United Industrial Corporation Limited summary financial report 2005 -
UNITED INDUSTRIAL CORPORATION LIMITED AND ITS SUBSIDIARIES SUMMARY FINANCIAL STATEMENT
SUMMARY DIRECTORS’ REPORT
Options and warrants (continued)
On 26 April 2000, the Company’s subsidiary company, Singapore Land Limited (“SLL”), issued 68,771,089 warrants in conjunction with a transferable loan facility of $100,000,000 with embedded floating rate note call option and the issue of $100,000,000 1.3125% secured bonds due in 2005. Each warrant can be exercised to subscribe for one new ordinary share in SLL at the exercise price of $2.20 per share on or before the expiry date on 23 March 2005.
During the financial year, SLL issued 47,867,165 ordinary shares of $1 each at a premium of $1.20 for cash upon the exercise of 47,867,165 warrants.
Members of Audit Committee
The Audit Committee comprises five members, the majority of whom, including the Chairman, are independent:
Tan Boon Teik James L. Go Hwang Soo Jin Gabriel C. Singson Alvin Yeo Khirn Hai
No contingent or other liability of the Company or any company in the Group has become enforceable or is likely to become enforceable within the period of twelve months after the end of the financial year which, in the opinion of the directors, will or may substantially affect the ability of the Company and of the Group to meet their obligations as and when they fall due.
Other circumstances affecting the financial statements
At the date of this report, the directors are not aware of any circumstances not otherwise dealt with in this report or financial statements of the Company and of the Group which would render any amount stated in the financial statements and the consolidated financial statements misleading.