/ . 8 8
E U R O S P O R T S G L O B A L L I M I T E D
Notes to
the F iNaNci al statemeNts
3 1 ma r ch 2 0 1 5
18 .
Sha r e Cap i t a l
group and Company
number
of shares
issued
Share
capital
’000
$’000
Ordinary shares of no par value:
Balance at date of incorporation
–
(a)
–
(a)
Issue of new shares pursuant to Restructuring Exercise
(b)
225,000
7,953
Issued and paid-up shares immediately after the Restructuring Exercise
225,000
7,953
Issue of new shares pursuant to Listing
(c)
40,000
11,200
Share issue expense
(d)
–
(684)
Balance at 31 March 2014 and 31 March 2015
265,000
18,469
Notes:
(a) Share capital is less than $1,000.
(b) As part of the Restructuring Exercise on 29 November 2013 (Note 1.2), the Company increased its issued and paid-up share capital to
$7,953,000 with the issue of 225,000,000 ordinary shares for the consideration of approximately $7,953,000 to Goh Kim Hup and Goh Kim
San, the controlling shareholders of the Company.
(c) On 17 January 2014, 40,000,000 ordinary shares were issued to the public at $0.28 per share pursuant to the Company’s listing on the
Catalist Board of the SGX-ST, for an aggregate consideration of $10,516,000 net of listing expenses of approximately $684,000 for cash. All
new ordinary shares were fully subscribed and paid.
(d) The listing expenses totalled approximately $2,714,000 of which approximately $684,000 has been charged to equity and approximately
$2,030,000 has been charged to profit or loss. The listing expenses amount as disclosed in the Offer Document dated 7 January 2014 of
approximately $2,739,000 was based on estimated costs and the difference is not significant.
In connection with the listing, the independent auditors were paid fees and expenses totalling $344,000 for their services as reporting
accountants.
The ordinary shares of no par value are fully paid, carry one vote each and have no right to fixed income. The Company
is not subject to any externally imposed capital requirements.
Capital management
The objectives when managing capital are: to safeguard the reporting entity’s ability to continue as a going concern,
so that it can continue to provide returns for owners and benefits for other stakeholders, and to provide an adequate
return to owners by pricing the sales commensurately with the level of risk. The management sets the amount of capital
to meet its requirements and the risk taken. There were no changes in the approach to capital management during
the reporting year. The management manages the capital structure and makes adjustments to it where necessary or
possible in the light of changes in conditions and the risk characteristics of the underlying assets. In order to maintain
or adjust the capital structure, the management may adjust the amount of dividends paid to owners, return capital to
owners, issue new shares, or sell assets to reduce debt. Adjusted capital comprises all components of equity (that is,
share capital and reserves).
The management monitors the capital on the basis of the debt-to-adjusted capital ratio. This ratio is calculated as net
debt / adjusted capital (as shown below). Net debt is calculated as total borrowings less cash and cash equivalents.
