Powering growth - Aztech Group Ltd - Investor Relations

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34a z t e c h a n n u a l r e p o r t 2 0 0 9F i n a n c i a l S t a t e m e n t sREPORT OF THE DIRECTORS4 DIRECTORS’ INTERESTS IN SHARES AND DEBENTURES (cont’d)Names of Directors and companiesin which interests are heldWarrants to subscribe fornew ordinary sharesAt beginningof yearAt endof yearDeemed interest in warrants to subscribefor new ordinary sharesAt beginningof yearAt endof yearThe Company- Aztech Group LtdWarrants 2010Michael Mun Hong Yew 23,154,846 25,373,851 250,000 273,958Patricia Ng Sok Cheng 3,784,618 4,147,310 - -Jeremy Mun Weng Hung - 191,770 175,000 -Martin Chia Heok Miin 397,000 435,045 2,500 2,739Khoo Ho Tong 125,000 136,979 - -Philip Tan Tee Yong 125,000 136,979 - -Colin Ng Teck Sim 125,000 136,979 - -Warrants 2012Michael Mun Hong Yew - 19,184,277 - 806,000Patricia Ng Sok Cheng - 2,817,694 - 200,000Jeremy Mun Weng Hung - 174,000 - -Martin Chia Heok Miin - 638,000 - 2,000Khoo Ho Tong - 135,000 - -Philip Tan Tee Yong - 100,000 - -Colin Ng Teck Sim - 128,000 - 20,000By virtue of Section 7 of the Singapore Companies Act, Michael Mun Hong Yew is deemed to have an interest in the Company and in all thesubsidiaries of the Company.The Directors’ interests as at January 21, 2010 were the same as those at December 31, 2009.5 DIRECTORS’ RECEIPT AND ENTITLEMENT TO CONTRACTUAL BENEFITSSince the beginning of the financial year, no Director has received or become entitled to receive a benefit which is required to be disclosed underSection 201(8) of the Singapore Companies Act, by reason of a contract made by the Company or a related corporation with the Director orwith a firm of which he is a member, or with a company in which he has a substantial financial interest except for salaries, bonuses and otherbenefits as disclosed in the financial statements and the Profit Sharing Scheme (“Scheme”) as described below and as disclosed in the financialstatements.Certain Directors received remuneration from related corporations in their capacity as Directors and/or executives of those related corporations.There were certain transactions (as shown in Note 6 of the financial statements) with corporations in which certain Directors have an interest.
F i n a n c i a l S t a t e m e n t sa z t e c h a n n u a l r e p o r t 2 0 0 935REPORT OF THE DIRECTORS5 DIRECTORS’ RECEIPT AND ENTITLEMENT TO CONTRACTUAL BENEFITS (cont’d)Directors’ Profit Sharing SchemeThe Company has entered into the Scheme, which was recommended by the Remuneration Committee and approved by the Board of Directors,with the following Directors of the Company:Michael Mun Hong YewPatricia Ng Sok ChengMartin Chia Heok MiinJeremy Mun Weng HungFor Michael Mun Hong YewIn accordance with the Scheme, Michael Mun Hong Yew is entitled to profit share based on the amount of the audited consolidated profit after tax(“PAT”), as computed in the following manner:(i)(ii)(iii)When PAT is equal to or exceeds $5 million (“Minimum Profit”) but less than $10 million, the amount shall be equal to 1.2% of the PAT;When PAT is equal to or exceeds $10 million but less than $15 million, the amount shall be equal to 1.6% of the PAT; andWhen the PAT is equal to or exceeds $15 million, the amount shall be 2.0% of the PAT.For Patricia Ng Sok Cheng, Martin Chia Heok Miin and Jeremy Mun Weng HungIn accordance with the Scheme, Patricia Ng Sok Cheng, Martin Chia Heok Miin and Jeremy Mun Weng Hung are entitled to share in the ProfitSharing Pool (“Pool”), based on the amount of PAT, as computed in the following manner:(i)(ii)(iii)When PAT is equal to or exceeds Minimum Profit, but less than $10 million, the Pool shall be equal to 1.8% of the PAT;When PAT is equal to or exceeds $10 million but less than $15 million, the Pool shall be equal to 2.4% of the PAT; andWhen the PAT is equal to or exceeds $15 million, the Pool shall be 3.0% of the PAT.Under the Scheme, the Remuneration Committee shall review and recommend their respective share of the Pool to be allocated to theabovementioned Directors. The actual amount payable to them shall be deliberated and decided by the Board of Directors.As at the end of the financial year, an accrual of $450,000 (2008 : $450,000) has been made pursuant to the Scheme.
Page 1 and 2: Powering GrowthAnnual Report 09
Page 3 and 4: AztecH’S GLOBAL REACHAztech at a
Page 5 and 6: F i n a n c i a l H i g h l i g h t
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HEAD OFFICEAZTECH GROUP LTD31 Ubi R
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