Annual Report 2023

251 2023 Annual Report Transport International Holdings Limited NOTES TO THE FINANCIAL STATEMENTS (Expressed in Hong Kong dollars unless otherwise indicated) 22 Equity-settled share-based transactions (continued) (c) Fair value of share options and assumptions (continued) Fair value of share options and assumptions for share options granted on 31 March 2023 19 November 2020 Fair value at measurement date $0.7897 - $0.8511 $0.5681 - $0.5819 Share price at the date of grant $10.60 $15.32 Exercise price $10.60 $15.32 Expected volatility 15% 14% Option life (expressed as weighted average life used in the modelling under binomial model) 5 years 5 years Expected dividends 4.70% 4.98% Risk-free interest rate (based on Hong Kong Exchange Fund Notes) 3.01% 0.35% The expected volatility is based on the historic volatility and is assumed to remain unchanged during the weighted average remaining life of the share options (calculated based on the weighted average remaining life of the share options), adjusted for any expected changes to future volatility based on publicly available information. Expected dividends are based on historical dividends. Changes in the subjective input assumptions could materially affect the fair value estimate. Share options were granted under a service condition. This condition has not been taken into account in the grant date fair value measurement of the services received. There were no market conditions associated with the share option grants. 23 Accounts receivable 2023 2022 $’000 $’000 Trade and other receivables 966,990 924,397 Interest receivable 58,434 33,132 Less: loss allowance (note 23(b)) (360) (360) 1,025,064 957,169 All of the accounts receivable are expected to be recovered within one year.