103
HG METAL MANUFACTURING LIMITED
ANNUAL REPORT 2014
NOTES TO THE
FINANCIAL STATEMENTS
for the financial year ended 31 December 2014
24.
PROVISION FOR REINSTATEMENT COSTS
Group
Company
2014
2013
2014
2013
$’000
$’000
$’000
$’000
Provision for reinstatement costs
1,000
1,000
700
700
The movement in provision for reinstatement costs is as follows:
Group
Company
2014
2013
2014
2013
$’000
$’000
$’000
$’000
At 1 January
1,000
1,000
700
700
At 31 December
1,000
1,000
700
700
Provision for reinstatement costs is made in respect of the Group and Company’s leasehold
properties to fulfil the obligations under the lease agreements. Outflows are expected only at the
end of the lease tenure of the leasehold properties in year 2020 (2013: 2020).
25.
SHARE CAPITAL
Group and Company
2014
2013
No. of
shares
No. of
shares
’000
$’000
’000
$’000
Issued and fully-paid:
Ordinary shares
At beginning of the year
1,092,522
137,314 1,092,522
137,314
Issue from share placement
213,600
14,738
–
–
At end of the year
1,306,122
152,052 1,092,522
137,314
The holders of ordinary shares (except treasury shares) are entitled to receive dividends as and
when declared by the Company. All ordinary shares carry one vote per share without restrictions.
The ordinary shares have no par value.
Issue from share placement
In October 2014, a total of 213,600,000 new ordinary shares were issued by the Company at
S$0.069 per share to SEAVI Advent Investments Ltd (133,500,000 shares) and Rise Capital Ventures
Ltd (80,100,000 shares). The net proceeds of approximately S$14.7 million have not been utilised
by the Company.
