100
17.Share Capital and Members’ Shares
December 31,
2014
December 31,
2013
December 31,
2014
December 31,
2013
Number of ordinary shares
$’000
$’000
Authorised
Ordinary shares
300,000,000 300,000,000
300,000
300,000
Issued and paid up:
At beginning of the year/ period
186,026,093
186,099,920
186,026
186,100
Issue of shares at par for cash
100,973,794
1,200,437
100,973
1,200
Redemption of shares
(1,858,548)
(1,274,264)
(1,858)
(1,274)
At end of the year/ period
285,141,339
186,026,093
285,141
186,026
The share capital is represented by:
Members’ shares repayable on
demand classified as
liabilities (a) (d)
185,041,339
185,926,093
185,041
185,926
Members’ shares (b) (d)
100,000,000
-
100,000
-
Share capital classified as
equity (c) (d) (e)
100,000
100,000
100
100
Total
285,141,339
186,026,093
285,141
186,026
(a)
This relates to the shares held by members where the Co-operative does not have the right of refusal to redeem
the members’ shares. Members include an individual person or institution or organisation duly admitted to the
membership of the Co-operative in accordance with the By-Law of the Co-operative. In accordance with By-Laws
5.6, the shares are redeemable at the lower of the nominal value of $1 per share or the net asset value of the share.
(b) This relates to the shares allotted to NTUC Enterprise by the Co-operative and such shares are not to be withdrawn
or transferred within ten years from the date of their issue. The shares held by members where the Co-operative
does not have the right of refusal to redeem the members’ shares after the ten years period from issue date. Members
include an individual person or institution or organisation duly admitted to the membership of the Co-operative in
accordance with the By-Law of the Co-operative. In accordance with By-Laws 5.6, the shares are redeemable at the
lower of the nominal value of $1 per share or the net asset value of the share.
(c)
This comprised only the portion that relates to founder member National Trade Union Congress.
(d) In accordance with By-Laws 4.2.2, the Board of Directors shall have the absolute discretion to approve or reject any
application for membership or for additional shares without assigning any reason for its decision. By-Laws 4.6 also
states that, every member shall, unless otherwise disqualified under the Co-operative Societies Act, Chapter 62 or
the By-Laws, have the right to:
(i) avail himself of all services of the Society;
(ii) stand for election to office, subject to the provisions of the Act and the By-Laws, where applicable;
Notes to Financial Statements
December 31, 2014
GROUP
CO-OPERATIVE
