12. Cash and Bank Cash and cash equivalents include cash-in hand, deposits held at call with banks, other short-term highly liquid investments. The Group’s cash and cash equivalents are denominated in the following currencies as of the balance sheet date; (In thousands of equivalent USD)
31-Dec-09
31-Dec-08
AED
128
78
USD
103,525
86,951
EUR
353
5,040
NOK
10,667
13,170
GBP
598
15
SEK
53
-
115,324
105,254
Total
13. Share capital, Share options and Warrants 13.1 Share capital
The Company’s authorized share capital is USD 7,040,000 divided into 352,000,000 shares of par value USD 0.02. The total issued share capital of the Company as of 31 December 2009 is USD 5,263,497 divided into 263,174,820 shares at par value of USD 0.02. All issued shares have been paid in as of 31 December 2009. As of 31 December 2008 the Company had issued and paid-in share capital of USD 2,035,718.55 divided into 203,571,855 shares at par value of USD 0.01. On 11 September 2009 an Extraordinary General Meeting of the Company consolidated the 203,571,855 issued shares of par value USD 0.01 each into 101,785,927.50 issued shares of par value USD 0.02 each. Shareholders holding an odd number of shares as of 11 September were rounded up in the consolidation to mitigate fractions of shares. Consequently, the Company issued 3.5 new shares on 17 September 2009 resulting in an issued share capital of USD 2,035,719 divided into 101,785,931 Shares of par value USD 0.02 each. On 27 September 2009, subsequent to the Company’s Initial Public Offering, the Board of Directors of the Company resolved to issue 161,388,889 new shares at par value of USD 0.02 each. These shares were fully paid in on 29 September 2009. (In thousands of USD except for number of shares) Number of shares Proceeds from shares issued Transaction cost of share issue Warrants to founding shareholders Balance as of 31 December 2008 Consolidation of share capital (on 11 September 2009 at 2:1 from USD 0.01 to USD 0.02 per share) Shares issued to avoid fractional shares after consolidation Proceeds from shares issued
72
Issued share capital
Share premium
Total
203,571,855 203,571,855
2,036 2,036
209,936 (2,578) (18,716) 188,642
211,972 (2,578) (18,716) 190,678
(101,785,928)
-
-
-
3.50 161,388,889
3,228
121,397
124,625