Annual Report 2019

129 Transport International Holdings Limited 2019 Annual Report Directors’ Report Equity-linked agreement (Continued) Share option scheme (Continued) At 31 December 2019, a Director of the Company and certain employees of the Group had the following interests in options to subscribe for shares of the Company (market value per share at 31 December 2019 was HK$20.2) granted for a consideration of HK$1 under the share option scheme of the Company. As at 31 December 2019, the total grant date fair value of unexercised vested options, measured in accordance with the accounting policy set out in note 1(x)(iv) to the financial statements, amounted to HK$4,216,000. The options are unlisted. Once vested, each option gives the holder the right to subscribe for one ordinary share of the Company. Assuming that all the options outstanding as at 31 December 2019 are exercised, the Company will receive proceeds of HK$54,245,000. No. of options outstanding at 1 January 2019 No. of shares acquired on exercise of options during the year No. of options forfeited during the year No. of options outstanding at 31 December 2019 Date granted Period during which options are exercisable Exercise price per share Market value per share at date of grant of options* Market value per share on exercise of options* Director Roger LEE Chak Cheong 860,000 – – 860,000 31 October 2016 31 October 2017 to 30 October 2021 (note) HK$23.45 HK$23.45 – Employees 2,720,000 (382,800) (884,000) 1,453,200 31 October 2016 31 October 2017 to 30 October 2021 (note) HK$23.45 HK$23.45 HK$24.09 * being the weighted average closing price of the Company’s ordinary shares on the date of grant or exercise, as applicable. Note: All the options are vested and exercisable progressively and the maximum percentage of the options which may be exercised is determined in stages as follows: Percentage of options granted On or after 31 October 2017 30% On or after 31 October 2018 60% On or after 31 October 2019 100% Information on the accounting policy for share options granted and the weighted average value per option is provided in note 1(x)(iv) and note 20 to the financial statements respectively. Apart from the foregoing, at no time during the year was the Company or any of its subsidiaries a party to any arrangement 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.