39. Dividends
Group and Company
2016
2015
$’000
$’000
Declared and paid during the year:
Dividends on ordinary shares:
• Final one-tier tax-exempt dividend for 2015: 0.40 cents
(2014: 1.00 cents) per share
1,678
4,195
Proposed but not recognised as a liability
as at 30 June:
Dividends on ordinary shares, subject to shareholders’
approval at the Annual General Meeting
• Final one-tier tax-exempt dividend for 2016: Nil
(2015: 0.40 cent) per share
–
1,678
40. Events after the balance sheet date
(a) Subsequent to the financial year ended 30 June 2016, the Company has signed a commitment
letter with various lenders for a 5 year club term loan facility amounting to $99,900,000.
The availability of the club term loan facility is subject to the completion of satisfactory
documentation and due diligence. The facility is secured over a selected fleet of vessels,
first priority assignment of collateral vessel insurances, proceeds from charter agreements
and pledge/charge of all earnings account in respect of the collateral vessels.
In connection with the club term loan facility, the Company is required to undertake and
successfully conclude on a consent solicitation exercise to extend the tenor of the full
principal amount of the fixed rate notes by 3 years or more and seek any other waivers
required for the extension of the fixed rate notes amounting to $100,000,000 maturing on 28
March 2017 and $50,000,000 maturing on 1 October 2018 prior to the first drawdown of the
club term loan facility.
(b) For the avoidance of doubt, the aforementioned club facility has no bearing on the rights
issue as discussed. The Company announced on 29 August 2016 that they will undertake
a renounceable non-underwritten rights issue of up to 209,755,647 new ordinary shares at
an issue price of $0.12 for each rights share on the basis of 1 rights share for every 2 existing
ordinary shares. As an indication of their support and commitment to the Company, each of
Mr. Ang Kok Tian, Mr. Ang Ah Nui, Mr. Ang Kok Eng, Mr. Ang Kok Leong, Mr. Ang Sin Liu and
Ms. Ang Swee Kuan (each an "undertaking shareholder" and collectively, the "undertaking
shareholders") have provided irrevocable undertakings to the Company that each of them shall
subscribe and pay according to their respective shareholdings. The net proceeds from the
minimum subscription scenario would approximate $16,800,000.
41. Authorisation of financial statements
The financial statements for the financial year ended 30 June 2016 were authorised for issue in
accordance with a resolution of the Directors on 4 November 2016.
ASL Marine Holdings Ltd.
Annual Report 2016
165
