FY 2011 Annual Report - Sheng Siong
FY 2011 Annual Report - Sheng Siong
FY 2011 Annual Report - Sheng Siong
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62 <strong>Sheng</strong> <strong>Siong</strong> <strong>Annual</strong> <strong>Report</strong> <strong>2011</strong><br />
Notes to the Financial Statements<br />
11 Share capital (Continued)<br />
As described in Note 2, on 17 March <strong>2011</strong>, the Company entered into a share swap agreement to acquire the<br />
entire issued share capital of its subsidiaries for a total consideration of $78,234,000 which was satisfied by<br />
issuing 30,000,000 shares of the Company to the then shareholders of <strong>Sheng</strong> <strong>Siong</strong> Group Pte. Ltd.<br />
At an Extraordinary General Meeting held on 18 March <strong>2011</strong>, the shareholders of the Company approved the<br />
sub-division of each ordinary share of the Company into thirty-eight ordinary shares.<br />
Pursuant to the listing of the Company on the Mainboard of Singapore Exchange Securities Trading Limited<br />
on 17 August <strong>2011</strong>, 243,537,000 new ordinary shares (including 42,037,000 over-alloted shares) were issued<br />
to the public at $0.33 per share.<br />
Underwriting commissions, professional fees and other expenses totalling $4,045,000 were incurred for the IPO<br />
and listing of Vendors shares as described in the prospectus. Expenses of $2,252,000 relating to the offering<br />
of the new shares were deducted against the gross proceeds from the shares issued pursuant to the IPO. The<br />
remaining amount of $1,793,000 relating to the listing of the shares was charged to profit or loss.<br />
The holders of ordinary shares are entitled to receive dividends as declared from time to time and are entitled<br />
to one vote per share at meetings of the Company. All shares rank equally with regard to the Company’s<br />
residual assets.<br />
Dividends<br />
The following exempt (one-tier) dividends were declared and paid by the Group:<br />
Note <strong>2011</strong> 2010<br />
$’000 $’000<br />
Ordinary dividends paid in respect of the<br />
financial year ended 2010<br />
Interim cash dividend<br />
3.09 cents per ordinary shares – 35,239<br />
Interim cash dividend<br />
0.53 cents per ordinary shares – 6,000<br />
Dividend in specie<br />
3.33 cents per ordinary shares (a) – 37,946<br />
Final cash dividend<br />
0.08 cents per ordinary shares 927 –<br />
927 79,185<br />
Note (a) – On 3 December 2010, this dividend was paid in specie using the Group’s available for-sales<br />
investment securities.<br />
For the Group’s financial year ended 31 December <strong>2011</strong>, the directors proposed a final dividend of 1.77 cents<br />
per share, which is approximately 90% of the Group’s net profit after tax.