Authorised: An unlimited number of common shares. An unlimited number of preferred shares issuable in series.
Issued: There was no movement in the Company’s issued and outstanding share capital.
The common shares have no par value.The company has no issued and outstanding preferred shares.
Independent directors’ share plan
The Independent Directors’ Share Plan was adopted by the Board and shareholders in 2002. Under the plan, directors who are not employees are entitled to receive some or all of their remuneration in the form of common shares. When taking their fees in this way, the issue price of the shares is taken as the average trading price of the first 20 days of the year to which the fees relate. The Plan does not meet the current requirements of the Exchange and so will require amendment before any further shares can be issued. In November 2008 the Board indicated that for the time being it did not intend to issue any further shares under the Plan and is therefore not intending to amend the Plan to meet the current requirements of the Exchange.
Stock option plan
A total of 2,657,316 (2015 – 2,657,316) of the common shares of the Company outstanding from time to time are reserved for the issuance of options pursuant to the Company’s stock option plan. Generally, options granted under the plan vest evenly over a three-year period commencing one year from the date of grant and expire five years from the date of the grant. There are currently no options outstanding.