Powering growth - Aztech Group Ltd - Investor Relations

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90a 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 s21 FINANCE LEASESGROUPPresent valueMinimumof minimumlease paymentslease payments2009 2008 2009 2008$’000 $’000 $’000 $’000Amounts payable under finance leases:Within one year 805 2,002 784 1,938In the second to fifth years inclusive 402 1,239 397 1,2121,207 3,241 1,181 3,150Less: Future finance charges (26) (91) - -Present value of lease obligations 1,181 3,150 1,181 3,150Less: Amount due for settlement within 12 months(shown under current liabilities) (784) (1,938)Amount due for settlement after 12 months 397 1,212It is the Group’s policy to acquire certain of its plant and equipment under finance lease arrangements. The average lease term is 3 years. Forthe year ended December 31, 2009, the weighted average effective borrowing rate was 2.9% (2008 : 3.0%) per annum. All leases are on afixed repayment basis and no arrangements have been entered into for contingent rental payments.The fair value of the Group’s lease obligations approximates their carrying amount.The Group’s obligations under finance leases are secured by the lessors’ title to the leased assets (Note 13).The Group’s obligations under finance leases are denominated in United States dollars.22 SHARE CAPITALGROUP AND COMPANY2009 2008 2009 2008’000 ’000 $’000 $’000Number of ordinary sharesIssued and paid up:At January 1 420,999 419,826 110,082 109,958Transferred from share-basedcompensation reserve - - 384 -Issue of rights shares 81,272 - 10,159 -Rights issue expense - - (314) -Conversion of warrants 8 - 2 -Exercise of share options 7,220 1,173 973 124At December 31 509,499 420,999 121,286 110,082
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 99122 SHARE CAPITAL (cont’d)The Company has one class of ordinary shares with no par value which carry no right to fixed income.The Aztech Group Employee Share Option Scheme 2000 (“ESOS 2000”) was approved and adopted at the Company’s Extraordinary GeneralMeeting (“EGM”) held on March 10, 2000.In 2009, 7,220,000 ordinary shares in the Company were issued at the following subscription price, pursuant to the exercise of options grantedunder ESOS 2000:Number of ordinary sharesExercise price2,000,000 $0.1192,120,000 $0.1081,000,000 $0.1121,200,000 $0.186400,000 $0.175500,000 $0.203The new shares ranked pari passu in all respects with existing shares of the Company.On July 17, 2007, the Company allotted 104,390,250 warrants (“Warrants 2010”) at an issue price of $0.02 for each warrant on the basis ofone warrant for every four existing shares. On November 24, 2009, due to the Rights cum Warrants issue exercise, the number and price of theexisting warrants were adjusted accordingly, and an additional 9,948,476 warrants were allotted. Each warrant entitles the warrant holder tosubscribe for one new ordinary share of the Company at an adjusted exercise price of $0.47 (2008 : $0.51) per share. The warrants have anexercise period of 3 years from July 17, 2007 to July 16, 2010. As at December 31, 2009, the outstanding number of warrants is 113,792,726(2008 : 103,844,250).On November 24, 2009, the Company allotted 81,272,000 rights shares with 81,272,000 warrants (“Warrants 2012”) at an issue price of$0.125 for each rights share on the basis of one rights share with one warrant for every five existing shares. Each warrant entitles the warrantholder to subscribe for one new ordinary share of the Company at an exercise price of $0.20 per share. The warrants have an exercise period of 3years from November 24, 2009 to November 23, 2012. During the year, 8,000 new ordinary shares were issued from the conversion of warrants.As at December 31, 2009, the outstanding number of warrants is 81,264,000.23 TREASURY SHARESGROUP AND COMPANY2009 2008 2009 2008’000 ’000 $’000 $’000Number of ordinary sharesAt beginning of the year 21,859 9,793 5,636 3,647Repurchased during the year - 12,066 - 1,989At end of the year 21,859 21,859 5,636 5,636In 2008, the Company acquired 12,066,000 of its own shares through purchases on the Singapore Exchange. The total amount paid to acquirethe shares was $1,989,000 and had been deducted from shareholders’ equity. The shares are held as “treasury shares”. There was no sharebuy-back during the current financial year.
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