Powering growth - Aztech Group Ltd - Investor Relations

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92a z t e c h a n n u a l r e p o r t 2 0 0 9F i n a n c i a l S t a t e m e n t s24 EMPLOYEE SHARE BASED COMPENSATION RESERVEEquity-settled share option schemeESOS 2000 was approved and adopted at the Company’s EGM held on March 10, 2000 and will continue in operation for a maximum period of10 years, commencing March 10, 2000.The Company has a share option scheme for all employees of the Group. The scheme is administered by the Remuneration Committee. Optionsare exercisable at price based on the average of the last done prices for the shares of the Company on the Singapore Exchange Securities TradingLimited for the 5 market days preceding the date of grant. The vesting period is 1 to 2 years. If the options remain unexercised after a period of5 years from the date of grant, the options expire. Options are forfeited if the employee leaves the Group before the options vest.Details of the share options outstanding at the end of the reporting period are as follows:GROUP AND COMPANY2009 2008WeightedWeightedNumber average Number averageof share exercise of share exerciseoptions price options price$ $Outstanding at January 1 17,910,000 0.198 11,819,600 0.212Granted during the year 1,004,309 0.196 8,750,000 0.181Forfeited during the year (210,000) 0.285 (842,850) 0.402Exercised during the year (7,220,000) 0.135 (1,173,000) 0.105Expired during the year - (643,750) 0.110Outstanding at December 31 11,484,309 0.196 17,910,000 0.198Exercisable at December 31 6,827,023 0.216 9,260,000 0.214The weighted average share price at the date of exercise for share options exercised during the year was $0.215 (2008 : $0.240). The optionsoutstanding at the end of the year have a weighted average remaining contractual life of 2 years (2008 : 3 years).In 2008, 8,750,000 options were granted. The estimated fair value of the options granted was $347,722.On November 2009, 1,004,309 options were granted as a result of the Rights cum Warrants issue and the price of the existing share options wasadjusted accordingly. The estimated fair value of the options granted was $78,015.
F i n a n c i a l S t a t e m e n t sa z t e c h a n n u a l r e p o r t 2 0 0 99324 EMPLOYEE SHARE BASED COMPENSATION RESERVE (cont’d)Date of grant of options Expiry Date Exercise Price Options outstandingDecember 12, 2006 December 12, 2011 $0.232 (“A”)($0.232 at beginning of year)$0.170 (“B”)($0.186 at beginning of year)1,753,330July 27, 2007 July 27, 2012 $0.561 (“A”)($0.561 at beginning of year)$0.410 (“B”)($0.449 at beginning of year)1,402,654August 28, 2008 August 28, 2013 $0.185($0.203 at beginning of year) 1,643,749August 28, 2008 August 28, 2013 $0.160 (“A”)($0.175 at beginning of year)$0.128 (“B”)($0.140 at beginning of year) 6,684,57611,484,309These fair values were calculated using The Black-Scholes pricing model. The inputs into the model were as follows:2009 2008Weighted average share price 0.230 0.155Weighted average exercise price 0.196 0.167Expected volatility 61% 58%Expected life 3.21 years 2.80 yearsRisk free rate 0.97% 1.60%Expected dividend yield 9% 8%Expected volatility was determined by calculating the historical volatility of the Company’s share price over the previous 3 years. The expectedlife used in the model has been adjusted, based on management’s best estimate, for the effects of non transferability, exercise restrictions andbehavioural considerations.The Group and the Company recognised total expenses of $465,000 (2008 : $222,000) related to equity-settled share-based paymenttransactions during the year.
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