A N N U A L R E P O R T 2 0 1 6
166
ADDENDUM
The Listing Manual specifies that a listed company shall report all purchases or acquisitions of its shares to the SGX-ST not later than 9.00
a.m., (a) in the case of a Market Purchase, on the Market Day following the day on which it purchased shares and (b) in the case of an Off-
Market Purchase under an equal access scheme, on the second Market Day after the close of acceptances of the offer. Such announcement
currently requires the inclusion of details of the total number of shares purchased, the purchase price per share or the highest and lowest
prices paid for such shares, as applicable and such announcement must be made in the form of Appendix 8D of the Listing Manual.
While the Listing Manual does not expressly prohibit any purchase of shares by a listed company during any particular time or times,
because the listed company would be regarded as an ¡°insider¡¯ in relation to any proposed purchase or acquisition of its issued shares,
the Company will not undertake any purchase or acquisition of Shares pursuant to the proposed Share Buy-back Mandate at any time
after a price sensitive development has occurred or has been the subject of a decision until the price sensitive information has been
publicly announced. In particular, in line with the best practices guide on securities dealings issued by the SGX-ST, the Company would not
purchase or acquire any Shares through Market Purchases commencing two weeks before the announcement of the Company¡¯s financial
statements for each of the first three quarters of its financial year and one month before the announcement of the Company¡¯s full year
financial statements.
1.10 Listing Status
The Company is required under Rule 723 of the Listing Manual to ensure that at least 10% of its Shares are in the hands of the public. The
¡°public¡±, as defined under the Listing Manual, are persons other than the directors, chief executive officer, substantial shareholders or
Controlling Shareholders of the Company or its Subsidiaries, as well as the Associates of such persons.
As at the Latest Practicable Date, there are 992 Shareholders and 18,111,100 Shares are in the hands of the public (as defined above),
representing approximately 14.92% of the issued share capital of the Company. For illustrative purposes only, assuming the Company
undertakes purchases or acquisitions of its Shares up to the full 10% limit pursuant to the Share Buy-back Mandate and all such Shares
purchased are held by the public, the number of Shares in the hands of the public would be reduced by approximately 12,137,470 Shares,
the resultant number of Shares held by public Shareholders would be reduced to 5,973,630, representing approximately 5.47% of the
remaining issued Shares of the Company. Therefore in such a case and in order not to adversely affect the listing status of Shares on the
SGX-ST, the Company will not be permitted to undertake purchases or acquisitions of its Shares to the full 10% limit pursuant to the Share
Buy-back Mandate if it will result in the number of Shares held by public Shareholders falling below 10% of the remaining issued Shares of
the Company. Accordingly, the Company is restricted to market purchases of up to 6,637,367 Shares which would result in the number of
Shares in the hands of the public to be reduced to 11,473,733 Shares, representing 10% of the remaining issued Shares of the Company.
