FGV Audited Financial Statements 2019

207 01 S E C T I O N NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2019 AUDITED FINANCIAL STATEMENTS 2019 55 LONG TERM INCENTIVE PLAN (CONTINUED) During the financial year, no RS (2018: 11,666,800 RS) under the LTIP were granted to eligible employees of the Group. Subject to the terms and conditions of the By-Laws, the employees shall be awarded ordinary shares in the Company, after meeting the vesting conditions as set out in the letter of offer for the shares under the LTIP. The RS granted in the previous financial year on 1 June 2018 has a three years vesting period where the first vesting date was on 30 September 2018. The fair value of share price at grant date was RM1.484. The first RS granted on 1 July 2016 had a three years vesting period and had fully vested or forfeited as at 31 December 2019. The fair value of share price at grant date was RM1.413. Movement in the number of RS Grant under the LTIP is as follows: 2019 Outstanding as at 1.1.2019 Number of shares grants over ordinary share Grant date Granted Vested (Forfeited) Outstanding as at 31.12.2019 1 July 2016 217,000 - (175,800) (41,200) - 1 June 2018 8,340,500 - (2,477,300) (498,400) 5,364,800 2018 Outstanding as at 1.1.2018 Number of shares grants over ordinary share Grant date Granted Vested (Forfeited) Outstanding as at 31.12.2018 1 July 2016 578,800 - (211,900) (149,900) 217,000 1 June 2018 - 11,666,800 (3,240,700) (85,600) 8,340,500