MATERIAL CONTRACTS
There are no material contracts of the Group involving the interests of any Director or controlling shareholder entered
into during the financial year that is required to be disclosed under Rule 1207(8) of the Listing Manual of the SGX-ST.
CORPORATE SOCIAL RESPONSIBILITY
The Company is aware of the effects of its operations and the role it plays in preserving the environment. The
Company intends to encourage a more environmentally responsible culture, including implementing policies for
paper recycling, reducing the unnecessary use of paper and reducing electricity consumption.
STATUS REPORT ON USE OF IPO PROCEEDS
The Group successfully raised approximately $29.0 million from its initial public offering (“
IPO
”) on 25 July 2007.
As at 30 June 2015, the total net proceeds of approximately $26.7 million (after deducting the IPO expenses of
approximately $2.3 million, as disclosed on page 33 of the Company’s prospectus dated 11 July 2007) from the IPO
were used for the following purposes:
$ million
Expansion of our customer base and widen our portfolio of services
6.0
Potential mergers and acquisitions
2.8
Expansion of our overseas operations
3.0
Working capital
9.7
Total
21.5
Management has confirmed that the above use of proceeds was in line with the Company’s planned utilisation of
funds.
34
AVI-TECH ELECTRONICS LIMITED
| ANNUAL REPORT 2015
CORPORATE
GOVERNANCE
