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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Asian Growth Properties | LSE:AGP | London | Ordinary Share | BMG054131021 | COM SHS USD0.05 (DI) |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 1.05 | 0.10 | 2.00 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
SEA approved and adopted an employee share option scheme (the "SEA Share Option Scheme") on 19 August 2005 for the primary purpose of providing incentive to directors and eligible employees. The SEA Share Option Scheme shall be valid and effective for a term of 10 years until 24 August 2015.
Under the SEA Share Option Scheme, the board of directors of SEA may offer to any director or full time employee/chief executive of SEA, or any of its subsidiaries, options to subscribe for shares in SEA at a price at least the highest of (i) the nominal value of the share of SEA; (ii) the average of the closing price of the share of SEA on the Stock Exchange for the five business days immediately preceding the date of grant of the option; and (iii) the closing price of the share of SEA on the Stock Exchange on the date of grant of the option.
Without prior approval of the shareholders of SEA in general meeting, no option may be granted to (a) an eligible participant which, if exercised in full, would result in the total number of shares issued and to be issued upon exercise of all options already granted or to be granted to such eligible participant in any 12-month period, exceeding 1% of the shares of SEA then in issue; and (b) a substantial shareholder and/or an independent non-executive director of SEA or its subsidiaries or any of their respective associates which, if exercised in full, would result in the total number of shares issued and to be issued upon exercise of all options granted or to be granted to such person in any 12-month period, exceeding 0.1% of the shares of SEA then in issue and with an aggregate value exceeding HK$5 million.
36. SHARE-BASED PAYMENTS - continued
Share OptionScheme of SEA - continued
Options granted must be taken up within 28 days from the date of grant upon payment of HK$10. The period during which an option may be exercised is determined by the board of directors of SEA at its absolute discretion, save that no option may be exercised more than 10 years after it has been granted. Unless otherwise determined by the board of directors of SEA at its sole discretion, there is no minimum period for which an option must be held before it can be exercised.
On 12 July 2012, SEA granted share options to a director of the Company entitling the holder to subscribe for 1,000,000 shares of SEA at an exercise price of HK$3.454 per share with an exercise period of 2 years from 1 July 2015 to 30 June 2017. The directors determined the fair value of the share options with reference to the calculation made by an independent professional valuer to be HK$643,300. None of the options were lapsed or exercised up to the end of the reporting period.
Share Award Scheme of SEA
The share award scheme of SEA (the "SEA Share Award Scheme") was approved by the shareholders of SEA on 27 May 2010. The SEA Share Award Scheme came into effect on 15 June 2010 upon fulfillment of the conditions contained in the SEA Share Award Scheme. Unless terminated earlier by the board of directors of SEA, the SEA Share Award Scheme shall be valid and effective for a term of 15 years until 14 June 2025.
The purpose of the SEA Share Award Scheme is to provide a flexible means to recognise and acknowledge the performance and/or contribution of the eligible participants. Under the SEA Share Award Scheme, the board of directors of SEA (or any committee delegated by the board of directors of SEA) may at its absolute discretion grant awards, which may comprise (a) new shares of SEA; (b) existing shares of SEA in issue and is listed on the Stock Exchange from time to time; (c) cash in lieu of the shares of SEA; or (d) a combination of (a), (b) and (c), to any eligible participants as it thinks fit and appropriate and subject to the terms and conditions of the SEA Share Award Scheme. No award may be granted under the SEA Share Award Scheme if the aggregate number of shares which may be issued and/or transferred upon vesting of all outstanding awards granted under the SEA Share Award Scheme and any other share award scheme of SEA and which may be issued upon exercise of all outstanding options granted and yet to be exercised under any share option scheme of SEA exceed 30% of the shares of SEA in issue from time to time.
SEA has appointed trustee to acquire shares of SEA in the open market with funds provided by the SEA group and to hold the shares of SEA before they are vested and transferred to the selected participants.
37. RETIREMENT BENEFIT PLANS
The Group participates in a defined contribution scheme which is registered under a Mandatory Provident Fund Scheme (the "MPF Scheme") established under the Mandatory Provident Fund Schemes Ordinance of Hong Kong in December 2000 for eligible employees in Hong Kong. The assets of the MPF Scheme are held separately from those of the Group, in funds under the control of trustees. The Group contributes 5% to 15% of relevant payroll costs per month to the scheme for members of the MPF Scheme, depending on the length of service with the Group.
The employees of the Group's subsidiaries in the PRC are members of state-managed retirement benefit scheme operated by the government of the PRC.
The total contribution paid to the retirement benefit schemes by the Group charged to profit or loss for the year amounted to HK$3,951,000 (2013: HK$3,474,000).
38. RELATED PARTY TRANSACTIONS
(a) The Group had the following transactions with fellow subsidiaries, which are wholly-owned subsidiaries of SEA:
(i) Management fees of HK$109,324,000 (2013: HK$148,087,000) in respect of the provision of property development and management services to the Group on the Group's property portfolio; and
(ii) Rental income of HK$14,304,000 from renting of the Group's premises for the year ended 31 December 2013.
(b) The remuneration of directors who are the Group's key management was set out in note 13. 39. CONTINGENT LIABILITIES
The Group has given guarantees to banks in respect of mortgages loans provided to the Group's customers for the purchases of the Group's properties located in the PRC. At 31 December 2014, the total outstanding mortgage loans which are under the guarantee were HK$17,432,000 (2013: nil). The directors considered that the fair values of these guarantees at their initial recognition and the end of the reporting period are insignificant and accordingly, the fair value of these guarantees were not accounted for in the consolidated financial statements. The amounts as at 31 December 2014 where to be discharged upon the issuance of the real estate ownership certificate which is then pledged with the banks.
40. PRINCIPAL SUBSIDIARIES Effective % of issued share Place/country Issued capital/registered of and paid incorporation/ up share capital capital/ held Name of subsidiary operation registered by the Principal capital Company activities 2014 2013 Direct subsidiary Benefit Strong B.V.I./Hong 1 ordinary Investment Group Limited Kong share 100 100 holding of HK$1 Indirect subsidiaries AGP (Diamond 2 ordinary Property Hill) Limited Hong Kong shares 100 100 development of HK$1 each AGP (Sha Tin) 1 ordinary Property Limited Hong Kong share 100 100 development of HK$1 Chengdu Huashang Property House PRC RMB200,000,000 100 100 investment Development registered Co., Ltd.* capital Chengdu Yulong Property No. 1 Property PRC RMB345,000,000 100 100 development Development registered Company Limited* capital Chengdu Yulong Property No. 2 Property PRC RMB80,000,000 100 100 development Development registered Company Limited* capital Chengdu Yulong Property No. 3 Property PRC RMB450,000,000 100 100 development Development registered Company Limited* capital Concord Way 100 ordinary Limited Hong Kong shares 100 100 Hotel operation of HK$1 each Giant Well Enterprises B.V.I./Hong 1 ordinary Investment Limited Kong share 100 100 holding of US$1
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