Baker Technology LimitedAnnual Report 2014
127
23.
Share capital (cont’d)
At theCompany’sAGMheldon 25April 2014, the shareholders approved a first and final tax exempt (one-
tier)dividendof$0.010perordinaryshareandaspecial taxexempt (one-tier)dividendof$0.040perordinary
share for the year ended 31December 2013. As the special dividendwas distributedout of reserveswhich
were attributable toprofits or gains arising from thedisposal of investments by theCompany, theexercise
price of the 2012Warrants of $0.185 per share was adjusted to $0.145 per share on 12May 2014, so as to
reflect the lower intrinsic valueof theCompany’s share after the special dividend.
During the year, 32,781,600 warrants and 18,148,000 warrants were exercised at $0.185 and $0.145 each
respectively to subscribe for a total of 50,929,600 shares in theCompany.
24.
Commitments
(a)
Capital commitments
Capital expenditure contracted for as at the end of the reporting period in respect of property,
plant and equipment and unquoted equity securities contracted for but not recognised in the
financial statementswas $4,130,000 and $1,037,000 (2013: $9,600,000 and $1,397,000) respectively.
(b)
Operating lease commitment – as lessee
The Group leases its properties and certain equipment under lease agreements that are non-
cancellablewithinayearandcontainprovisions for rental adjustments.These leaseshaveanaverage
tenure of between five to twelve years with no contingent rent provision included in the contracts.
Thereare restrictionsplacedon subleasing the leasedequipment andproperties to thirdparty.
Futureminimum rentalpayableundernon-cancellableoperating leasesat theendof the reporting
period are as follows:
Group
2014
2013
$
$
Not later thanone year
927,517
896,381
Later thanone year but no later than five years
3,672,550
3,553,947
Later than five years
4,428,970
5,217,556
9,029,037
9,667,884
NOTES TO THE
FINANCIAL STATEMENTS
For the financial year ended 31December 2014
