CAPITALAND Group president and CEO Liew Mun Leong is sitting on a handsome paper gain of $2.86 million (based on yesterday’s closing price for the counter) after exercising options for a total of 600,000 CapitaLand shares at an average $2.33 per share on April 30.
The counter closed 30 cents higher yesterday at $7.09.
A filing by CapitaLand to Singapore Exchange yesterday evening gave a breakdown of the exercise prices of the share options. Mr Liew exercised options for 200,000 shares each at $1.02, $2.25 and $3.73 each. Following the exercise, his direct stake in the property giant increased from about 1.832 million shares to 2.432 million shares, or a 0.086 per cent stake. His deemed interest in CapitaLand remains unchanged at 158,000 shares.
Mr Liew received $6.49 million in pay from the property developer last year, mostly in bonuses - more than the $5.14 million he earned in 2006.
On top of the $6.49 million pay packet last year, Mr Liew was granted contingent share awards of some 462,800 CapitaLand shares last year, based on information in CapitaLand’s latest annual report.
The actual number of shares that Mr Liew receives from the share awards last year will depend on his achieving ‘pre-determined targets’ over a period of one to three years, according to CapitaLand.
If ’superior targets’ are met, Mr Liew could receive a maximum of 845,000 CapitaLand shares - nearly twice the ‘baseline’ number of shares awarded. But if he fails to meet the targets, no shares will be issued under the awards.
CapitaLand this week posted a 59.3 per cent year-on-year drop in Q1 net profit to $247.5 million, from $608.1 million in Q1 2007 when the bottom line had been boosted by a $426.8 million fair-value gain from the sale of 8 Shenton Way.
Source : Business Times - 3 May 2008
