165
A N N U A L R E P O R T 2 0 1 6
ADDENDUM
The actual impact will depend on the number and price of the Shares bought back. The Directors do not propose exercising the proposed
Share Buy-back Mandate to such an extent that it would have a material adverse effect on the working capital requirements and capital
adequacy position of the Company.
Shareholders should note that the financial effects set out above are based on certain assumptions and are for illustrative purposes
only. In particular, it is important to note that the above analysis is based on historical audited financial statements for the financial
year ended 31 March 2016 and is not necessarily representative of future financial performance.
Although the Share Buy-back Mandate would authorise the Company to purchase or acquire up to 10% of the issued Shares,
the Company may not necessarily purchase or acquire or be able to purchase or acquire the entire 10% of the issued Shares. In
addition, the Company may cancel all or part of the Shares repurchased or hold all or part of the Shares repurchased as treasury
shares.
1.8 Tax Implications
Shareholders who are in doubt as to their respective tax positions or the tax implications of share purchases by the Company, or, who may
be subject to tax whether in or outside Singapore, should consult their own professional advisers.
1.9 Requirements under the Companies Act and Listing Manual
Within thirty (30) days of the passing of a Shareholders¡¯ resolution to approve the Share Buy-back Mandate, the Company shall lodge a
copy of such resolution with the ACRA.
Within thirty (30) days of a Share Buy-back or acquisition on the Catalist or otherwise, the Company shall lodge with the ACRA a notification
of the Share Buy-back or acquisition in the prescribed form. Such notification shall include,
inter alia
, the date of the purchase, the number
of Shares purchased, the number of Shares cancelled and/or the number of Shares held as treasury Shares, the Company¡¯s issued share
capital before and after the Share Buy-back, the amount of consideration paid by the Company for the purchase and whether the Shares
were purchased out of the profits or capital of the Company.
Under the Listing Manual, a listed company may purchase shares by way of Market Purchases at a price per share which is,
inter alia
, not
more than 5% above the average of the closing market prices of the Shares over the last five (5) Market Days on the Catalist, on which
transactions in the Shares were recorded, immediately preceding the day of the Market Purchase by the Company, and which is deemed to
be adjusted in accordance with the Listing Manual for any corporate action occurring after the relevant period of the five (5) Market Days
period. The Maximum Price for a Share in relation to Market Purchases by the Company conforms to this restriction.
