CITY DEVELOPMENTS LIMITED ANNUAL REPORT 2021 FINANCIALS 102 103 DIRECTORS’ INTERESTS (CONT’D) Holdings in which the director, his spouse and children below 18 years of age have a direct interest At beginning of the year At end of the year Related Corporations (cont’d) Hong Leong Finance Limited (cont’d) Options to subscribe for ordinary shares under the Hong Leong Finance Share Option Scheme 2001 Kwek Leng Beng 814,960 856,000 Hong Leong Holdings Limited Ordinary Shares Kwek Leng Beng 259,000 259,000 Hong Leong Asia Ltd. Ordinary Shares Kwek Leng Beng 660,000 660,000 Hong Realty (Private) Limited Ordinary Shares Kwek Leng Beng 1,110 1,110 Sun Yuan Holdings Pte Ltd Ordinary Shares Kwek Leng Beng 15,000,000 15,000,000 Other holdings in which the director is deemed to have an interest At beginning of the year At end of the year Immediate and Ultimate Holding Company Hong Leong Investment Holdings Pte. Ltd. Ordinary Shares Kwek Leng Beng 40,744 40,744 The directors’ interests in the Company as disclosed above remained unchanged as at 21 January 2022. Neither at the end of, nor at any time during the financial year, was the Company a party to any arrangements whose objects are, or one of whose objects is, to enable the directors of the Company to acquire benefits by means of the acquisition of shares in or debentures of the Company or any other body corporate. DIRECTORS’ STATEMENT YEAR ENDED 31 DECEMBER 2021 SHARE OPTIONS By the Company During the financial year, there were: (a) no options granted by the Company to any person to take up unissued shares of the Company; and (b) no shares issued by virtue of any exercise of options to take up unissued shares of the Company. As at the end of the financial year, there were no unissued shares of the Company under options. By Subsidiary Corporation Millennium & Copthorne Hotels Limited (M&C) The M&C Group used to operate a number of share option schemes, a majority of which were designed to link remuneration to the future performance of the M&C Group. In accordance with the M&C Group’s accounting policy on share-based payment transactions, the fair value of share options and long-term incentive awards is recognised as an employee expense with a corresponding increase in equity. The fair value is measured at grant date and spread over the period during which the employees become unconditionally entitled to the share options and long-term incentive awards. There was no charge to the statement of profit or loss for current year. The M&C Group has applied IFRS 2 to its active employee share-based payment arrangements from 1 January 2005 except for arrangements granted before 7 November 2002. There were no options granted by M&C during 2021 in line with the recommended final cash offer (Final Offer) made by the Company in 2019 and any outstanding options are to close out per the final vesting dates. (i) Annual Bonus Plan Under the Annual Bonus Plan, deferred share awards were granted annually to selected employees of the M&C Group. Shares in M&C (now a cash settlement made by M&C subsequent to delisting) are transferred to participants as follows if they continue to be employed by the M&C Group: • 25% after years one and two; and • 50% after three years Date of award Balance at beginning of year Awards made during the year Awards vested during the year Awards expired/ forfeited during the year Balance at end of year Vesting date 13.05.2016 196 – – (196) – 13.05.2017/18/19 14.12.2018 12,990 – (12,599) (391) – 14.12.2019/20/21 13.08.2019 17,551 – (6,816) (695) 10,040 13.08.2020/21/22 30,737 – (19,415) (1,282) 10,040 DIRECTORS’ STATEMENT YEAR ENDED 31 DECEMBER 2021
RkJQdWJsaXNoZXIy ODIwNTc=