability Report Figure 3. HR
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Sustainability Report The Company
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Sustainability Report In September
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Sustainability Report Figure 5. LTI
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Sustainability Report Biodiversity
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Sustainability Report In 2015, appr
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Sustainability Report There are num
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Sustainability Report OUR COMMUNITY
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Sustainability Report We receive gr
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Sustainability Report As part of th
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Sustainability Report Procurement W
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Corporate Governance Report BOARD O
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Corporate Governance Report Continu
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Corporate Governance Report Remuner
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Corporate Governance Report The Cor
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Corporate Governance Report SHAREHO
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Directors’ Report The Directors s
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Directors’ Report Risk Management
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Directors’ Report FINANCIAL STATE
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Directors’ Report DIRECTORS’ SE
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Directors’ Report DIRECTORS’ AN
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Directors’ Report The basis of el
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Directors’ Report Details of the
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Directors’ Report RIGHTS TO PURCH
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Directors’ Report ER pledged its
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Directors’ Report At the time of
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Independent Auditor’s Report OPIN
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Consolidated Statement of Profit or
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Consolidated Statement of Financial
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Consolidated Cash Flow Statement Fo
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Notes to Consolidated Financial Sta
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Page 127 and 128: Notes to Consolidated Financial Sta
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