NOTES TO
FINANCIAL STATEMENTS
December 31, 2015
122
CITIC ENVIROTECH LTD.
Annual Report
2015
29 SHARE-BASED PAYMENTS (cont’d)
Grant date: February 15, 2014
Weighted average share price ($)
0.745
Weighted average exercise price ($)
0.552
Expected volatility (%)
31.38
Expected life (years)
4
Risk free rate (%)
2.72
Expected divided yield (%)
Nil
Grant date: March 28, 2014
Weighted average share price ($)
0.715
Weighted average exercise price ($)
0.584
Expected volatility (%)
40.00
Expected life (years)
4
Risk free rate (%)
1.88
Expected divided yield (%)
0.90
Grant date: July 25, 2014
Weighted average share price ($)
1.419
Weighted average exercise price ($)
1.135
Expected volatility (%)
31.38
Expected life (years)
4
Risk free rate (%)
2.72
Expected divided yield (%)
Nil
Expected volatility was determined by calculating the historical volatility of the Company’s share
price over the previous 5 years. 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.
In December 31, 2015, the estimated fair values of the options granted were $32,476,150 (March 31,
2015 : $42,300,390).
For the financial year ended December 31, 2015, the Group and the Company recognised an
expense of $6,930,000 (March 31, 2015 : $7,109,000) related to fair value of the options granted.
