HSBC 2001 Annual Report Download - page 216

HSBC HOLDINGS PLC
Notes on the Financial Statements (continued)
214
Number Number Number
of HK$10 of 75p of US$0.50
shares shares shares US$m
Issued:
At 1 January 1999........................................... 1,816,108,390 882,949,598
–
3,443
Shares issued to QUEST.................................
–
–
19,564,285 10
Shares issued under other option schemes ......
–
842,995 12,199,762 7
Shares issued in lieu of dividends................... 10,237,488 4,338,031 18,908,016 28
Shares issued, placing..................................... 59,238,000 28,762,000
–
111
Shares cancelled on reorganisation................. (1,885,583,878) (916,892,624)
–
(3,515)
Shares issued on reorganisation ......................
–
–
8,407,429,506 4,204
Exchange movements .....................................
–
–
–
(58)
At 31 December 1999 .....................................
–
–
8,458,101,569 4,230
The 301,500 non-voting deferred shares are held by a subsidiary undertaking of HSBC Holdings.
Options outstanding to subscribe for HSBC Holdings’ ordinary shares under the HSBC Holdings Group Share
Option Plan, HSBC Holdings Executive Share Option Scheme, and HSBC Holdings Savings-Related Share Option
Plans are as follows:
Number of shares
US$0.50
P
eriod of exercise
E
xercise price
31 December 2001 ................................... 284,267,280 2002 to 2011 £2.1727 to £9.642
31 December 2000 .................................... 231,746,943 2001 to 2010 £1.806 to £9.642
31 December 1999 .................................... 201,926,373 2000 to 2009 £1.806 to £7.871
Following the acquisition of CCF in 2000, outstanding options over CCF shares granted (at nil consideration) to
employees between 1993 and 2000 have vested. On exercise of the options, the CCF shares are exchangeable for
HSBC Holdings ordinary shares of US$0.50 each in the same ratio as for the acquisition of CCF (13 HSBC
Holdings shares for each CCF share). During 2001 76,799 (2000: 12,400) CCF shares were issued in connection
with the exercise of employee share options and exchanged for 998,387 ordinary shares of US$0.50 each (2000:
161,200). A further 3,000 (2000: 15,500) CCF shares were issued in connection with the exercise of employee share
options during 2001 and will be exchanged for ordinary shares of US$0.50 each on the fifth anniversary of the award
of the options. During 2001 4,000 CCF shares previously issued in connection with the exercise of employee share
options were exchanged for 52,000 ordinary shares of US$0.50 each. At 31 December 2001 10,500 CCF shares were
in issue and will be exchanged for ordinary shares of US$0.50 each on the fifth anniversary of the award of the
options. On 28 September 2001 441,000 CCF options were exercised and exchanged for cash. There are 3,077,826
CCF employee share options exchangeable for HSBC Holdings ordinary shares of US$0.50 each outstanding at 31
December 2001 (2000: 3,200,625). At 31 December 2001 HSBC Holdings General Employee Benefit Trust held
38,788,413 (2000: 39,838,800) ordinary shares of US$0.50 each which may be exchanged for CCF shares arising
from the exercise of options.
CCF options, effectively outstanding on HSBC shares under this arrangement, and the effective exercise period and
price are as follows:
Number of CCF shares
exchangeable for
HSBC Holdings
ordinary shares Period of exercise
E
xercise price
31 December 2001 ............................... 3,088,326 2002 to 2010 €32.78 – €142.5
31 December 2000 ................................ 3,204,625 2001 to 2010 €32.78 – €142.5