95
NOTES TO THE FINANCIAL STATEMENTS
For the financial year ended 31 December 2014
24.
Share capital and treasury shares
(continued)
(c)
Performance shares
(continued)
On 22 August 2014, the Company, pursuant to the Mencast Performance Share Award Scheme,
granted $168,000 worth of Share Awards to eligible employees of the Company over two (2) to
three (3) tranches. The Tranche 1 was awarded on 11 September 2014 (Note 24 (a)) and the
tranches 2 and 3 will be vested over 12 months and 24 months respectively from date of the
grant.
25.
Dividends
Group and Company
2014
2013
$’000
$’000
Ordinary dividends paid
First and final exempt dividend paid in respect of the previous
financial year of $0.01 (2013: $0.01) per share
2,959
2,733
Special one-tier tax exempt dividends paid in respect of previous
financial year of $0.02 (2013: Nil) per share
5,918
–
8,877
2,733
At the Annual General Meeting on 27 April 2015, a final exempt (one-tier) dividend of $0.01 per
share amounting to a total of approximately $3,571,000 will be recommended. These financial
statements do not reflect this dividend, which will be accounted for in shareholders’ equity as an
appropriation of retained profits in the financial year ending 31 December 2015.
26.
Contingencies
The Company has given an undertaking to provide continued financial support to certain
subsidiaries in the normal course of business.
The Company has issued corporate guarantees to banks for borrowings of certain subsidiaries
which are not secured over the assets of the subsidiaries. These bank borrowings amount to
$20,388,000 (2013: $3,016,000) (Note 28) at the balance sheet date.
27.
Commitments
(a)
Capital commitments
Capital expenditures contracted for at the balance sheet date but not recognised in the
financial statements are as follows:
Group
2014
2013
$’000
$’000
Property, plant and equipment
61,806
79,806
