notes to the financial statements - Singapore Technologies ...

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194 SIMPLY SMARTERNOTES TO THE FINANCIAL STATEMENTS31 December 2011(Currency - Singapore dollars unless otherwise stated)36. BondsGroup2011 2010$’000 $’000Principal 649,650 644,500Unamortised discount (3,088) (3,392)646,562 641,108Unamortised discount:At beginning of the year 3,392 4,038Amortisation for the year (319) (330)Translation difference 15 (316)3,088 3,392On 16 July 2009, the Group issued US$500,000,000 4.80% Notes due 2019 under its US$1.2 billion Multicurrency Medium Term Note Programme. Thebonds bear interest at a fixed rate of 4.80% per annum and interest is payable every 6 months from the date of issue. The bonds are unconditionally andirrevocably guaranteed by the Company.37. Other long-term payablesGroupNote 2011 2010$’000 $’000Within 1 year 27 – 1,333After 1 year 2,500 2,5002,500 3,833(a)(b)The loan of $2,500,000 (2010: $2,500,000) is payable to a previous non-controlling shareholder of a subsidiary for the purchase of remainingshareholdings of the subsidiary. The amount payable is unsecured, interest-free and repayable within 7 years from 2010.The sum of $1,333,000 previously payable to an external supplier under a deferred payment agreement relating to purchase of equipment wassettled during the year.
SINGAPORE TECHNOLOGIES ENGINEERING LTD Annual Report 2011195NOTES TO THE FINANCIAL STATEMENTS31 December 2011(Currency - Singapore dollars unless otherwise stated)38. Share capitalGroup and Company2011 2010$’000 $’000Issued and fully paidAt beginning of the year3,037,565,745 (2010: 3,010,456,133) ordinary shares 677,590 611,808Issued during the year18,899,157 (2010: 27,109,612) ordinary shares 45,821 65,782At end of the year3,056,464,902 (2010: 3,037,565,745) ordinary shares 723,411 677,590Included in share capital is a special share issued to the Minister for Finance. The special share enjoys all the rights attached to the ordinary shares. Inaddition, the special share carries the right to approve any resolution to be passed by the Company, either in general meeting or by its Board of Directors,on certain matters specified in the Company’s Articles of Association. The special share may be converted at any time into an ordinary share.The holders of ordinary shares are entitled to receive dividends as and when declared by the Company. All ordinary shares carry one vote per sharewithout restriction.39. Share-based payment arrangementsThe Singapore Technologies Engineering Share Option Plan (“ESOP”), the Singapore Technologies Engineering Performance Share Plan (“PSP2000”) andthe Singapore Technologies Engineering Restricted Stock Plan (“RSP2000”) of the Company (collectively referred to as the “Existing Share Plans”) wereapproved by the members of the Company at an Extraordinary General Meeting held on 23 November 2000. Following the approval of the Existing SharePlans by its shareholders at the Extraordinary General Meeting held on 23 November 2000, the Singapore Technologies Engineering Executive’s ShareOption Scheme (“ESOS”), the predecessor to the ESOP, was terminated.A new share plan comprising the Singapore Technologies Engineering Performance Share Plan 2010 (“PSP2010”) and the Singapore TechnologiesEngineering Restricted Share Plan 2010 (“RSP2010”) was approved by the members of the Company at the Annual General Meeting held on21 April 2010 (together, the “New Share Plans”). The Existing Share Plans were terminated following the adoption of the New Share Plans. However,all awards granted under the Existing Share Plans prior to its termination will continue to be valid and be subject to the terms and conditions of theExisting Share Plans.Singapore Technologies Engineering Share Option Plan (“ESOP”)The Company ceased to grant options under the ESOP with effect from 2007. Information regarding ESOP is as follows:(a)The exercise price of the options is equal to volume-weighted average price for the shares on the SGX over the 3 consecutive trading daysimmediately preceding the date of grant.(b)The options are exercisable at the end of the first year after date of grant, in accordance with a vesting schedule to be determined by ERCC andare settled in cash.(c)The options granted expire after 5 years for non-executive directors and 10 years for the employees of the Company and its subsidiaries.
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