Notes to Financial Statements

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64Middle East Development Singapore Ltd.Annual Report 2008Notes to Financial Statements30 June 200817 FINANCE LEASESAmounts payable under finance leases:GroupMinimumlease paymentsPresent value of minimumlease payments2008 2007 2008 2007$ $ $ $Within one year 79,714 96,187 68,321 83,628In the second to fi fth years inclusive 110,114 105,784 92,314 91,427189,828 201,971 160,635 175,055Less: Future fi nance charges (29,193) (26,916) – –Present value of lease obligations 160,635 175,055 160,635 175,055Less: Amount due for settlement within12 months (shown under currentliabilities) (68,321) (83,628)Amount due for settlement after 12 months 92,314 91,427Amounts payable under finance leases:CompanyMinimumlease paymentsPresent value of minimumlease payments2008 2007 2008 2007$ $ $ $Within one year 46,128 53,816 39,216 45,752In the second to fi fth years inclusive 38,442 76,882 32,556 65,23684,570 130,698 71,772 110,988Less: Future fi nance charges (12,798) (19,710) - -Present value of lease obligations 71,772 110,988 71,772 110,988Less: Amount due for settlementwithin 12 months (shown under currentliabilities) (39,216) (45,752)Amount due for settlement after 12 months 32,556 65,236It is the Group’s policy to lease certain of its plant and equipment and motor vehicles under fi nance leases. Thelease terms range from 3 to 5 years. For the year ended 30 June 2008, the average effective borrowing rate rangefrom 2.4% to 8.2% (2007: 2.4% to 7.2%) per annum. Interest rates are fi xed at the contract date, and thus exposethe Group to fair value interest rate risk. All leases are on a fi xed repayment basis and no arrangements have beenentered into for contingent rental payments.All lease obligations are denominated in the functional currencies of the respective entities. The Group’s obligationsunder fi nance leases are secured by the lessor’s title to the leased assets.The fair value of the Group’s lease obligations approximates their carrying amount.
Middle East Development Singapore Ltd.Annual Report 2008 65Notes to Financial Statements30 June 200818 SHARE CAPITALGroup and Company2008 2007 2008 2007Number of ordinary shares $ $Issued and paid up:At beginning of the year 397,677,500 108,600,000 18,296,125 4,311,012Issuance of ordinary shares for cash – 285,087,500 – 14,254,375Share issue expense – – – (659,418)Issue of shares on exercise of share options 300,000 3,990,000 24,000 319,200Transfer from share option reserves – – 5,335 70,956At end of the year 397,977,500 397,677,500 18,325,460 18,296,125Fully paid ordinary shares, which have no par value, carry one vote per share and carry a right to dividends.19 SHARE–BASED PAYMENTSHitchins Employees’ Share Option SchemeThe Hitchins Employees’ Share Option Scheme (the “Scheme”) of the Company was approved and adopted by itsmembers at an Extraordinary General Meeting held on 13 December 2002.The Scheme is administered by the Remuneration Committee comprising:• Tee Tua Ba (Chairman and Independent Director)• Hoon Tai Meng (Member and Independent Director)• Tan Song Koon (Member and Independent Director)The reserved size of the Scheme is 15% of the issued share capital of the Company on the relevant date of grant ofoptions.The following persons are eligible to participate in the Scheme:(i)(ii)(iii)Confi rmed full–time employees of the Company and/or subsidiaries who have attained the age of 21 yearsand above and/or before the relevant date of offer of an option;Executive Directors of the Company; andPerson who qualify under (i) and (ii) and who are controlling shareholders of the Company and theirassociates and whose participation and actual number of shares granted under the Scheme and terms ofany option granted to them have been approved by independent shareholders in general meeting.Non–Executive Directors are not eligible to participate in the Scheme.Under the rules of the Scheme, options will be granted at the prevailing market price of the shares based on theaverage of the last dealt price per share as indicated in the daily offi cial list or any other publication published by theSGX–ST for the 5 consecutive days immediately preceding the date of grant (the “Market Price”). Options will notbe granted at a discount to the Market Price.
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