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V. FINANCIAL STATEMENTS

98 | S P SETIA BERHAD GROUP | Annual Report 2014

ISSUE OF SHARES AND DEBENTURES

During the financial year, the Company increased its issued and paid-up share capital from RM1,844,034,189 to RM1,903,748,516 by way of:

(a) Issuance of 66,244,270 new ordinary shares of RM0.75 each pursuant to the DRP that provides shareholders with an option to reinvest

their cash dividend in new ordinary shares at the following issue prices:

1

st

DRP 2

nd

DRP

Issue price

(RM)

2.59

3.15

No. of shares issued

58,715,748 7,528,522

(b) Allotment of 4,063,556 new ordinary shares of RM0.75 each pursuant to the exercise of Employee Share Grant Plan (“ESGP”); and

(c) Issuance of 9,311,276 new ordinary shares of RM0.75 each pursuant to the exercise of Employee Share Option Scheme (“ESOS”) at

the following option prices:

ESOS 1 ESOS 2

Exercise price

(RM)

3.07

3.03

No. of shares issued

9,099,250 212,026

The new ordinary shares rank pari passu in all respects with the then existing ordinary shares of the Company.

On 13 December 2013, the Company issued RM609 million in nominal value of unrated subordinated Islamic Perpetual Notes (“Perpetual

bond”).

EMPLOYEE SHARE GRANT PLAN AND EMPLOYEE SHARE OPTION SCHEME

The Company’s Long Term Incentive Plan (“LTIP” or “Scheme”) is governed by the By-Laws which was approved by the shareholders on 28

February 2013 and is administered by the LTIP Committee which is appointed by the board of directors, in accordance with the By-Laws. The

LTIP shall be in force for a period of 5 years to 9 April 2018, unless extended further.

The LTIP comprises the ESGP and ESOS. The salient features, terms and details of the LTIP are disclosed in note 22 to the financial

statements.

During the financial year, the Company granted 1,491,300 shares under the ESGP to eligible executive directors and eligible employees of

the Company and/or its eligible subsidiaries. The details of the shares and options granted under LTIP and its vesting conditions are disclosed

in note 22 to the financial statements.

DIRECTOR’S REPORT

For the year ended 31 October 2014