ANNUAL REPORT

Middle East Development Singapore ltdannual report 2007 39STATEMENTS OF CHANGES INEQUITYYear ended 30 June 2007ShareShare option Accumulatedcapital reserve losses TotalCompany $ $ $ $Balance at 1 July 2005 4,311,012 80,470 (1,461,199) 2,930,283Net loss for the year – – (53,432) (53,432)Balance at 30 June 2006 4,311,012 80,470 (1,514,631) 2,876,851Balance at 1 July 2006 4,311,012 80,470 (1,514,631) 2,876,851Transfer to share capital upon exercise of share option (Note 15) 70,956 (70,956) – –Net income/ (loss) recognised directly in equity 70,956 (70,956) – –Issue of share capital (Note 14) 14,254,375 – – 14,254,375Share issue expenses (Note 14) (659,418) – – (659,418)Exercise of share options (Note 14) 319,200 – – 319,200Net loss for the year – – (934,797) (934,797)Total recognised income/ (loss) for the year 13,985,113 (70,956) (934,797) 12,979,360Balance at 30 June 2007 18,296,125 9,514 (2,449,428) 15,856,211(a)(a)Not available for distribution as cash dividendsSee accompanying notes to financial statements.