149 FINANCIAL STATEMENTS & OTHERS ENRA GROUP BERHAD ANNUAL REPORT 2023 Notes To The Financial Statements 31 March 2023 (Cont’d) 31. EMPLOYEES’ SHARES SCHEME (“ESS”) (CONT’D) The main features of the ESOS are as follows: (Cont’d) (e) An option granted under the ESOS may be exercised by the grantee upon achieving the vesting conditions set by the ESS Committee; and (f) The shares shall on issue and allotment rank pari passu in all respects with the then existing issued shares of the Company. The number of options over ordinary shares under the option scheme was as follows: ------------------ Number of options over ordinary shares ----------------- Balance Balance Exercisable Category of as at as at as at participants 1.4.2022 Granted Forfeited* Exercised 31.3.2023 31.3.2023 Directors - 3,500,000 - - 3,500,000 1,400,000 Key Management Personnel - 2,100,000 (300,000) - 1,800,000 720,000 Employee - 500,000 - - 500,000 200,000 - 6,100,000 (300,000) - 5,800,000 2,320,000 * Due to resignation The fair value of share options was estimated by the Group using the Black-Scholes-Merton option pricing model, taking into account the terms and conditions upon which the options were granted. The fair value of share option measured at grant date and the assumptions used are as follows: 2023 Average share price at grant date (RM) 0.76 Exercise price (RM) 1.10 Fair value of share options (RM) 0.0037 Risk free rate of interest (%) 3.75 Expected life of options (years) 4 Expected dividend yield (%) - Expected volatility (%) 13.03
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