FRONTLINE COVER FA 070606 CR2.indd

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92 frontline technologies corporation ltd annual report 2006 > notes to the financial statement for the year ended 31 march 2006 36. Financial instruments (cont’d) (a) Financial risk management objectives and policies (cont’d) (iv) Credit risk The carrying amount of cash and cash equivalents and trade and other receivables represent the Group’s maximum exposure to credit risk in relation to financial assets. No other financial assets carrying a significant exposure to credit risk. Cash and cash equivalents are placed with reputable financial institutions. The Group has no significant concentrations of credit risk. (b) Fair value Other than as disclosed in note 17, the carrying amounts of the financial assets and liabilities recorded in the financial statements of the Group and the Company approximate their fair values. 37. Events occurring after balance sheet date On 1 April 2006, the Company increased its investment in one of its subsidiaries, Accel Frontline Limited (“AFL”) from 51% to 54.5% for a cash consideration of $1,897,373. On 1 April 2006, the Company acquired 80.2% equity interest in Dalian BHR Consultancy Services (“DBHR”) from PSA China Pte Ltd for a cash consideration of $1,113,889. The remaining 19.8% were acquired by one of its associated companies, MDCL-Frontline (China) Ltd for a cash consideration of $275,000. On 1 April 2006, the Company divested 3.5% equity interest in Frontline Technologies Corporation (M) Sdn Bhd (“FTCM”) to the key management of the FTCM for a cash consideration of $153,650. On 1 June 2006, the Company increased its investment in one of its associated companies, Ecquaria Limited (“Ecquaria”) from 30% to 49.99%. The new issue and allotment of 78,906 shares by Ecquaria to Frontline is pursuant to the subscription agreement between the parties dated 7 November 2003. 38. Comparative figures Certain comparative figures have been reclassified to conform with current year’s presentation. Group Company Restated Reported Restated Reported 2006 2005 2006 2005 $ $ $ $ Balance sheet Club membership 216,020 – 199,000 – Other investments – 549,440 – 521,726 Available-for-sale investments 333,420 – 322,726 – 39. Authorisation of financial statements The financial statements for the year ended 31 March 2006 were authorised for issue in accordance with a resolution of the directors on 4 July 2006.
frontline technologies corporation ltd annual report 2006 93 > notice of annual general meeting <strong>FRONTLINE</strong> TECHNOLOGIES CORPORATION LTD Company Registration No. 199801489G (Incorporated in the Republic of Singapore) (“Company”) NOTICE IS HEREBY GIVEN that the Annual General Meeting of the Company will be held at Keppel Hall, Keppel Club, Level 4, 10 Bukit Chermin Road, Singapore 109918 on 28 July 2006 at 10.30am to transact the following business: AS ORDINARY BUSINESS 1. To receive and adopt the Audited Accounts for the year ended 31 March 2006, the Directors’ Report and the Auditors’ Report thereon. Resolution 1 2. To re-elect Ms Shirley Wong Swee Ping, who is retiring by rotation as a director of the Company in accordance with Article 104 of the Company’s Articles of Association and who being eligible, offers herself for re-election. Resolution 2 3. To re-elect Dr Harrison Wang Hong She, who is retiring by rotation as a director of the Company in accordance with Article 104 of the Company’s Articles of Association and who being eligible, offers himself for re-election. Resolution 3 4. To approve the payment of Directors’ Fees of S$84,000 for the year ended 31 March 2006. Resolution 4 5. To re-appoint Messrs Baker Tilly TFWLCL as auditors of the Company and to authorise the Directors to fix their remuneration. Resolution 5 AS SPECIAL BUSINESS To consider and, if thought fit, to approve, with or without modification, the following resolutions which are to be proposed as Ordinary Resolutions. 6. Authority to Grant Options and Issue Shares Under Frontline Technologies Corporation Ltd Share Option Scheme 2000 Resolution 6 That authority be and is hereby given to the Directors to offer and grant options in accordance with the rules and terms of Frontline Technologies Corporation Ltd Share Option Scheme 2000 (“Share Option Scheme”) and to allot and issue from time to time such number of shares in the Company as may be required to be allotted and issued pursuant to the exercise of options under the Share Option Scheme, provided that the aggregate number of shares to be issued pursuant to the Share Option Scheme does not exceed 15% of the issued share capital of the Company from time to time.
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