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156
WCT Berhad (66538-K)
annual report 2011
NOTES TO THE FINANCIAL STATEMENTS
31 December 2011
cont’d
29. SHARE CAPITAL cont’d
(d) Warrants 2011/2016
The movement in the warrants during the financial year to take up new ordinary shares of RM0.50 each in the
Company was as follows:
Number of
warrants
'000
At 1 January 2011 -
Allotted during the year 157,935
Converted to ordinary shares (723)
At 31 December 2011 157,212
The salient terms of the warrants are as follows:
(i) The warrants was issued in registered form and constituted by a Deed Poll. For the purpose of trading of the
warrants on Bursa Securities, a board lot of warrants shall be 100 warrants carrying the right to subscribe
for 100 ordinary shares of RM0.50 each of the Company;
(ii) The exercise price is RM2.75 per ordinary share of RM0.50 each of the Company and each warrant will
entitle the registered holder to subscribe for 1 new ordinary share of the Company during the exercise
period;
(iii) The exercise period is for a period of 5 years commencing on and including the date of allotment of the
warrants. Warrants not exercised during the exercise period will thereafter lapse and cease to be valid;
(iv) The new ordinary shares to be issued pursuant to the exercise of the warrants will, upon allotment and
issue, rank pari passu in all respects with the then existing ordinary shares of the Company, save and except
that the holders of the new ordinary shares of the Company shall not be entitled to any dividends, rights,
allotments and/or other distributions, the entitlement date of which is on or before the date of allotment
of the ordinary shares of the Company pursuant to the exercise of the warrants;
(v) The warrants are constituted under a Deed Poll executed on 13 December 2010;
(vi) In the case of a members’ voluntarily winding up, or a compromise or arrangement between the Company
and its members or any class of them (whether or not in connection with a scheme for reconstruction or
amalgamation), every warrant holder as evidenced in the Record of Depositors shall be treated as having
the right to subscribe for new ordinary shares of the Company in accordance with the terms and conditions
of the Deed Poll, at any time within 6 weeks after passing of such resolution for a members’ voluntarily
winding up of the Company, or within 6 weeks after the granting of the court order in respect of the
compromise or arrangement; and
(vii) The warrant holders are not entitled to any voting rights or to participate in any distribution and/or offer
of further securities in the Company until and unless such warrant holders exercise their warrants for new
ordinary shares of the Company.