inter roller fa final

Notes to the Financial Statements30 Events after balance sheet dateThe Group and The CompanySubsequent to balance sheet date, the Company did a renounceable non-underwritten rights issue of up to38,330,227 new ordinary shares of $0.20 each at an issue price of $0.36 for each rights share, on the basis ofone (1) rights share for every two (2) existing ordinary shares of $0.20 each at book closure date on 30 December2004. The rights issue was successfully completed on 24 January 2005. All the rights were fully subscribedand allotted to our shareholders. Acceptance for rights entitlements and excess applications were 65.3 millionrights shares, which is 1.7 times the total number of rights shares under the Rights Issue. Net proceeds fromthe rights issue amounted to $13.62 million, after deducting expenses of $0.16 million. The net proceedsincreased the Group’s working capital.31 Disclosure of directors’ remunerationThe remuneration of directors of the Company are disclosed in bands as follows:Number of % of RemunerationRemuneration Band directors Fees Salary Bonus Benefits$750,000 and above 1 2% 40% 52% 6%$500,000 to749,999 2 2% 44% 42% 12%$250,000 to $499,999 6 - - - -Below $250,000 - 100% - - -932 Additional information on employee share options2,212,000 (2003 - 3,611,500) share options were exercised during the financial year.Movements in the number of share options held by executive directors and employees are as follows:2004 2003The Company $ $Outstanding options at beginning of year 2,324,000 4,636,000Options issued 1,930,000 1,600,000Options exercised (2,212,000) (3,611,500)Options lapsed - (300,500)Outstanding options at end of year 2,042,000 2,324,000There is no charge to earnings for employee share option awards and the dilutive effect of exercisable outstandingoptions is reflected as additional share dilution in the computation of earnings per share.Additional information on the Inter-Roller Executives’ Share Option Scheme can be found in the Directors’Report.72 inter-roller engineering limited annual report2004