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Notes to the Consolidated Financial Statements

For the year ended 31 December 2010

33.Share options (continued)

Notes:

4.3.2010

8.1.2009

4.1.2007

17.3.2005

16.3.2004

HK$22.80

HK$9.34

HK$22.35

HK$18.21

HK$13.55

48.98%

52.48%

41.76%

41.88%

46.49%

2.46%

5.749%

1.4%

0.95%

0.96%

5 years

5 years

5 years

5 years

5 years

1.65%

1.309%

3.82%

3.81%

2.52%

HK$8.51

HK$3.16

HK$7.79

HK$6.63

HK$5.43

  • (i)

    Consideration paid for each grant of options was HK$1.00.

  • (ii)

    The closing price of the shares of HK$0.50 each of the Company quoted on the Stock Exchange on 15 March 2004, 16 March 2005, 3 January 2007, 7 January 2009 and 3 March 2010 being the business date immediately before the date on which share options were granted, were HK$13.5, HK$18.05, HK$21.9, HK$9.45 and HK$23.00, respectively.

  • (iii)

    The vesting period for the option grant is 24 months from date of grant.

  • (iv)

    The following significant assumptions were used to derive the fair value, using the Black-Scholes option pricing model:

Date of grant: Exercise price: Expected volatility (note a): Expected dividend yield (note b): Expected life from grant date: Risk free interest rate (note c): Fair value per option:

Notes:

  • (a)

    The expected volatility was based on historical volatility.

  • (b)

    The expected dividend yield was based on historical dividends.

  • (c)

    Risk free interest rate was approximated the yield of 5-year Exchange Fund Note on the date of grant.

The group recognised the total expense of HK$13,332,000 for the year ended 31 December 2010 (2009: HK$4,176,000) in relation to share options granted by the Company.

All the options forfeited before expiry of the options will be treated as lapsed options under the relevant share option scheme.

Great Eagle Holdings Limited

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