Annual Report 2014
69
Name of interested person
Aggregate value of all
interested person transactions
during the year under review
(excluding transactions less than
$100,000 and transactions conducted
under shareholders’ mandate pursuant
to Rule 920 in the listing manual
of SGX-ST)
Aggregate value of all
interested person
transactions conducted
under shareholders’ mandate
pursuant to Rule 920
in the listing manual of
SGX-ST
(excluding transactions
less than $100,000)
For the year ended 31 December 2013
Certain funds and investment
companies managed by Argyle
Street Management Limited
(“ASM group”), a deemed
substantial shareholder of the
Company
In 2010, the Group and the ASM group
had separately entered into a series of
agreements to participate in a loan being
extended to Fortune Code Limited (“FCL”).
The Group and the ASM group had co-
invested in FCL with other investors. The
Group’s portion of the loan was in the
proportion of its equity holdings in FCL.
The loan matures in October 2015.
During the year, a partial repayment of
$2,020,000 was made by FCL.
−
Transpac Capital Pte Ltd, the
former Investment Manager
of the Company*
Investment management fees and
consideration for termination of the
Management Agreement amounting to
$15,081,000.
−
*
The fees are for services rendered by the former Investment Manager pursuant to the Management
Agreement dated 12 March 1994 (as renewed and amended pursuant to the terms thereof) entered into by
the Company. The Management Agreement was disclosed in the Company’s prospectus dated 12 March
1994.
On 30 December 2013, the Company entered into a Deed of Termination with the former Investment
Manager to terminate the Management Agreement in its entirety on Completion Date. On 29 May 2014,
the Company announced that all conditions precedent to the Deed of Termination had been fulfilled and
accordingly, the Management Agreement was terminated on 29 May 2014 (the “Completion Date”). The
investment management fees paid to the former Investment Manager in 2014 of S$590,000 were for the
period 1 January 2014 up to the Completion Date.
Use of proceeds from the issuance of Bonus Warrants and Convertible Bonds
Total proceeds from the issuance of Bonus Warrants and Convertible Bonds of S$7.05 million and
S$6.3 million respectively have been fully utilised for new investments during the financial year ended
31 December 2014.
