117
/ MTQ CORPORATION LIMITED /
ANNUAL REPORT
2014/2015
NOTES TO THE FINANCIAL STATEMENTS
For the financial year ended 31 March 2015
(In Singapore dollars)
30. EMPLOYEE BENEFITS (CONT’D)
c)
Neptune’s long term incentives plan (“LTI”)
LTI rights were approved by Neptune’s shareholders at the annual general meeting held on 30th November
2011. These rights are granted based on a percentage of base salary, ranging between 25% to 100%.
Relevant employees of Neptune will receive a grant every year as part of their total annual remuneration
and the rights will vest into fully paid ordinary shares of Neptune on fourth anniversary of their grant date,
subject to meeting performance hurdles. Each grant of LTI rights will be split into two equal tranches, with
each tranche having an independent performance hurdle.
During the year, Neptune bought back and cancelled 22,088,353* LTI rights held by a key management
personnel before the Neptune’s share consolidation. No additional rights were granted and as at 31 March
2015, Nil* (2014: 22,088,353*) LTI rights are outstanding.
d)
Neptune’s retention performance rights (“RPR”)
The RPR was approved by Neptune’s shareholders at the AGM held on 30 November 2011.
RPRs granted to the employees have contractual lives of five years and will vest annually in equal tranches
over four years. Any unvested RPR will lapse if the holder resigns during this four-year period.
No retention rights were granted during the year. During the year, Neptune bought back 5,294,573*
(2014: 7,182,074*) of its unlisted rights at A$0.04 (2014: A$0.032) per right before the Neptune’s share
consolidation. The acquired unlisted rights were subsequently cancelled. A$60,000 worth of RPRs were
forfeited and the remaining rights were cancelled as the relevant employees have resigned during the year.
At 31 March 2015, Nil* (2014: 5,992,074*) rights remain outstanding.
* These figures were not adjusted for the effect of Neptune’s share consolidation as they were bought back/cancelled before the share
consolidation.
Expenses relating to share-based payments
The total expenses recognised relating to the share-based payment transactions included within staff costs
in the profit or loss amounted to $758,000 (2014: $757,000).
31. RELATED PARTY DISCLOSURE
(a)
Sale and purchase of goods and services
In addition to those related party information disclosed elsewhere in the financial statements, the following
significant transactions between the Company and related parties took place during the financial year on
terms agreed by the parties concerned:
Company
2015
$’000
2014
$’000
Subsidiaries
– Dividend income
9,578
21,701
– Consultancy and management fee income
3,089
4,244
– Rental income from investment properties
3,104
3,035
– Interest on loans
264
331
