Singapore Airlines 2015 Annual Report Download - page 148

Notes to the Financial Statements
31 March 2015
14 Share Capital (in $ million)
The Group and the Company
Number of shares Amount
2015 2014 2015 2014
Issued and fully paid share capital
Ordinary shares
Balance at 1 April and 31 March 1,199,851,018 1,199,851,018 1,856.1 1,856.1
Special share
Balance at 1 April and 31 March 1 1 ##
# The value is $0.50
The holders of ordinary shares (except treasury shares) are entitled to receive dividends as and when declared by the Company.
All ordinary shares, which have no par value, carry one vote per share without restriction.
The Company’s ability to operate its existing route network and flight frequency is derived solely from and dependent entirely on
the Air Service Agreements (“ASAs”) concluded between the Government of Singapore and the governments of other countries.
ASAs are therefore critical to the Company’s operations. In almost all the ASAs, it is a condition that the Company must at all
times be “eectively controlled” and “substantially owned” by Singapore nationals for the tenure of the respective ASAs.
In order to comply with the above requirement, one non-tradeable Special Share was issued to the Ministry of Finance. The
Special Share enjoys all the rights attached to ordinary shares. In addition, pursuant to Article 3A of the Articles of Association,
no resolution may be passed on certain matters without prior written approval of the Special Member.
The Company can also issue non-tradeable redeemable cumulative preference shares, which carry full voting rights (“ASA
shares”). When issued, the ASA shares will be paid at $0.01 each and will carry equal voting rights as those of ordinary shares.
These shares will be issued only when the Directors determine that the Company’s operating rights under any of the ASAs are
threatened by reason of the nationality of the majority shareholders.
During the financial year, the Company did not issue any shares (FY2013/14: nil) upon exercise of options granted under the
ESOP. Neither were shares (FY2013/14: nil) issued for RSP and PSP.
15 Treasury Shares (in $ million)
The Group and the Company
31 March
2015 2014
Balance at 1 April (262.2) (269.8)
Purchase of treasury shares (107.0) (16.0)
Treasury shares reissued pursuant to equity compensation plans:
– For cash on exercise of employee share options 28.6 13.2
– Transferred from share-based compensation reserve 17.1 10.7
– Gain on reissuance of treasury shares (2.8) (0.3)
42.9 23.6
Balance at 31 March (326.3) (262.2)
Treasury shares relate to ordinary shares of the Company that are held by the Company.
146 FINANCIAL