NOTES
TO THE FINANCIAL STATEMENTS
For the financial year ended 31 March 2016
(In Singapore dollars)
117
MTQ CORPORATION LIMITED
30. EMPLOYEE BENEFITS (CONT’D)
a)
MTQ Share Plan (cont’d)
(iv)
Operation of Share Plan
Subject to the prevailing legislation and the rules of the Listing Manual and such consents or other
required action by any competent authority under any regulations or enactments for the time being
in force as may be necessary and subject to the compliance with the terms of the Share Plan and
the Company’s Constitution, the Company will have the flexibility to settle the Awards upon their
vesting by way of:
–
issuing new ordinary shares of the Company as fully paid;
–
delivering existing ordinary shares (including, to the extent permitted by law, treasury shares);
and/or
–
paying the aggregate market price in cash in lieu of allotment or transfer of some or all of the
new or existing ordinary shares
As at 31 March 2016, the aggregate number of shares comprised in Awards granted pursuant to
the MTQ Share Plan which are not released amounted to 388,979 shares (31 March 2015: 310,081).
The movements in the number of shares comprised in Awards granted under the MTQ Share Plan
are as follows:
Number of shares
Date of Grant
At
1.4.2015
Granted
Released Forfeited
At
31.3.2016
29.8.2014
310,081
–
(155,038)
–
155,043
26.8.2015
–
348,087
(96,611)
(17,540)
233,936
310,081
348,087
(251,649)
(17,540)
388,979
b)
Neptune’s incentive option scheme
Neptune operates an ownership-based incentive scheme known as the Neptune Marine Services Limited
Incentive Option Scheme (“Neptune Scheme”), which was approved by Neptune’s shareholders at a general
meeting held on 25 November 2005.
The Neptune Scheme provides for employees, Executive Directors of Neptune and others involved in the
management of Neptune to be offered options for no consideration. Each option is convertible to one
ordinary share of Neptune. The directors of Neptune may determine the exercise price of the options in its
absolute discretion. Subject to the Australian Securities Exchange (“ASX”) Listing Rules, the exercise price
may be nil but to the extent the ASX Listing Rules specify or require a minimum price, the exercise price
in respect of an offer made must not be less than any minimum price specified in the ASX Listing Rules.
Options issued under the Neptune Scheme that have not lapsed may be exercised at any time up to the
date which is 5 years after the date of the grant of the options, or such other expiry date as the directors
of Neptune determine in its discretion at the time of grant. There are no voting or dividend rights attached
to the options.
