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KUWAIT ENERGY PLC
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the year ended 31 December 2015
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21.
OTHER RESERVES
Treasury
shares
Merger
reserve
Retirement
benefit
obligation
reserve
Share based
compensation
reserve
Total
USD 000’s
USD 000’s
USD 000’s
USD 000’s
USD 000’s
At 1 January 2014
-
(36,140)
137
-
(36,003)
Other comprehensive income for the year
-
-
812
-
812
Acquisition of subsidiary (note 31)
(72,000)
2,331
-
-
(69,669)
Purchase of treasury shares (note 31)
(1,749)
-
-
-
(1,749)
At 31 December 2014
(73,749)
(33,809)
949
- (106,609)
Other comprehensive income for the year
-
-
445
-
445
Acquisition of minority interest
-
220
-
-
220
Share-based payments charges
-
-
-
331
331
At 31 December 2015
(73,749) (33,589)
1,394
331 (105,613)
22.
BORROWINGS
During 2014, the Group issued USD 250 million of 9.5% Senior guaranteed unsecured notes maturing in 2019 (the
“Notes”). Interest on the Notes
are being paid semi-annually in arrears on 4 February and 4 August. The Notes have
been admitted by the Irish Stock Exchange for listing and trade on the Global Exchange Market. The proceeds from the
Notes were received net of amounts used to fully repay the Reserve Based Facilities and the Arab Bank Facility. The
remaining proceeds, after fees, are being used to fund capital expenditure of the Group, particularly in respect of the
Group’s assets in Iraq and for general corporate purposes.
The Notes are callable in whole, or, in part, at the option of the Group prior to maturity (subject to certain conditions
being satisfied).
Movement in carrying value of the Notes measured at amortised cost:
2015
2014
USD 000’s
USD 000’s
Par value payable on maturity
250,000
250,000
Unamortised initial transaction fees
(6,674)
(7,541)
Non-current portion of Senior guaranteed notes
243,326
242,459
Interest accrued and payable within 12 months
(included in trade and other payables)
9,896
9,896
Carrying value as at 31 December
253,222
252,355
As at 31 December 2015, the fair value of the Notes measured at an ask price was USD 230.2 million (2014: USD 234.4
million).
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