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Share Capital Crosby Asset Management (the "Company") had following authorised and issued share capital outstanding at 31 March 2008. | | | Number of
ordinary shares | Value
US$'000 | | Authorised (par value of US$0.01 each) |  | | | | | 5,000,000,000 | 50,000 | | Issued and fully paid
(par value of US$0.01 each) | | | | | | | 243,475,000 | 2,435 | |
The securities of the company are traded on AIM, the market of that name operated by London Stock Exchange. Its shares have not been admitted, nor have any applications been made for any shares to be admitted or traded on any other exchanges or trading platforms. There are no restriction on the transfer of the company shares. Outstanding Share Options The Company had the following options outstanding at 31 March 2008: | Date of options grant | Options
outstanding | Options
exercise price
(pence) | Options exercisable as
at 31 March 2008 | Contractual life | | | | | | | | 11 January 2005 | 9,400,000 | 21.15p | 4,240,000 | 10 years | | 15 September 2005 | 150,000 | 84.5p | 90,000 | 10 years | | 30 December 2005 | 1,000,000 | 82.65p | 600,000 | 10 years | | 23 March 2006 | 2,500,000 | 95.2p | 1,500,000 | 10 years | | 23 March 2007 | 300,000 | 32.65p | 100,000 | 10 years | | 21 June 2007 | 1,400,000 | 43.5p | - | 10 years | | 4 December 2007 | 2,000,000 | 16.75p | - | 10 years | | 11 January 2008 | 14,960,000 | 22.25p | - | 10 years | | | | | | | | | | | | | | 31,710,000 | | 6,530,000 | | | | | | |
The Company adopted an employee Share Option Scheme on 4 March 2005 (the "Employee Share Option Scheme") in order to incentivise key management and staff. Pursuant to the Employee Share Option Scheme, a duly authorised committee of the Board of Directors of the Company may, at its discretion, grant options to eligible employees, including Directors, of the Company or any of its subsidiaries to subscribe for shares in the Company at a price not less than the higher of (i) the closing price of the shares of the Company on the Stock Exchange on the date of grant of the particular option or (ii) the average of the closing prices of the shares of the Company for the five trading days immediately preceding the date of the grant of the options or (iii) the nominal value of the shares. Share options granted under the Employee Share Option Scheme are exercisable as follows: | (i) | the first 30% of the options between the first and tenth anniversary of the date of grant; | | (ii) | the next 30% of the options between the second and tenth anniversary of the date of grant; and | | (iii) | the remaining options between the third and tenth anniversary of the date of grant. |
The Company may only grant options up to a maximum of 25% of the Company's issued share capital (i.e. 60,818,750 options). Substantial Shareholdings Apart from the interests of the Directors, the only interests in excess of 3% of the issued share capital of the Company which have been notified to the Company as at 8 May 2008 were as follows: | | Ordinary shares of
US$0.01 each
number | Percentage of
capital
% | Crosby Capital Limited
(formerly Techpacific Capital Limited) | 200,296,246 | 82.27 |
Directors' Interests (i) Interests in the ordinary shares of the Company at 31 March 2008
| | | | | Ordinary shares | % of existing issued share capital of the Company | Options | | Robert Owen | 85,000 | 0.01% | 200,000 | | Simon Fry | 100,000 | 0.04% | 1,200,000 | | Ilyas Khan | 100,000 | 0.04% | 1,200,000 | | Stuart Westwater | - | - | 450,000 | | Peter Moss | - | - | 1,300,000 | | Johnny Chan | 40,000 | - | 2,400,000 |
(ii) Interests in the shares of the holding company at 31 March 2008 Certain Directors have owned shares of Crosby Capital Limited ("CCL"), which holds 82.27% of the issued share capital of the Company. The beneficial interests of the Directors and their families in the shares of CCL are as follows: | | Shares in CCL | % of existing issued
share capital of CCL | | Robert Owen | 131,609,644 | 4.29% | | Simon Fry | 402,686,587 | 13.12% | | Ilyas Khan | 475,724,832 | 15.49% | | Stuart Westwater | - | - | | Peter Moss | - | - | | Johnny Chan | 167,650,592 | 5.46% |
In the above table, Ilyas Khan's beneficial holding in CCL includes 224,883,647 shares owned by ECK & Partners Limited in which he beneficially owns 88.86%. Robert Owen also beneficially owns 11.14% of ECK & Partners Limited. Simon Fry's holdings in CCL include 110,186,587 ordinary shares and 292,500,000 non-voting convertible deferred shares. Johnny Chan's holdings in CCL include 16,097,387 ordinary shares held by Yuda Udomritthiruj, an employee of a subsidiary of CCL and the wife of Johnny Chan. Directors' Share Option Incentives Peter Moss was granted 1,000,000 options on 11 January 2005, 150,000 options on 23 March 2007 and 150,000 options on 11 January 2008 with an exercise price of 21.15 pence, 32.65 pence, and 22.25 pence respectively per share pursuant to the Employee Share Option Scheme. Stuart Westwater was granted 150,000 options on 23 March 2006, 150,000 options on 23 March 2007 and 150,000 options on 11 January 2008 with an exercise price of 95.2 pence, 32.65 pence , and 22.25 pence respectively per share pursuant to the Employee Share Option Scheme. Simon Fry was granted 1,200,000 options on 11 January 2008 with an exercise price of 22.25 pence per share pursuant to the Employee Share Option Scheme. Ilyas Khan was granted 1,200,000 options on 11 January 2008 with an exercise price of 22.25 pence per share pursuant to the Employee Share Option Scheme. Robert Owen was granted 200,000 options on 11 January 2008 with an execrise price of 22.25 pence per share pursuant to the Employee Share Option Scheme. Johnny Chan was granted 2,400,000 options on 11 January 2008 with an execrise price of 22.25 pence per share pursuant to the Employee Share Option Scheme.
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