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

Amount due from/to our Directors
There were the following amounts due from/to our Directors, Mr Ang Boon Cheow Edward and Mr Ang
Boon Chong, as at the end of the last 3 financial years and as at 30 June 2002:
As at
As at 31 December 30 June
1999 2000 2001 2002
$’000 $’000 $’000 $’000
Due from Directors 250 250 — —
Due to Directors — — 290 777
Provision for directors’ fees 542 527 1,000 —
The amount due from Directors as at 31 December 1999 and 2000 has been settled subsequently.
The amount due to Directors was unsecured, interest-free and had no fixed terms of repayment. This
balance has been fully repaid subsequent to 30 June 2002.
Save as disclosed above, there are no other outstanding balances with our Directors and no further
advances will be made to our Directors.
Management Fees Paid to ATS Holdings (2000)
The following amounts of management fees were paid to ATS Holdings (2000) by our Company in the
last 3 financial years and for the 6 months period ended 30 June 2002:
6 months
ended 30 June
FY1999 FY2000 FY2001 2002
$’000 $’000 $’000 $’000
Management fees — 350 650 300
The management fees were charged at a rate of S$50,000 per month. The management fees paid were
for management services provided by ATS Holdings (2000) in relation to the day-to-day management,
administration and human resource services to our Company. This arrangement was discontinued with
effect from October 2002.
We do not envisage such management services to be provided by ATS Holdings (2000) in the future.
However, if we do enter into similar contracts with ATS Holdings (2000) in the future, we shall comply
with the requirements of the SGX-ST Listing Manual, including (if necessary) the obtaining of approval
from the Shareholders.
Professional Services
Our Independent Director, Mr Teo Kiang Kok, is a senior partner of Shook Lin & Bok, a firm of advocates
and solicitors, which will be receiving a fee from us for legal services rendered by the firm in connection
with the Invitation. Although Mr Teo Kiang Kok is a partner of Shook Lin & Bok, he was not the partner
rendering the legal services in connection with the Invitation and does not have any interest in our
Group.
It is envisaged that we may continue to engage the services of Shook Lin & Bok in future as and when
the need arises. As matters involving our Group will be handled by other partners and associates of the
firm, our Directors are of the view that the provision of such services will not interfere with Mr Teo Kiang
Kok’s independent judgement in his role as our Independent Director. In the event that Mr Teo Kiang Kok
is interested in any matter handled by Shook Lin & Bok involving our Group, including and not limited to
the Invitation, he will adhere to the procedures and guidelines for interested person transactions as set
out on page 87 of this Prospectus and abstain from reviewing and voting on that particular transaction.
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