153
A N N U A L R E P O R T 2 0 1 6
ADDENDUM
1.3 Terms of the Share Buy-back Mandate
The authority and limitations placed on purchases of Shares by the Company under the Share Buy-back Mandate are summarised below:
1.3.1 Maximum number of Shares
Only Shares which are issued and fully paid-up may be purchased or acquired by the Company.
The total number of Shares that may be purchased or acquired by the Company is limited to that number of Shares representing not more
than 10% of the total number of Shares of the Company as at the last annual general meeting which was held on 28 July 2015 or as at the
date of the annual general meeting at which the Share Buy-back Mandate is approved (the ¡°
Approval Date
¡±) (whichever is the higher)
unless the Company has effected a reduction of the share capital of the Company in accordance with the applicable provisions of the
Companies Act, at any time during the Relevant Period, in which event the total number of Shares shall be taken to be the amount of the
total number of Shares as altered (excluding any treasury shares that may be held by the Company from time to time).
For illustrative purposes only, based on the existing issued and paid-up capital of the Company as at the Latest Practicable Date
of S$13,964,000 comprising 121,374,700 Shares, and assuming that no further Shares are issued on or prior to the AGM, not more than
12,137,470 Shares (representing approximately 10% of the total number of ordinary shares of the Company excluding treasury shares as at
that date) may be purchased or acquired by the Company pursuant to the Share Buy-back Mandate.
1.3.2 Duration of authority
Purchases or acquisitions of Shares may be made, at any time and from time to time, on and from the Approval Date, up to the earlier of:
(a)
the date on which the next annual general meeting is held or required by law to be held;
(b)
the date on which the Share Buy-backs are carried out to the full extent mandated; or
(c)
the date on which the authority contained in the Share Buy-back Mandate is varied or revoked by an ordinary resolution of
shareholders of the Company in general meeting;
