BAKERTECHNOLOGYLIMITED
ANNUALREPORT2013
133
Notes to the
Financial Statements
for the financial year ended 31December 2013
34. Reclassificationsandcomparative figures (cont’d)
As
reclassified
Aspreviously
classified
$
$
(b) Consolidated cashflow statement
Effect of exchange rate changes on cash and cash equivalents
(288,627)
–
Cash flows used inoperating activities
(23,068,913) (23,357,540)
The“Effect of exchange rate changes on cashand cashequivalents”was shown separately in the consolidated cashflow statement
to reflect the nature of the balances and to conform to the current year’s presentation.
35. Eventsoccurringafterthereportingperiod
On 18 February 2014, the directors of the Company recommended a first and final tax exempt (one-tier) dividend of 1.0 cent and
a special tax exempt (one-tier) dividend of 4.0 cents for each existing ordinary share in the capital of the Company in respect of
financial year 2013. As theproposed special dividend, if declared,will bedistributedout of reserveswhich are attributable toprofits
or gains arising from thedisposal of investments by theCompany, theBoard is of the view that it is appropriate toadjust theexercise
priceof the2012Warrants of $0.185per share to a lower exercisepriceof $0.145per share so as to reflect the lower intrinsic value
of the Company's shares after the proposed special dividend. The proposed adjustment to the exercise price of the 2012Warrants
will be effective from the commencement of theMarket Day next following the recorddate of the proposed special dividend.
On 24 February 2014, the Company’s subsidiary, Baker Engineering Pte. Ltd., incorporated BEL Design Pte. Ltd., a wholly-owned
subsidiarywith a paid-up capital of $1.
36. Authorisationof financial statements for issue
The financial statements for the financial year ended 31December 2013were authorised for issue in accordancewith a resolution
of the directors on 10March 2014.
