Untitled - Swissco Holdings Limited

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DIRECTORS’ REPORT Share Options (continued) (a) Swissco Share Option Scheme (continued) An employee who is a controlling shareholder of the Company or an associate of a controlling shareholder shall be eligible to participate in the Scheme if (a) his participation in the Scheme and (b) the actual number and terms of the options to be granted to him have been approved by the independent shareholders of the Company in separate resolutions for each such person. The total number of Scheme shares to be offered to the controlling shareholders and their associates shall not during the entire operation of the Scheme exceed 25 per cent of the Scheme Limit and the total number of shares to be offered to a participant who is a controlling shareholder or an associate of a controlling shareholder shall not during the entire operation of the Scheme exceed 10% of the Scheme Limit. The subscription price for each Scheme share shall be the average of the last dealt prices of the shares on the SGX-SESDAQ for the 5 consecutive market days immediately preceding the Date of Grant in relation to an option granted to an employee or a director of the Group who is not a controlling shareholder or an associate of a controlling shareholder. In relation to an option granted to a person who is a controlling shareholder or an associate of a controlling shareholder, the subscription price for each Scheme share shall be equal to the average of the last dealt prices for the Company’s share for the 5 consecutive market days immediately preceding the latest practicable date prior to the date of any circular, letter or notice to the shareholders proposing to seek their approval of the grant of such options to such controlling shareholder or, as the case may be, such associate. Offers of options made to grantees, if not accepted by the grantees within 30 days will lapse. The Scheme shall continue in operation for a maximum of 10 years commencing on the date which the Scheme is adopted by the Company in general meeting, unless otherwise extended by the shareholders by ordinary resolution in general meeting. On 15 March 2005 and 29 April 2005, options on 565,000 and 600,000 shares with an exercise price of $0.256 and $0.244 per ordinary share respectively were granted pursuant to the Scheme (“2005 Options”). The 2005 Options are exercisable from 15 March 2006 and 29 April 2006 and expire on 15 March 2015 and 29 April 2015 respectively. They include the options granted to the directors of the Company for the number of shares as set out below: Options granted for financial Name of director year ended 31.12.2005 Yeo Chong Lin 300,000 Alex Yeo Kian Teong 300,000 Phillip Chan Yee Foo 80,000 Chiang Hai Ding 80,000 Rohan Kamis 80,000 Yeo Chong Lin and Alex Yeo Kian Teong are controlling shareholders of the Company. 22
DIRECTORS’ REPORT Share Options (continued) (a) Swissco Share Option Scheme (continued) No shares were issued during the financial year by virtue of the exercise of options to take up unissued shares of the Company, or its subsidiaries. No employee or director of the Group has received 5 per cent or more of the total number of options available under the Scheme. The Remuneration Committee administering the Scheme comprises the following directors: Phillip Chan Yee Foo – Chairman Rohan Kamis – member Alex Yeo Kian Teong (stepped down as a member on 4 November 2005) Chiang Hai Ding (appointed as a member on 27 February 2006) (b) Share Options outstanding The number of unissued ordinary shares of the Company under option outstanding as at the end of the financial year is as follows: Swissco Share Option Scheme: Number outstanding at Option granted on 31.12.2005 Exercise price Exercise Period 15.3.2005 565,000 $0.256 15.3.2006 – 15.3.2015 29.4.2005 600,000 $0.244 29.4.2006 – 29.4.2015 23
Page 2 and 3: CORPORATE MILESTONES 1970 Sea Well
Page 4 and 5: CHAIRMAN’S STATEMENT Dear Fellow
Page 6 and 7: CORPORATE PROFILE Our Customers •
Page 8 and 9: OUR HISTORY It started back in 1970
Page 10 and 11: BOARD OF DIRECTORS Mr Phillip Chan
Page 12 and 13: KEY MANAGEMENT Mr E K Lim Mr Koh Ba
Page 14 and 15: CORPORATE STRUCTURE Swissco Interna
Page 16 and 17: OUR VESSELS Swissco Star Swissco 48
Page 18 and 19: Corporate Governance Report 17 Dire
Page 20 and 21: Corporate Governance Report Remuner
Page 22 and 23: DIRECTORS’ REPORT The directors p
Page 26 and 27: DIRECTORS’ REPORT Audit Committee
Page 28 and 29: AUDITORS’ REPORT To The Members o
Page 30 and 31: BALANCE SHEETS As at 31 December 20
Page 32 and 33: CONSOLIDATED CASH FLOW STATEMENT Fo
Page 34 and 35: NOTES TO THE FINANCIAL STATEMENTS F
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STATISTICS OF SHAREHOLDINGS As at 2
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NOTICE OF SECOND ANNUAL GENERAL MEE
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NOTES 1. A member entitled to atten
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Untitled - Swissco Holdings Limited

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