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CORDLIFE GROUP LIMITED
| ANNUAL REPORT 2015
CORPORATE GOVERNANCE REPORT
USE OF INITIAL PUBLIC OFFERING (“IPO”) PROCEEDS AND USE OF PLACEMENT PROCEEDS
[Listing Manual, Rule 1207(20)]
As at 30 June 2015, the Group has utilised approximately S$28.1 million of the IPO Proceeds as follows:
Intended Use of
IPO Proceeds
Estimated
amount
S$
(in millions)
Estimated
percentage
of gross
proceeds
raised from
the IPO
Amount
utilised
S$
(in millions)
Percentage
of gross
proceeds
raised from
the IPO
Development and expansion
of business and operations
in Singapore and overseas
16.6
55.9%
16.6
55.9%
Renovation of new
headquarters and facility
at Yishun, A’Posh Bizhub
3.0
10.1%
1.0
3.4%
Investments in infrastructure
relating to information
technology
2.0
6.7%
0.4
1.3%
Working capital and general
corporate purposes
4.7
15.8%
6.4
21.5%
Expenses incurred in
connection with the IPO
3.4
11.5%
3.7
12.5%
29.7
100.0%
28.1
94.6%
The breakdown of the use of IPO proceeds by the Group for working capital and general corporate purposes is as
follows:
Amount utilised
Amount utilised for working capital and general corporate purposes
S$
(in millions)
Salaries, Central Provident Fund contributions and other short term benefits
1.20
Trade purchases
1.10
Legal and professional fees
0.55
Advertising and marketing expenses
0.90
Administrative expenses
0.70
Business travel expenses
0.20
Income tax and Goods and Services Tax (“GST”)
0.20
Establishment of S$500 million Multicurrency Debt Issuance programme
0.03
Issue of S$120 million per 4.9% Fixed Rate Notes due 2017
1.20
Magnum Loan
0.09
Purchase of CCBC Convertible Note
0.23
6.40
