134
135
BAKER TECHNOLOGY LIMITED ANNUAL REPORT 2012
BAKER TECHNOLOGY LIMITED ANNUAL REPORT 2012
26. Share capital
Group and Company
2012
2011
No. of
shares
$
No. of
shares
$
Issued and fully paid :
At 1 January
700,168,881 36,053,443 682,578,493 30,528,621
Issuance of new shares from
conversion of warrants
36,637,833 11,720,257 17,590,388
5,524,822
Issuance of warrants
–
2,801,180
–
–
Warrant issue expenses
–
(258,010)
–
–
At 31December
736,806,714 50,316,870 700,168,881 36,053,443
The holders of ordinary shares are entitled to receive dividends as and when declared by the Company. All
ordinary shares carry one vote per sharewithout restriction. The ordinary shares have no par value.
As at 31December, theCompany has the following outstandingwarrants:
No. ofwarrants
Expiry date
Exercise price
2012
2011
2009Warrants
16November 2012
$0.32
– 282,662,881
2012Warrants
5 June 2015
$0.27 280,040,952
–
280,040,952 282,662,881
In June2012, theCompany completed its renounceablenon-underwritten rights issueof 280,117,952warrants
at an issue price of S$0.01 for eachwarrant (”2012Warrants”). Eachwarrant carries the rights to subscribe
for 1 new ordinary share in the capital of the Company at an exercise price of S$0.27 for each new share.
The warrants were issued on the basis of 2 warrants for every 5 existing ordinary shares in the capital of the
Company held by entitled shareholders as at book closure date.
During the year, 36,560,833 of 2009warrants and77,000 of 2012warrantswere exercised to subscribe for
a total of 36,637,833 shares in theCompany.
The remaining unexercised 246,102,048 of 2009warrants expired on 16November 2012.
Further details regarding the exercise price of the 2012warrants are disclosed inNote 34.
27. Commitments
TheGroup leases its property and certain equipments under lease agreements that are non-cancellablewithin a
year and contain provisions for rental adjustments. These leases have an average tenure of between one to six
yearswith no contingent rent provision included in the contracts. There are restrictions placedon subleasing the
leased equipments and property to third party.
Futureminimum rental payable under non-cancellable operating leases at the endof the reportingperiodareas
follows :
Group
2012
2011
$
$
Not later than one year
513,802
539,497
Later than one year but no later than five years
1,883,240 1,834,736
Later than five years
2,864,369 3,164,094
5,261,411 5,538,327
28. Related party transactions
An entity or individual is considered to be a related party of theGroup if:
(i)
it possesses the ability (directly or indirectly) to control or exercise significant influence over the operating
and financial decision of theGroup or vice versa; and
(ii) it is subject to common control or common significant influence.
In addition to the related party information disclosed elsewhere in the financial statements, the following
significant transactions between the Group and related parties who are not members of the Group took place
during the year at terms agreed between the parties :-
(a)
Sales and purchase of goods and services
During the financial year 2012, the amount of contract revenue earned from a company related to its
directors was approximately $14,542,000 (2011: $13,976,000).
There are no other significant transactions between theGroup and related parties who are not members
of theGroup during the financial year.
for the financial year ended 31december 2012
for the financial year ended 31december 2012
notestothe
financialstatements
notestothe
financialstatements
