Megachem Limited Annual Report 2015 108 Notes to the Financial Statements 31 December 2015 20. Share capital Group and Company Number of shares issued Share capital $ Ordinary shares of no par value: Balance at 1 January 2014, 31 December 2014 and 31 December 2015 133,300,000 15,892,028 The ordinary shares of no par value are fully paid, carry one vote each and have no right to fixed income. The Company is not subject to any externally imposed capital requirements. In order to maintain its listing on the Singapore Stock Exchange it has to have share capital with a free float of at least 10% of the shares. The Company met the capital requirement on its initial listing and the rules limiting treasury share purchases mean it will automatically continue to satisfy that requirement, as it did throughout the reporting year. Management receives a report from the share registrars frequently on substantial share interests showing the non-free float to ensure continuing compliance with the 10% limit throughout the reporting year. The Company is a Catalist company and had appointed a sponsor to comply with the Catalist Rules and to facilitate certain corporate actions including rights issues, placement of shares, warrants or other convertible securities for cash, major transactions, transactions requiring shareholders’ approval and schemes of arrangement. 21. Other reserves Group 2015 2014 $ $ Currency translation reserve (3,882,334) (2,540,305) The currency translation reserve accumulates all foreign exchange differences arising from the translation of financial statements denominated in currencies other than the presentation currency. This reserve is not available for cash dividends unless realised. Movements in currency translation reserve during the year: Group 2015 2014 $ $ Balance at beginning of year (2,540,305) (2,694,794) Net currency translation differences of financial statements of foreign subsidiaries (1,342,029) 154,489 Balance at end of year (3,882,334) (2,540,305)
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