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SEE HUP SENG LIMITED
Annual Report 2012
29
Report of the Directors
31 DECEMBER 2012
5 Share Options (Continued)
The See Hup Seng Employee Share Option Scheme (Continued)
(vi) Termination of Options
Special provisions in the rules of the Scheme deal with the lapse or earlier exercise of options in
circumstances which include the termination of the participant’s employment in the Company, the
bankruptcy of the participant, the death of the participant, a take-over of Company and the winding-up
of Company.
(vii) Acceptance of Options
The grant of options shall be accepted within 30 days from the date of offer. Offers of options made to
grantees, if not accepted by the closing date, will lapse. Upon acceptance of the offer, the grantee must
pay the Company a consideration of S$1.00.
During the financial year, no share options have been granted to eligible participants.
During the financial year, no share options have been exercised.
As at end of the financial year, there were no unissued shares under options.
6 Warrants
During the financial year, details of the issued ordinary shares of the Company under warrants are as follows:
Date of issue
Warrants
Outstanding
at 01/01/2012
Warrants
issued
Warrants
exercised
Warrants
expired
Warrants
Outstanding
at 31/12/2012
Date of
expiration
16/10/2009 177,342,550 – 23,190,525 154,152,025 – 15/10/2012
Each warrant entitles the warrant holder to subscribe for one new ordinary share in the Company at the exercise
price of $0.23 per share. The warrants do not entitle the holders of the warrants, by virtue of such holdings, to
any rights to participate in any share issue of any other company.
The warrants expired on 15 October 2012.
As at the end of the financial year, except as reported above, no other warrants to take up unissued shares of
the Company were granted and no shares were issued by virtue of the exercise of warrants to take up unissued
shares of the Company. Except for the abovementioned warrants, no other options to take up unissued shares
of the Company were outstanding as at the end of the financial year.