Ecowise Annual Report 2007 - ecoWise Holdings Limited

Notes to FinancialStatements31 October 200721. SHARE CAPITALNumberof sharesIssuedshare capital$’000Ordinary shares of no par value:Balance at beginning of year 1 November 2005 77,575,000 6,206Transfer of share premium balance #a – 2,003Issue of shares at $0.13 each #b 4,000,000 520Balance at end of year 31 October 2006 81,575,000 8,729Issue of shares at $0.08 each #c 1,750,000 140Employee share option scheme – Options exercised – 37Balance at end of year 31 October 2007 83,325,000 8,906#a With the changes to the Companies Act, Cap 50 effective from 30 January 2006, there is the removal of the concept of par value andauthorised capital and there is no share premium account. The company had a share premium account balance of $2,002,970 at theend of the year. This amount had now been included in share capital as required by the changes to the Companies Act.#b During the year 4,000,000 ordinary shares of no par value were issued for cash at S$0.13 each as consideration for the acquisition of asubsidiary (Note 16).#c During the year 1,750,000 share options under the ecoWise Employee Share Option Scheme were exercised in whole at S$0.08 per shareon 29 January 2007.The movements in the reserves are disclosed in the statement of changes in equity.The ordinary shares of no par value carry no right to fixed income and are fully paid. The company is not subject to anyexternally imposed capital requirements.79