Singapore Airlines 2010 Annual Report Download - page 140
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SINGAPORE AIRLINES
138
notes to the financial statements
31 march 2010
13 Share Capital (in $ million)
The Group and the Company
Number of shares Amount
2010 2009 2010 2009
Issued and fully paid share capital
Ordinary shares
Balance at 1 April 1,186,547,790 1,186,334,147 1,684.8 1,682.0
Share options exercised during the year 5,060,721 213,643 65.8 2.8
Balance at 31 March 1,191,608,511 1,186,547,790 1,750.6 1,684.8
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 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 “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.
During the financial year, the Company issued 5,060,721 shares (2008-09: 213,643) upon exercise of options
granted under the Employee Share Option Plan.