Annual Report 2011 - QuamIR

Notes to the Consolidated Financial StatementsFor the year ended 31 March 201130. Deferred Taxation (continued)At the end of the reporting period, the Group has estimated unused tax losses of approximatelyHK$1,533,000 (2010: HK$1,101,000) available for offset against future profits that may be carriedforward indefinitely. No deferred tax asset has been recognized in respect of the tax losses due to theunpredictability of future profit streams.31. Share CapitalNumber of sharesSharecapitalHK$’000Authorized:Ordinary shares of HK$0.01 eachAt 31 March 2010 and 2011 20,000,000,000 200,000Issued and fully paid:At 1 April 2009 1,567,393,158 15,674Issue of new ordinary shares (Note (i)) 342,270,000 3,423Exercise of share options (Note (ii)) 144,000,000 1,440Conversion of convertible bonds (Note (iii)) 608,400,000 6,084At 31 March 2010 2,662,063,158 26,621Issue of new ordinary shares (Note (iv)) 2,888,000,000 28,880Conversion of convertible bonds (Note (v)) 1,209,781,813 12,098At 31 March 2011 6,759,844,971 67,599Notes:(i) Pursuant to the subscription agreement dated 14 October 2009, the Company allotted and issued a total of 342,270,000new shares at a subscription price of HK$0.25 each to Mr. Leung Ngai Man (“Mr. Leung”), an executive director of theCompany on 23 October 2009, who sold in connection with the completion of the placing agreement of 342,270,000existing shares to independent places at a placing price of HK$0.25 each (the “Top-up Placement”). The Companyraised a sum of approximately HK$85,568,000 through the Top-up Placement and retained the net proceeds as generalworking capital of the Group and to finance any possible acquisition plan of the Group in the future.(ii)During the year ended 31 March 2010, 144,000,000 ordinary shares were issued upon the exercise of a total of144,000,000 share options at exercise prices ranging from HK$0.05 to HK$0.15 per share, giving rise to aggregate netproceeds of HK$16,200,000.Sino Prosper State Gold Resources Holdings Limited98