Ecowise Annual Report 2007 - ecoWise Holdings Limited

Notes to FinancialStatements31 October 200731. SUBSEQUENT EVENTSThe group announced on 22 November 2007, the issuance of renounceable non-underwritten rights cum warrantsissue of up to 249,975,000 new Shares (the “Rights Shares”) at an issue price of S$0.01 for each Rights Share, and83,325,000 free detachable warrants (the “Warrants”), each Warrant carrying the right to subscribe for one new Share(“New Shares”) at an exercise price of S$0.05 for each New Share, on the basis of three Rights Shares with one Warrantfor every one Existing Share held.32. CHANGES AND ADOPTION OF FINANCIAL REPORTING STANDARDSFor the year ended 31 October 2007 the following new or revised Singapore Financial Reporting Standards were adoptedfor the first time. The new or revised standards did not require any material modification of the measurement methodor the presentation in the financial statements.FRS No.TitleFRS 1 Presentation of Financial StatementsFRS 16 Property, Plant and EquipmentFRS 19 Employee Benefits - Amendments relating to actuarial gains and losses, group plans and disclosuresFRS 21 The Effects of Changes in Foreign Exchange Rates - Amendments relating to net investment in aforeign operationFRS 24 Related Party DisclosuresFRS 32 Financial Instruments: Disclosure and PresentationFRS 37 Provisions, Contingent Liabilities and Contingent AssetsFRS 38 Intangible AssetsFRS 39 Financial Instruments: Recognition and Measurement -Amendments relating to cash flow hedge accounting of forecast intragroup transactions Amendmentsrelating to financial guarantee contracts (*)FRS 101 First-time Adoption of Financial Reporting Standards - Amendments relating to comparativedisclosures for FRS 106 Exploration for and Evaluation of Mineral Resources (*)FRS 101 Implementation Guidance (*)FRS 104 Insurance Contracts (*)FRS 104 Implementation Guidance (*)FRS 106 Exploration for and Evaluation of Mineral Resources (*)INT FRS 104 Determining whether an Arrangement contains a LeaseINT FRS 105 Rights to Interests arising from Decommissioning, Restoration and Environmental RehabilitationFunds (*)INT FRS 107 Applying the Restatement Approach under FRS 29 Financial Reporting in HyperinflationaryEconomies (*)INT FRS 108 Scope of FRS 102INT FRS 109 Reassessment of Embedded Derivatives (*)INT FRS 110 Interim Financial Reporting and Impairment(*) Not relevant to the entity.88 • ecoWise Holdings Limited • Annual Report 2007