ESR Group Limited Annual Report 2022 Notes to the Consolidated Financial Statements 31 December 2022 221 42. SHARE-BASED COMPENSATION PLAN (continued) C. Long Term Incentive Scheme (continued) The share price at grant date and vesting periods of the awarded shares outstanding under the Long Term Incentive Scheme outstanding as at 31 December 2022 is as follows: Number of awarded shares (’000) Share price at grant date per share Exercise period 4,267 HK$24.35 23-02-22 to 30-06-25 9,455 HK$22.70 08-06-22 to 08-06-26 13,722 The fair value of the awarded shares was determined based on the market value of the Company’s shares at the grant date. The weighted average fair value of the awarded shares granted during the year ended 31 December 2022 was HK$23.25 per share. The total expense recognised in respect of the Long Term Incentive Scheme adopted by the Company for the year ended 31 December 2022 was US$17,612,000. As at 31 December 2022, the Company had 13,722,333 awarded shares outstanding under the Long Term Incentive Scheme, which represented approximately 0.31% of the Company’s shares in issue as at that date. 43. PERPETUAL CAPITAL SECURITIES Perpetual Securities NC5 5.65% 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. STRATEGIC REPORT FINANCIAL STATEMENT CORPORATE GOVERNANCE
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