37
MTQ CORPORATION LIMITED
SHARE PLAN (CONT’D)
(b)
The principal terms of the Share Plan are: (cont’d)
(iv)
Operation of the Share Plan (cont’d)
–
issuing new ordinary shares of the Company as fully paid;
–
delivering existing ordinary shares (including, to the extent permitted by law, treasury shares);
and/or
–
paying the aggregate market price in cash in lieu of allotment or transfer of some or all of the new or
existing ordinary shares.
(c)
As at 31 March 2016, the aggregate number of shares comprised in Awards granted pursuant to the MTQ Share
Plan which are not released amounted to 388,979 (31 March 2015: 310,081) shares. The movement in the number
of shares comprised in Awards granted under the MTQ Share Plan are as follows:
Number of shares
Date of Grant
At
1.4.2015
Granted
Released
Forfeited
At
31.3.2016
29.8.2014
310,081
–
(155,038)
–
155,043
26.8.2015
–
348,087
(96,611)
(17,540)
233,936
310,081
348,087
(251,649)
(17,540)
388,979
(d)
None of the Directors of the Company is a participant of the Share Plan since the commencement date to the end
of the financial year ended 31 March 2016.
(e) No eligible participant has received shares pursuant to the release of Awards granted which, in aggregate,
represents 5% or more of the aggregate of (i) the total number of the New Shares available under the Share Plan;
and (ii) the total number of existing ordinary shares delivered pursuant to the settlement of the Awards under the
Share Plan.
AUDIT COMMITTEE
As at the date of this report, the Audit Committee comprises 3 members, all of whom are non-executive and independent
directors. The Audit Committee comprises the following members:
Chew Soo Lin (Chairman)
Christopher Ho Han Siong
Huang Yuan Chiang
During the financial year, the Audit Committee carried out its functions in accordance with section 201B(5) of the Singapore
Companies Act, Chapter 50 (“the Act”), including the following:
t
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the adequacy of the system of internal controls and the assistance given by the Company’s management to the
external and internal auditors;
DIRECTORS’
STATEMENT
