Notes to the Financial Statements - Swissco Holdings Limited

Directors'
Report
For the financial year ended 31 December 2009
Share options (continued)
(a)
Swissco Share Option Scheme (continued)
An employee who is a controlling shareholder of the Company or an associate of a controlling shareholder
shall be eligible to participate in the Scheme if (a) his participation in the Scheme and (b) the actual number
and terms of the options to be granted to him have been approved by the independent shareholders of the
Company in separate resolutions for each such person. The total number of Scheme shares to be offered to
the controlling shareholders and their associates shall not during the entire operation of the Scheme exceed
25% of the Scheme Limit and the total number of shares to be offered to a participant who is a controlling
shareholder or an associate of a controlling shareholder shall not during the entire operation of the Scheme
exceed 10% of the Scheme Limit.
The exercise price for each Scheme share shall be the average of the last dealt prices of the shares on
the Mainboard of the Singapore Exchange Securities Trading Limited for the 5 consecutive market days
immediately preceding the Date of Grant in relation to an option granted to an employee or a director of
the Group who is not a controlling shareholder or an associate of a controlling shareholder.
In relation to an option granted to a person who is a controlling shareholder or an associate of a controlling
shareholder, the exercise price for each Scheme share shall be equal to the average of the last dealt prices
for the Company’s share for the 5 consecutive market days immediately preceding the latest practicable
date prior to the date of any circular, letter or notice to the shareholders proposing to seek their approval
of the grant of such options to the controlling shareholder or its associate.
Offers of options made to grantees, if not accepted by the grantees within 30 days will lapse. The Scheme
shall continue in operation for a maximum of 10 years commencing on the date which the Scheme is
adopted by the Company in general meeting, unless otherwise extended by the shareholders by ordinary
resolution in general meeting.
On 16 March 2009 and 30 April 2009, options on 866,667 shares with an exercise price of S$0.29 per
ordinary share and options on 1,150,000 shares with an exercise price of S$0.36 per ordinary share
respectively were granted pursuant to the Scheme (“2009 Options”). The 2009 Options are exercisable
from 16 March 2010 and 30 April 2010. Details of the options granted to the directors of the Company and
an associate of the Company’s controlling shareholders are as follows:
Name
No. of unissued ordinary shares of the Company under option
Granted in
financial year
ended
31.12.2009
Aggregate
granted since
commencement
of scheme to
31.12.2009
Aggregate
exercised since
commencement
of scheme to
31.12.2009
Aggregate
outstanding as
at 31.12.2009
Yeo Chong Lin 500,000 2,300,000 800,000 1,500,000
Alex Yeo Kian Teong 500,000 2,300,000 1,100,000 1,200,000
Phillip Chan Yee Foo 100,000 480,000 180,000 300,000
Fong Hin Tat 100,000 250,000 – 250,000
Kwah Thiam Hock 100,000 100,000 – 100,000
Yeo Chong Boon 150,000 500,000 250,000 250,000
Mr Yeo Chong Lin and Mr Alex Yeo Kian Teong are controlling shareholders of the Company.
Mr Yeo Chong Boon is an associate of the controlling shareholders of the Company.
31 Annual Report 2009 Swissco International Limited