Page 178 - InterloopAnnualReport2020

NOTES TO THE UNCONSOLIDATED

FINANCIAL STATEMENTS

For the year ended June 30, 2020

23. ISSUED, SUBSCRIBED AND PAID UP CAPITAL
2020 2020 2019 2020 2019
(Number of shares in ‘000) (Rupees ‘000) (Rupees ‘000)

130,900 130,900 Ordinary shares of Rs. 10 each
fully paid in cash 1,309,000 1,309,000
738,500 738,500 Ordinary shares of Rs. 10
each issued as fully paid
bonus shares 7,385,000 7,385,000
1,266 1,266 Non–voting ordinary shares
of Rs. 10 each fully
paid in cash 12,662 12,662
1,531 1,531 Non–voting ordinary shares
of Rs. 10 each issued
as fully paid bonus shares 15,313 15,313
872,197 872,197 8,721,975 8,721,975

23.1 EMPLOYEES SHARE OPTION SCHEME (ESOS)
The shareholders of the Company approved Interloop Limited - Employee Stock Options Scheme, 2016
(“the scheme”) for grant of options to certain eligible employees to purchase ordinary shares (non-voting) of
the Company, to be determined by the Compensation Committee constituted by the Board of directors of the
Company on 03 February 2017. The proposal for the revision in the Scheme under the pretext of now a listed
company, is under review and pending approval from the shareholders of the Company and subsequently
from Securities and Exchange Commission of Pakistan.

Under the existing Scheme, the options had a vesting period of one year and an exercise period of one year
from the date options were vested as laid down in the scheme. Option price was payable by the employee
on the exercise of options in full or part. The options have been lapsed on completion of one year from the
date options were vested, if not exercised.

Shares issued in response to exercise of options are Non-Voting Ordinary Shares, hereinafter called “Class
B Shares” and are not;
(i) have voting rights or right to receive notice, attend and vote at the general meeting of the Company,
except and otherwise provided by the Companies Act, 2017; and
(ii) be entitled for right shares (Ordinary and Voting).
Shares issues under this scheme will be converted into ordinary shares after 3 years from the date of listing
of the Company i.e. April 5, 2019 or after completion of 3 years from the date of issue, whichever is later. The
Company will not be obliged to buy back the shares. However, if the employees wishes to sell the shares,
the Company may buy back the shares at the lesser of the prevailing price on the securities exchange or at
the break up value of the shares determined as per the latest audited unconsolidated financial statements of
the Company.
Information about outstanding number of options at the end of the year is as follows:
2020 2019
(Numbers ‘000)
Options outstanding at the beginning of the year 570 1,399
Options declined/lapsed but subsequently offered – 426
Options exercised during the year – (790)
Options expired/lapsed during the year (570) (465)
Options outstanding at the end of the year – 570

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