104
HG METAL MANUFACTURING LIMITED
ANNUAL REPORT 2014
NOTES TO THE
FINANCIAL STATEMENTS
for the financial year ended 31 December 2014
26.
TREASURY SHARES
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
23,268
1,885
23,268
1,885
Acquired during the financial year
–
–
–
–
At end of the year
23,268
1,855
23,268
1,885
Treasury shares relate to ordinary shares of the Company that are held by the Company.
27.
OTHER RESERVES
Group
Company
2014
2013
2014
2013
$’000
$’000
$’000
$’000
Capital reserve (a)
2,527
2,527
2,527
2,527
Foreign currency translation
reserve (b)
(415)
(373)
–
–
Fair value reserve (c)
(4)
(4)
–
–
Premium paid on acquisition of
non-controlling interest (d)
(177)
–
–
–
1,931
2,150
2,527
2,527
(a)
Capital reserve
In 2005, the Company entered into a $10,000,000 convertible loan agreement (2005
Convertible Loan Agreement) with Oversea-Chinese Banking Corporation Limited (“OCBC”)
for the purpose of expansion and/or to be applied to general working capital requirements.
On 15 August 2006, the Company and OCBC entered into a revised Convertible Loan
Agreement for refinancing the 2005 Convertible Loan Agreement which granted OCBC the
right to convert the loan amount into new ordinary shares of the Company at any time until
maturity date on 5 July 2008.
