55
A N N U A L R E P O R T 2 0 1 6
CORPORATE
GOVERNANCE
(iii) assurance from the CEO and Group Financial Controller; and
(iv) reviews done by the various Board Committees and key management personnel.
1204(17)
Interested Persons Transaction
(¡°
IPT
¡±)
The Group has procedures governing all IPTs to ensure that they are properly documented
and reported in a timely manner to the AC at least on a quarterly basis and that they
are carried out on an arm¡¯s length basis and on normal commercial terms, and are not
prejudicial to the interests of the Company and its minority shareholders, in accordance
with the internal controls set up by the Company on dealing with IPTs. In the event that
a member of the AC is involved in any IPT, he will abstain from reviewing that particular
transaction.
There were no IPTs of more than S$100,000 transacted during FY2016.
1204(19)
Dealing in Securities
The Company has adopted an internal policy which prohibits the Directors and officers
from dealing in the securities of the Company while in possession of price-sensitive
information which is not available to the public.
The Company, its Directors and officers are also discouraged from dealing in the
Company¡¯s securities on short term considerations, and are prohibited from dealing in the
Company¡¯s securities during the period beginning two weeks before the announcement
of the Company¡¯s quarterly financial statements and one month before the announcement
of the Company¡¯s full-year financial statements respectively, and ending on the date of the
announcement of the relevant results. The Company will also send a memorandum prior to
the commencement of each window period as a reminder to the Directors, officers, relevant
employees and associates to ensure that they comply with the Code.
1204(21)
Non-sponsor fees
No non-sponsor fees were paid to the Company¡¯s sponsor, PrimePartners Corporate
Finance Pte. Ltd. for FY2016.
1204(22)
Use of exercise proceeds from
Warrants Issue (¡°
Exerc i se
Proceeds
¡±).
As of 24 June 2016, the Exercise Proceeds amounting to S$2,749,770, which had been set
aside for repayment of the Group¡¯s borrowings, investment purposes including but not
limited to new business opportunities, funding of working capital requirements such as
inventories and trade receivables and/or such other purposes as the Directors may deem
fit, have not been utilised. The Company will continue to make periodic announcements on
the use of the Exercise Proceeds as and when such proceeds are materially disbursed.
