Asiaone 1-42

21. Subsequent events (cont’d)
FINANCIAL STATEMENTS
The exercise period for the Post-IPO Option granted to the Company’s employees
(excluding non-executive directors and associates), commences on the first anniversary
of the date the Post-IPO Option is granted and expires on the tenth anniversary of
such date. In the case of a Post-IPO Option granted to the Company’s non-executive
directors or associates, the exercise period commences on the first anniversary of the
date the Post-IPO Option is granted and expires on the fifth anniversary of such date.
Under the scheme, options issued will have a term no longer than 10 years from the
date on which the scheme was adopted. The exercise price to be paid for each ordinary
share on exercise of a Post-IPO Option shall be the prevailing market price of the
Company’s ordinary shares based on the average of the last dealt price per ordinary
share as indicated in the daily official list or any other publication published by the
SGX-ST for the five consecutive trading days immediately preceding the date of grant
of that Post-IPO Option. The Company is not allowed to grant Post-IPO Options whose
exercise prices are at a discount to the prevailing market price of its ordinary shares.
(g) Extraordinary general meeting
At an extraordinary general meeting (“EGM”) held on May 8, 2000, the Company’s
shareholder approved the following:-
(i) the adoption of a new set of Articles of Association of the Company;
(ii) the issue of the 148,000,000 new ordinary shares which is the subject of the Invitation
as well as the issue of up to 22,200,000 new ordinary shares pursuant to the overallotment
option granted to the Manager of the Invitation. The new ordinary shares,
when issued and fully paid, will rank pari passu in all respects with the existing issued
and fully paid shares;
(iii) the AsiaOne (2000) Post-IPO Share Option Scheme;
(iv) that authority be given pursuant to Section 161 of the Companies Act to the Company’s
Directors to allot and issue shares in the Company (whether by way of rights, bonus
issue or otherwise) at any time and upon such terms and conditions and for such
purposes and to such persons as the Directors shall in their absolute discretion deem
fit, provided that the aggregate number of shares to be issued pursuant to such authority
shall not exceed 50 per cent. of the issued share capital of the Company immediately
prior to the proposed issue and that the aggregate number of shares to be issued
other than on a pro-rata basis to the then existing shareholders of the Company shall
not exceed 20 per cent. of the issued share capital of the Company immediately prior
to the proposed issue, and, unless revoked or varied by the Company in general
meeting, such authority shall continue in full force until the conclusion of the next
Annual General Meeting of the Company or the date by which the next Annual General
Meeting of the Company is required by law to be held, whichever is earlier; and
(v) shareholders’ mandate for interested party transactions.
141