16 CASH AND CASH EQUIVALENTS
Group
Company
2015
2014
2015
2014
$’000
$’000
$’000
$’000
Cash at banks and in hand
38,674
35,134
14,371
11,901
Short-term bank deposits
5,910
2,852
–
–
Cash and cash equivalents in the
statement of cash flow
44,584
37,986
14,371
11,901
As at 31 December 2015, the Group has cash and cash equivalents totalling $5,952,000 (2014: $4,945,000) which are held in
countries with foreign exchange controls.
17 SHARE CAPITAL
Group and Company
2015
2014
Note
No. of
shares
No. of
shares
(‘000)
$’000
(‘000)
$’000
Fully paid ordinary shares with no par value:
Ordinary shares
At 1 January
454,423
21,987
454,055
21,893
Exercise of share options
23
–
–
368
94
At 31 December
454,423
21,987
454,423
21,987
In 2014, the Group issued share options under its Pre-IPO Scheme (see Note 23). The Group and the Company transferred
$17,000 fair value for options exercised as at 31 December 2014 from share options reserve to share capital.
During the year, the Company completed the buy-back of 2,449,300 (2014: 1,132,000) ordinary shares under the terms of the
Share Purchase Mandate approved by its shareholders on 27 April 2007. The total consideration for these shares bought back
from the market is $674,000 (2014: $293,000), being the market price, including incidental cost. This amount was classified
as a deduction from equity under “reserve for own shares”.
During the year, 2,449,720 (2014: 1,192,037) ordinary shares were awarded to eligible directors and employees under the
TeleChoice Restricted Share Plan and TeleChoice Performance Share Plan (see Note 23). Total cost of the shares awarded was
$674,000 (2014: $308,000). As at 31 December 2015, the Company held 582 (2014: 1,002) of its own uncancelled shares.
The holders of ordinary shares (excluding treasury shares) are entitled to receive dividends as declared from time to time
and are entitled to one vote per share at meetings of the Company. All shares (excluding treasury shares) rank equally with
regard to the Company’s residual assets.
Capital management
The Board’s policy when managing capital is to safeguard the Group’s ability to continue as a going concern and to maintain
an optimal capital structure to maximise shareholder value. The Board of Directors monitors the return on capital employed,
which the Group defines as earnings before interest divided by capital employed. The Board also monitors the level of dividends
to ordinary shareholders.
92
TELECHOICE INTERNATIONAL LIMITED
2015 ANNUAL REPORT
NOTES TO THE
FINANCIAL STATEMENTS
