Notestothefinancialstatements
For the financial year ended31December 2015
20.
Tradeandotherpayables
Group
Company
2015
2014
2015
2014
$’000
$’000
$’000
$’000
Tradepayables
6,738
3,300
–
–
Other payables
6,874
9,847
604
625
Total tradeandother payables
13,612
13,147
604
625
Tradeandother payables (excludingprovision forwarranty)
11,206
8,289
604
625
Amount due to subsidiaries (Note18)
–
–
38,696
–
Total financial liabilities carriedat amortised cost
11,206
8,289
39,300
625
Tradepayablesarenon-interest bearingandarenormally settledon30 to90days’ terms.
The Group’s other payables includes a provision for warranty of approximately $2,406,000 (2014: $4,858,000). During the financial year, the Groupwrote back
excess provision of approximately $2,452,000 (2014: charge of $189,000). In linewith theGroup’s policy as discussed inNote 2.14, thewrite-back or charge of
additional provision in2015and in2014 forwarrantywere resulted from theannual revision.
Tradepayablesdenominated in foreign currenciesat 31December areas follows:
Group
2015
2014
$’000
$’000
UnitedStatesDollar
1,109
279
Euro
33
826
21.
Sharecapital
GroupandCompany
2015
2014
No. of
shares
$’000
No. of
shares
$’000
(‘000)
(‘000)
Issuedand fully paid:
At 1January
923,070 95,547
872,140
86,851
Issuanceof newordinary shares from conversionofwarrants
91,320 13,241
50,930
8,696
At 31December
1,014,390 108,788
923,070
95,547
The holders of ordinary shares are entitled to receive dividends as and when declared by the Company. All ordinary shares carry one vote per share without
restriction. Theordinary shareshavenopar value.
Asat 31December, theCompanyhas the followingoutstandingwarrants:
No. ofwarrants
Expirydate
Exerciseprice
2015
2014
‘000
‘000
2012Warrants
5June2015
$0.145
–
93,777
InJune2012, theCompanycompleted its renounceablenon-underwritten rights issueof 280,117,952warrantsat an issuepriceof$0.01 foreachwarrant (”2012
Warrants”).Eachwarrant carries the rights tosubscribe for1newordinaryshare in thecapital of theCompanyatanexercisepriceof$0.270 foreachnewshare.
Thewarrantswere issuedon thebasisof 2warrants for every 5existingordinary shares in the capital of theCompany heldby entitled shareholders as at book
closuredate.
At theCompany’spreviousAnnual GeneralMeetingsheldon25April 2013and25April 2014, theshareholdersapprovedspecial taxexempt (one-tier) dividends
of $0.085perordinaryshare for the yearended31December2012and$0.040perordinaryshare for the yearended31December2013. As thespecial dividends
were distributed out of reserveswhichwere attributable to profits or gains arising from the disposal of investments by theCompany, the exercise price of the
2012Warrants of $0.270 per sharewas adjusted to$0.185 per share on 13May 2013 and to$0.145 on 12May 2014, so as to reflect the lower intrinsic value of
theCompany’s shareafter the special dividends.
During the year, 91,319,818warrantswere exercised at $0.145 each to subscribe for a total of 91,319,818 shares in the Company. The remaining unexercised
2,457,404warrantsexpiredon5June2015.
118
119
BAKERTECHNOLOGYlimited
ANNUAL REPORT 2015
