Page 48 - ar2012

CORPORATE GOVERNANCE REPORT
44 GEO ENERGY RESOURCES LIMITED | Annual Report 2012
17. INTERESTED PERSON TRANSACTIONS
The Company has established procedures to ensure that all transactions with interested persons are reviewed
and/or approved by the AC, and that the transactions are carried out on normal commercial terms and will not be
prejudicial to the interests of the Company and its minority shareholders.
During FY2012, the Group had entered into the following interested person transactions:–
Name of Interested Person
Aggregate value of all
interested person transactions
during FY2012 (excluding
transactions of less than
S$100,000 and transactions
conducted under shareholders’
mandate pursuant to Rule 920)
Aggregate value of all
interested person transactions
conducted under shareholders’
mandate pursuant to Rule 920
(excluding transactions of less
than S$100,000)
Vehicle leasing services provided to
PT Prima Energytama(1)
US$187,034 –
Note:–
(1) PT Prima Energytama is incorporated in Indonesia and is principally engaged in the business of coal mining exploration
services. Its shareholders are PT Libra Melati Investment (70%) and PT Geo Surya Energy (30%). PT Libra Melati
Investment is a general trading and service company incorporated in Indonesia which primarily focuses on management
services. The shareholders of PT Libra Melati Investment are Charles Antonny Melati (28%), Richard Kennedy Melati
(18%), Huang She Thong (18%), Ng See Yong (18%) and Yanto Melati (18%). PT Geo Surya Energy is a company
incorporated in Indonesia. The shareholders of PT Geo Surya Energy are Darmin (99%) and his half brother, Junaidi (1%).
18. MATERIAL CONTRACTS
Save as disclosed in section 17 above and in the fnancial statements of the Group in this Annual Report, there
were no material contracts of the Group involving the interests of its Chief Executive Officer, each director or
controlling shareholder, either still subsisting at the end of FY2012 or if not then subsisting, entered into since the
end of the previous fnancial year.
19. UTILISATION OF PROCEEDS
The utilisation of the net proceeds from the Company’s initial public offering as at 28 February 2013 is as follows:–
Use of proceeds
Amount
allocated
(US$’million)
Amount
utilised
(US$’million)
Balance
amount
(US$’million)
Acquisition of additional mining equipment and machinery 25.0 (2.6) 22.4
Construction of jetty and barge loading facilities 2.0 – 2.0
Business expansion including acquisitions, joint ventures and/or
strategic alliances 10.0 (1.0) 9.0
General working capital purposes 26.7 (5.0) 21.7
Total 63.7 (8.6) 55.1