Annual Report 2016
153
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED MARCH 31, 2016
29. SHARE-BASED PAYMENTS
– continued
Equity-settled share option scheme
– continued
The number of options held by employees at the end of the reporting period and their expiry dates
are as follows:
Number
Number
of options
of options
Expiry on
2016
2015
October 1, 2019
836,600
4,968,000
Fair values of the share options were calculated using The Black-Scholes option pricing model. The
inputs into the model were as follows:
ESOS II
October 2,
Grant date
2009
Share price at valuation date
S$0.09
Exercise price
S$0.08
Expected life
2
Expected volatility
91%
Expected dividend yield
8.67%
Discount rate
0.436%
Fair values
S$0.04
Expected volatility was determined by calculating the historical volatility of the Company’s share
price from July 2001 to October 2009. The expected life used in the model has been adjusted,
based on management’s best estimate, for the effects of non-transferability, exercise restrictions
and behavioural considerations.
