Annual Report 2019

206 CHINA MERCHANTS PORT HOLDINGS COMPANY LIMITED Notes to the Consolidated Financial Statements For the year ended 31 December 2019 30. SHARE CAPITAL Company Number of shares Share capital 2019 2018 2019 2018 HK$’million HK$’million Issued and fully paid: As at 1 January 3,329,849,550 3,277,619,310 39,070 38,207 Issue of scrip dividend shares (Note) 119,098,220 52,230,240 1,544 863 As at 31 December 3,448,947,770 3,329,849,550 40,614 39,070 Note: The Company distributed dividends to its shareholders by way of scrip dividends, with a cash alternative to shareholders. Details of ordinary shares issued by the Company as dividends are as follows: Number of Date of issue shares issued 2018 final dividend 18 July 2019 88,562,988 2019 interim dividend 15 November 2019 30,535,232 2019 Total 119,098,220 2018 Total 52,230,240 31. SHARE OPTION SCHEME The existing share option scheme was approved by the shareholders’ resolutions of the Company and adopted on 9 December 2011 (the “New Scheme”), under which the Company’s directors may, at their discretion, grant to any director or employee of the Company, the intermediate holding company of the Company or any of its subsidiaries or associates at a price of not less than the higher of (i) the closing price of shares as stated in the daily quotation sheet of the HKSE on the date of the offer of grant; and (ii) the average closing price of shares as stated in the daily quotation sheets of the HKSE for the five trading days immediately preceding the date of the offer of grant. The maximum number of shares which may be issued upon the exercise of all outstanding options granted and yet to be exercised under the old scheme and any other share option schemes adopted must not in aggregate exceed 30% of the share capital of the Company in issue from time to time. The New Scheme is valid and effective for a period of 10 years. Upon termination of the old scheme on 9 December 2011, no further options will be granted thereunder. However, the rules of the old scheme will remain in full force and effect to the extent necessary to give effect to the exercise of any options granted prior to its termination, or otherwise to the extent as may be required in accordance with the rules of the old scheme. All options granted under the old scheme prior to its termination will continue to be valid and exercisable in accordance with the rules of the old scheme. The terms of the New Scheme and the old scheme are generally similar. No share options have been granted under the New Scheme since its adoption nor outstanding during the year upon the expiry of the old scheme.