Asiaone 1-42

21. Subsequent events (cont’d)
(e) Share capital
FINANCIAL STATEMENTS
On March 15, 2000, the Company’s issued share capital was increased to 500,000,000
ordinary shares of S$0.10 through the issue of 400,000,000 ordinary shares of S$0.10
each at par for cash to provide additional working capital. These shares ranked pari passu
with the existing issued shares of the Company.
On April 4, 2000, the Company sub-divided its existing authorised share capital of
1,000,000,000 ordinary shares of S$0.10 each to 2,000,000,000 ordinary shares of S$0.05
each and its issue share capital of 500,000,000 ordinary shares of S$0.10 each to
1,000,000,000 ordinary shares of par value S$0.05 each.
(f) Share Option Schemes
(i) AsiaOne Pre-IPO Share Option Scheme
On March 1, 2000 (“Adoption Date”), the Company adopted a share option scheme
(the “AsiaOne Pre-IPO Share Option Scheme”). Amongst other terms and conditions,
the scheme provides for the issuance of up to 10% of the Company’s total issued
share capital or such other percentage as may be allowed by the Singapore Exchange
Securities Trading Limited (“SGX-ST”) from time to time.
The scheme is administered by the Share Option Committee which has the discretion
over the granting of options, including the number of options granted (“Pre-IPO Option”)
to individual employees.
No Pre-IPO Option may be exercisable prior to the date on which the Company’s
ordinary shares are listed on the Main Board of the SGX-ST (“Listing Date”). Options
granted under the AsiaOne Pre-IPO Share Option Scheme will be exercisable
commencing on or after the date falling the sixth month from the Listing Date. In the
event that the Listing Date does not occur on or before the second anniversary of the
Adoption Date (the “Long-Stop Date”), all Pre-IPO Options granted prior to the Long-
Stop Date shall be automatically cancelled on and with effect from the Long-Stop
Date.
Under the scheme, options issued shall terminate on the Listing Date or the Long-
Stop Date, whichever is the earlier. The exercise price to be paid for each ordinary
share on exercise of a Pre-IPO Option shall be the price determined to be the fair
market value (the “Fair Market Value”) of each ordinary share (as determined by an
independent merchant bank appointed by the Share Option Committee) as at the date
of grant of that Pre-IPO Option. The Company is not allowed to grant Pre-IPO Options
whose exercise prices are at a discount to the Fair Market Value of its ordinary shares.
(ii) AsiaOne Post-IPO Share Option Scheme
On May 8, 2000, the Company adopted a share option scheme that will be implemented
following the close of the Company’s initial public offering (the “AsiaOne (2000) Post-
IPO Share Option Scheme”). Amongst other terms and conditions, the scheme provides
for the issuance of up to 15% of the Company’s total issued share capital or such
other percentage as may be allowed by the SGX-ST from time to time.
The scheme is administered by the Share Option Committee which has the discretion
over the granting of options, including the number of options granted (“Post-IPO Option”)
to individual employees.
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