ESR IR 2021 - EN

78 STEP FORWARD Notes to Condensed Consolidated Financial Information 30 June 2021 23. SHARE OPTION PLAN (continued) There are no granted share options during the six months ended 30 June 2021. The 930,075 share options exercised during the six months ended 30 June 2021 resulted in the issue of 498,279 ordinary shares of the Company and new share capital of US$498 (before issue expenses), as further detailed in note 22. At 30 June 2021, the Company had 55,936,000 share options outstanding under the Plans. The exercise in full of the outstanding share options by conventional exercise method would, under the present capital structure of the Company, result in the issue of 55,936,000 additional ordinary shares of the Company and additional share capital and share premium of US$60,308,000 (before issue expenses). At the date of approval of these financial statements, the Company had 55,936,000 share options outstanding under the Plans, which represented approximately 1.83% of the Company’s shares in issue as at that date. 24. PERPETUAL CAPITAL SECURITIES In March 2021, the Company issued an aggregate principal amount of S$200,000,000 perpetual resettable step-up subordinated securities under the US$2,000,000,000 Multicurrency Debt Issuance Programme. In June 2021, the Company issued a further tranche for an aggregate principal amount of S$150,000,000, bringing the aggregate total amount to S$350,000,000. The distribution rate is 5.65% per annum, with the first distribution rate resets falling on 2 March 2026 and subsequent resets occurring every five years thereafter. Distributions are payable semi-annually in arrears. Subject to the relevant terms and conditions in the supplemental offering circular dated 23 February 2021, the Company may elect to defer making distributions on the perpetual capital securities and is not subject to any limits as to the number of times a distribution can be deferred. The perpetual capital securities may be redeemed at the option of the Company, on 2 March 2026 or on any distribution payment date thereafter, on giving not less than 30 nor more than 60 days’ irrevocable notice in accordance with the terms and conditions of the issuance. The perpetual capital securities are classified as equity instruments and recorded in equity in the consolidated statement of financial position. Movements of the perpetual capital securities are as follows: Principal Distribution Total US$’000 US$’000 US$’000 At 1 January 2020 97,379 – 97,379 Profit attributable to holders of perpetual capital securities – 4,125 4,125 Distribution to holders of perpetual capital securities – (4,125) (4,125) Redemption of perpetual capital securities (97,379) – (97,379) At 30 June 2020 (unaudited), 31 December 2020 (audited) and 1 January 2021 – – – Issuance of perpetual capital securities 260,197 – 260,197 Direct issue costs attributable to the perpetual capital securities (3,869) – (3,869) Profit attributable to holders of perpetual capital securities – 3,321 3,321 At 30 June 2021 (unaudited) 256,328 3,321 259,649