HSBC 2002 Annual Report Download - page 253

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There also exist outstanding options over the shares of various CCF subsidiaries, the details of which are set out in
the Directors' Report on pages 158 to 161. On exercise of those options held by employees of Sinopia Asset
Management (‘Sinopia’ ) shares are exchangeable for HSBC Holdings ordinary shares of US$0.50 each. The shares
are exchangeable in the ratio of 2.143 HSBC Holdings shares for each Sinopia share. During 2002, 91,200 (2001 and
2000: nil) Sinopia shares were issued in connection with the exercise of employee shares options and exchanged for
195,439 ordinary shares of US$0.50 each. At 31 December 2002, HSBC Employee Holdings General Employee
Benefit Trust held 685,549 (2001 and 2000: nil) ordinary shares of US$0.50 each which may be exchanged for
Sinopia shares arising from the exercise of options.
Number of Sinopia shares
exchangeable for HSB
C
Holdings ordinary
shares Period of exercise Exercise price
31 December 2002 ............................ 315,900 2003 to 2005 €8.61 - €21.85
31 December 2001 ............................. 432,100 2002 to 2005 €6.13 - €21.85
31 December 2000 ............................. 444,100 2002 to 2005 €6.13 - €21.85
Shares in another CCF subsidiary, Banque Hervet, are held in a Plan d’ Epargne Enterprise on behalf of Banque
Hervet employees and will vest in the employees over a period of 5 years. On the acquisition of Banque Hervet in
2001, CCF agreed to exchange these shares, on vesting, for HSBC Holdings ordinary shares of US$0.50 each. The
shares are exchangeable in the ratio of 3.46 HSBC Holdings shares for each Banque Hervet share. No Banque
Hervet shares were exchanged for ordinary shares of US$0.50 each during 2002 (2001: nil). At 31 December 2002,
HSBC Employee Holdings General Employee Benefit Trust held 796,700 (2001:796,700) ordinary shares of
US$0.50 each which may be exchanged for Banque Hervet shares upon shares vesting in employees.
Number of Banque Hervet shares
exchangeable for HSBC Holdings
ordinary shares
P
eriod of vestin
g
31 December 2002 .................................. 230,259 2003 to 2006
31 December 2001 ................................... 230,259 2003 to 2006