Ocean Sky International Limited - Ocean Sky International Ltd ...

CAPITALISATION AND INDEBTEDNESS
In connection with the Invitation, we carried out the Capitalisation Exercise which involved the following:
(i) the capitalisation of $12,013,086 out of retained profits, and $636,500 out of share premium
account for a bonus issue of 12,649,586 ordinary shares of $1 each; and
(ii) the sub-division of each ordinary share of S$1.00 in the existing authorised and issued and paidup
share capital into 20 ordinary Shares of S$0.05 each (“Sub-division of Shares”).
The following table shows our bank and cash balances, capitalisation and indebtedness as at 30
September 2002:-
� on an actual basis after the payment of interim dividends; and
� as adjusted to give effect to the application of net proceeds from the Invitation.
You should read this table in conjunction with:-
� our consolidated financial statements and the related notes included in this Prospectus; and
� the section in this Prospectus entitled “Management’s Discussion and Analysis of Financial
Condition and Results of Operations.”
As at
30 September 2002 As Adjusted for the
(Unaudited) Proceeds of the Invitation
$’000 $’000
Cash and cash equivalents 15,597 34,897
Borrowings
Secured :
Short-term portion of long-term loans 486 486
Long-term loans 3,696 3,696
Short-term borrowings 35,064 35,064
Finance lease creditors 2,737 2,737
Total borrowings 41,983 41,983
Shareholders’ equity
Issued and paid-up capital 2,000 19,283
Share application account 670 (2) –
Share premium account – 14,700
Reserves 26,447 (1) 14,434
Total shareholders’ equity 29,117 48,417
Total capitalisation and indebtedness 71,100 90,400
Note :
(1) Adjusted for payment of interim dividend of $6 million.
(2) 33,500 ordinary shares of S$1 each were issued on 10 December 2002 at an average premium of S$19 per share.
As at 31 January 2003, we have cash and cash equivalents of $15,273,000. We have secured short-term
loans of $1,214,000, secured long-term loans of $5,096,000, unsecured short-term borrowings of
$25,082,000 and unsecured finance lease creditors of $3,001,000.
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