FY 2011 Annual Report - Sheng Siong

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