Annual Report 2010 - Leeden Limited

Leeden Limited Annual Report 2010Directors' Report(e)At the end of the financial year, unissued shares under option comprise the following:Scheme IPrice per share payableNumber ofOptions granted in in full upon applicationExercise periodordinary shares2004 $0.20 24.08.2005 to 23.08.2011 2,415,000Scheme IIOptions granted inPrice per share payablein full upon applicationExercise periodNumber ofordinary shares2007 $0.42 28.09.2009 to 27.09.2017 730,0002007 $0.42 28.09.2010 to 27.09.2017 730,0002007 $0.42 28.09.2011 to 27.09.2017 730,0002007 $0.40 28.09.2009 to 27.09.2017 2,000,0002007 $0.48 23.10.2009 to 22.10.2017 2,430,0002007 $0.48 23.10.2009 to 22.10.2012 820,0002009 $0.28 05.08.2011 to 04.08.2019 5,670,0002009 $0.28 05.08.2011 to 04.08.2014 800,000No other options were granted during the financial year.Bonus WarrantsOn 16 February 2007 and 6 March 2007, the Company announced a bonus issue of warrants (the “Bonus Warrants”) to itsshareholders on the basis of one Bonus Warrant for every five existing ordinary shares in the capital of the Company held by theentitled shareholders as at the books closure date. Each Bonus Warrant shall confer on the holder the right to subscribe, in cash,for one new ordinary share (the “New Share”) at an exercise price of $0.25 for each New Share and expiring on the date fallingtwenty-four months after the date of listing of the Bonus Warrants.The date of listing of the Bonus Warrants is 17 April 2007. In 2009, 3,680,163 Bonus Warrants were exercised and the balanceof 2,891,687 Bonus Warrants lapsed, leaving no Bonus Warrants outstanding as at 31 December 2009.Directors’ contractual benefitsExcept as disclosed in the financial statements, since the end of the previous financial year, no Director of the Company hasreceived or become entitled to receive a benefit by reason of a contract made by the Company or a related corporation with theDirector, or with a firm of which the Director is a member, or with a company in which the Director has a substantial financialinterest.Audit CommitteeThe Audit Committee at the date of this report comprises the following members who, are independent Directors:Philip Hong Peng Wai (Chairman)Leslie StruysLoh Weng WhyeThe Audit Committee (“AC”) carried out its functions in accordance with Section 201B(5) of the Singapore Companies Act, Cap.50, including the following:• Reviews the audit plans of the internal and external auditors of the Company and reviews the internal auditors’ evaluationof the adequacy of the Company’s system of internal accounting controls and the assistance given by the Company’smanagement to the external and internal auditors;• Reviews the interim and annual financial statements and the auditors’ report on the annual financial statements of theCompany before their submission to the Board of Directors;33