Singapore Airlines 2009 Annual Report Download - page 130
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128
13 Share Capital (in $ million)
The Group and the Company
Number of shares Amount
2009 2008 2009 2008
Issued and fully paid share capital
Ordinary shares
Balance at 1 April 1,186,334,147 1,246,833,370 1,682.0 1,494.9
Share options exercised during the year 213,643 22,717,093 2.8 322.8
Shares cancelled during the year pursuant
to the capital reduction exercise - (84,309,846) - (155.9)
Shares issued during the year in relation to
the top-up offer pursuant to the capital
reduction exercise - 1,093,530 - 20.2
Balance at 31 March 1,186,547,790 1,186,334,147 1,684.8 1,682.0
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 carry one vote per share without restriction.
The Company’s ability to operate its existing route network and fl ight 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 “effectively 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.
NOTES TO THE FINANCIAL STATEMENTS
31 March 2009