NOTICE OF ANNUAL GENERAL MEETING
statisTICS OF SHAREHOLDINGs
FINANCIAL CONteNts
CORPORATE GOVERNANCE REPORT
77
Navigating Challenges • EMBRACING DIVERSITY | ANNUAL REPORT 2015
Notes to the financial statements
10 Share capital
2015
2014
No. of shares No. of shares
’000
’000
Issued and fully paid ordinary shares, with no par value:
At 1 January
710,000
550,000
Issued during the year
–
160,000
At 31 December
710,000
710,000
Pursuant to the listing of the Company on Catalist of the Singapore Exchange Securities Limited (“
SGX-ST
”)
on 22 January 2014, the Company issued 160,000,000 new shares at an issue price of $0.25. The total proceeds
received, net of placement commission and other incidental charges, amounted to $38,276,000.
The holders of ordinary shares are entitled to receive dividends as declared from time to time and are entitled
to one vote per share at meetings of the Group. All shares rank equally with regard to the Group’s residual
assets.
Capital management
The Group defines “capital” as its share capital and reserves. The primary objective of the Group’s capital
management is to ensure that it maintains a sound capital base to support its business and maximise
shareholders’ value. The Board of Directors monitors the revenue, profit or loss before tax and hence, the return
on capital.
The Board of Directors ensures that the Group is adequately capitalised in order to meet its contractual
obligations. There were no changes in the Group’s approach to capital management during the year.
The Group is not subject to externally imposed capital requirements except for one subsidiary within the
Group. The subsidiary’s loan facilities are subject to externally imposed capital requirements to maintain its
financial position in excess of specified financial thresholds at all times. At the reporting date, the subsidiary
had breached a covenant. Refer to Note 12 for further details. Accordingly, the contractual non-current portion
of the loan, amounting to $1,329,000 as at the reporting date was re-classified to current liabilities (Note 12).
11 Reserves
The reserves of the Group comprise the following balances:
Group
Company
2015
2014
2015
2014
$’000
$’000
$’000
$’000
Merger deficit
(32,763)
(32,763)
–
–
Currency translation reserve
268
23
–
–
(32,495)
(32,740)
–
–
