Page 98 - S P Setia Annual Report 2016

 

 

 

 

 

Page 98 - S P Setia Annual Report 2016
P. 98

96    S P Setia Berhad Group
                Annual Report 2016






          Directors’ Report


          RESERVES AND PROVISIONS

          There were no material transfers to or from reserves or provisions during the financial year except as disclosed in the statements of changes
          in equity set out on pages 103 to 105.


          ISSUE OF SHARES AND DEBENTURES


          During the financial year, the Company increased its issued and paid-up share capital from RM1,971,266,510 to RM2,151,416,185 by way of:

          (a)    Issuance of 214,332,180 new shares pursuant to the DRP that provides shareholders with an option to reinvest their cash dividend in
              new ordinary shares at the following issue prices:

                                                                                                5  DRP        6  DRP
                                                                                                               th
                                                                                                 th
               Issue price          (RM)                                                           2.65          3.11
               No. of shares issued                                                          179,964,772    34,367,408

          (b)   Allotment of 9,129,207 shares pursuant to the vesting of shares under the Employee Share Grant Plan (“ESGP”);

          (c)    Issuance of 1,703,180 new shares pursuant to the exercise of options under the Employee Share Option Scheme (“ESOS”) at the
              following option prices:

                                                                    ESOS 1        ESOS 2        ESOS 3        ESOS 4

               Exercise price       (RM)                              3.07          3.03           3.02          2.72
               No. of shares issued                                585,500        133,500       413,200       570,980

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


         (d)   Issuance of 1,127,625,002 islamic redeemable convertible preference shares (“RCPS-i”) of RM0.01 each.


         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 Nomination and Remuneration Committee (“NRC”) which is appointed by the Board of Directors,
         in accordance with the By-Laws of LTIP. The LTIP shall be in force for a period of 5 years up to 9 April 2018. On 23 February 2017, the Board
         of Directors approved the extension of the LTIP for another 5 years up to 9 April 2023 pursuant to By-Laws 18.2 of the By-Laws of LTIP.
         The LTIP comprises the ESGP and ESOS. The salient features, terms and details of the LTIP are disclosed in Note 19 to the financial statements.


         During the financial year, the Company granted 5,428,892 shares under the ESGP and 9,586,440 options under the ESOS 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 during the financial year and the number of shares outstanding at the end of the financial year are disclosed in Note 19
         to the financial statements.
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