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TEHO INTERNATIONAL INC LTD.
Annual Report 2015
12 SHARE CAPITAL
Company
2015
2014
Number of Number of
Note shares
shares
Issued and fully paid ordinary share capital
with no par value:
At beginning of the year
190,467,471 118,191,051
Issued for cash
– 47,276,420
Issued in business combination
27 42,857,143 25,000,000
At end of the year
233,324,614 190,467,471
Ordinary shares
The holders of ordinary shares are entitled to receive dividends as declared from time to
time, and are entitled to one vote per share at meetings of the Company. All shares rank
equally with regard to the Company’s residual assets. All issued shares are fully paid, with
no par value.
Issue of ordinary shares
Financial year ended 30 June 2014
On 26 March 2014, the Company issued 47,276,420 ordinary shares pursuant to a
renounceable non-underwritten rights issue of $0.09 each, resulting in gross proceeds of
$4,254,877. The share issue expenses totalled $154,437. The net proceeds have been
used for repayment of bank borrowings and working capital purposes.
On 26 May 2014, 25,000,000 ordinary shares of no par value were issued at market price
of $0.15 each and used as part of the purchase consideration for the acquisition of TIEC
Holdings Pte. Ltd.
12 SHARE CAPITAL (CONT’D)
Financial year ended 30 June 2015
On 28 November 2014, 42,857,143 ordinary shares of no par value were issued at market
price of $0.20 each and used as part of the purchase consideration for the acquisition of
ECG Property Services Pte. Ltd.
Capital management
The objectives when managing capital are: to safeguard the reporting entity’s ability to
continue as a going concern, so that it can continue to provide returns for owners and
benefits for other stakeholders, and to provide an adequate return to owners by pricing
the sales commensurately with the level of risk. Management sets the amount of capital to
meet its requirements and the risk taken.
Management manages the capital structure and makes adjustments to it where necessary
or possible in the light of changes in conditions and the risk characteristics of the underlying
assets. In order to maintain or adjust the capital structure, management may adjust the
amount of dividends paid to owners, return capital to owners, issue new shares, or sell
assets to reduce debt.
Management monitors the capital on the basis of the debt-to-adjusted capital ratio. This
ratio is calculated as net debt/adjusted capital. Net debt is calculated as total borrowings
less cash and cash equivalents. Adjusted capital comprises all components of equity (i.e.
share capital, revaluation reserve, retained earnings and non-controlling interests).
NOTES TO THE
FINANCIAL STATEMENTS
Year ended 30 June 2015
