17. CAPITAL AND RESERVES (CONTINUED) The holders of ordinary shares are entitled to receive dividends as declared from time to time and are entitled to one vote per ordinary share at meetings of the Company. The ordinary shares have no par value. Share option reserve The share option reserve comprises the cumulative value of employee services received for the issue of share options. When the option is exercised, the amount from the share option reserve is transferred to share capital. When the share option expires, the amount from the share option reserve is transferred to retained earnings. At an extraordinary general meeting held on 1 April 2021, the shareholders of the Company approved and established a new ESOS By-Laws of up to 5% of the total number of issued shares of the Company at any point in time over the duration of the new ESOS to eligible Directors and employees of the Company and its subsidiaries (excluding dormant subsidiaries) (“Eligible Persons”). The salient features of the new ESOS are, inter alia, as follows: i) The allocation to any individual Eligible Person, who either individually or collectively, through persons connected with them, hold 20% or more of the total number of ordinary shares of the Company (excluding treasury shares), must not exceed 10% of the total number of new ESOS. ii) Not more than 50% of the total ordinary shares in the Company available under the new ESOS could be allocated, in aggregate to the Eligible Persons. iii) The new ESOS shall be in force for a period of five (5) years from the implementation date of 6 April 2021 and may be extended by the Board of Directors at its absolute discretion, without having to obtain approval from the shareholders of the Company for a further period of up to 5 years, but not in aggregate exceeding 10 years from the implementation date or such longer period as may be allowed by the relevant authorities. iv) Subject to compliance with the Listing Requirements, guidelines or directives issued by Bursa Malaysia Securities Berhad and/or any of the relevant authorities, the Company may at any time during the duration of the ESOS terminate the ESOS and shall immediately announce to Bursa Malaysia Securities Berhad the effective date, number of ESOS and reasons for the termination. The options offered for the subscription of unissued ordinary shares, the exercise price and the number of share options exercisable at end of the reporting period are as follows: Number of options over ordinary shares At Forfeited/ At Date of offer Exercise price 1.1.2024 Granted Exercised Lapsed 31.12.2024 12 April 2021 RM0.755 10,968,250 - - (475,500) 10,492,750 19 May 2021 RM0.635 10,000,000 - - - 10,000,000 1 March 2022 RM1.032 29,791,990 - - (10,341,640) 19,450,350 1 March 2023 RM0.580 7,972,000 - - (1,744,800) 6,227,200 58,732,240 - - (12,561,940) 46,170,300 The number of options exercisable as at 31 December 2024 was 45,393,060 units (31.12.2023: 54,821,904 units) and have an exercise price in the range of RM0.580 to RM1.032 (31.12.2023: RM0.580 to RM1.032) and a weighted average contractual life of 5 years (31.12.2023: 5 years). 161 Financial Statements DAGANG NeXCHANGE BERHAD Integrated Report 2024 NOTES TO THE FINANCIAL STATEMENTS for the financial year ended 31 December 2024
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