Mandarin Oriental International Limited - Mandarin Oriental Hotel ...
Mandarin Oriental International Limited - Mandarin Oriental Hotel ...
Mandarin Oriental International Limited - Mandarin Oriental Hotel ...
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21 Senior Executive Share Incentive Schemes continued<br />
Movements for the year:<br />
2005 2004<br />
Weighted Weighted<br />
average average<br />
exercise Ordinary exercise Ordinary<br />
price shares price shares<br />
US$ in millions US$m US$ in millions US$m<br />
At 1st January 0.64 26.1 16.7 0.64 25.4 16.3<br />
Granted 0.82 3.9 3.2 0.57 1.0 0.5<br />
Exercised 0.50 (0.6) (0.3) 0.52 (0.3) (0.1)<br />
Repurchased and cancelled 1.05 (2.2) (2.3) – – –<br />
At 31st December 0.64 27.2 17.3 0.64 26.1 16.7<br />
The weighted average share price during the year was US$0.86 (2004: US$0.60) per share.<br />
Outstanding at 31st December:<br />
Ordinary shares in millions<br />
Expiry dateExpiry date<br />
Exercise price<br />
US$ 2005 2004<br />
2005 1.2 – 0.7<br />
2006 1.4 0.9 0.9<br />
2007 1.2 0.3 0.3<br />
2008 0.5 – 0.8 6.2 6.3<br />
2009 0.7 – 0.8 3.5 3.7<br />
2010 0.5 – 0.7 5.9 6.2<br />
2011 0.6 2.1 2.1<br />
2012 0.4 – 0.5 2.1 2.1<br />
2013 0.3 – 0.4 1.3 1.3<br />
2014 0.6 1.0 1.0<br />
2015 0.8 3.9 –<br />
Unallocated – 1.5<br />
27.2 26.1<br />
The fair value of options granted during the year determined using the trinomial valuation model was<br />
US$1.9 million (2004: US$0.3 million).The significant inputs into the model were share price of US$0.87<br />
(2004: US$0.60), at the grant date, exercise price shown above, expected volatility based on the last three years<br />
of 36% (2004: 42%), dividend yield of 1.05% (2004: nil), option life disclosed above, and annual risk-free interest<br />
rate of 4.3% (2004: 4.2%).<br />
ANNUAL REPORT 2005 61