NOTES TO
FINANCIAL STATEMENTS
December 31, 2015
121
CITIC ENVIROTECH LTD.
Annual
Report
2015
29 SHARE-BASED PAYMENTS (cont’d)
Details of the share options outstanding during the year are as follows:
Group and Company
December 31, 2015
March 31, 2015
Number of
share
options
Weighted
average
exercise price
Number of
share
options
Weighted
average
exercise price
$
$
Outstanding at beginning of year
70,950,000
0.5962 73,300,000
0.5124
Granted
–
– 6,000,000
1.135
Exercised
(16,174,500)
0.5445 (8,350,000)
0.2507
Forfeited
(900,000)
1.1350
–
–
Outstanding at end of year
53,875,500
0.6028 70,950,000
0.5962
Exercisable at end of year
48,775,500
0.5921 18,254,000
0.5162
For the year ended December 31, 2015, the weighted average share price at the date of grant for
share options granted was $0.6028 (March 31, 2015 : $0.5962). The options outstanding at the end
of the year have a weighted average remaining contractual life of 6 years (March 31, 2015 : 7 years).
These fair values for share options granted were calculated using The Black-Scholes pricing model.
The inputs into the valuation model were as at the respective grants dates were as follows:
Grant date: March 1, 2010
Weighted average share price ($)
0.3000
Weighted average exercise price ($)
0.2502
Expected volatility (%)
52.87
Expected life (years)
3
Risk free rate (%)
2.72
Expected divided yield (%)
Nil
Grant date: July 20, 2010
Weighted average share price ($)
0.3209
Weighted average exercise price ($)
0.3447
Expected volatility (%)
52.87
Expected life (years)
3
Risk free rate (%)
2.72
Expected divided yield (%)
Nil
