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WCT Berhad (66538-K)
annual report 2011
DIRECTORS' REPORT
cont’d
WARRANTS 2008/2013
Pursuant to the issuance of the RM300 million nominal value of Islamic Serial Redeemable Bonds ("SUKUK"), 139,887,452
detachable warrants rights were allotted and listed on the Main Board of Bursa Malaysia Securities Berhad on 28 April 2008.
The salient features of the Warrants 2008/2013 are disclosed in Note 29(c) to the financial statements.
The exercise price of Warrants 2008/2013 is adjusted from RM3.00 per ordinary share to RM2.50 per ordinary share in
accordance with the provision of Deed Poll dated 12 March 2008 to ensure that the status of the holders of Warrants
2008/2013 is not prejudiced as a result of the issuance of Warrants 2011/2016.
During the financial year, 22,374 warrants were converted into 22,374 new ordinary shares of RM0.50 each at an exercise price
of RM2.50 per ordinary share for cash. As at the year end of the financial year, 139,350,803 warrants remain unexercised.
WARRANTS 2011/2016
Pursuant to the issuance of the RM600 million nominal value of Serial Fixed Rate Bonds of up to 5 years, 157,935,129
detachable warrants rights were allotted and listed on the Main Board of Bursa Malaysia Securities Berhad on 18 March
2011. The salient features of the Warrants 2011/2016 are disclosed in Note 29(d) to the financial statements.
During the financial year, 723,432 warrants were converted into 723,432 new ordinary shares of RM0.50 each at an exercise price
of RM2.75 per ordinary share for cash. As at the year end of the financial year, 157,211,697 warrants remain unexercised.
OTHER STATUTORY INFORMATION
(a) Before the statements of financial position, income statements and the statements of comprehensive income of the
Group and of the Company were made out, the Directors took reasonable steps:
(i) to ascertain that proper action had been taken in relation to the writing off of bad debts and the making of
provision for doubtful debts and satisfied themselves that all known bad debts had been written off and that
adequate provision had been made for doubtful debts; and
(ii) to ensure that any current assets which were unlikely to realise their values as shown in the accounting records in
the ordinary course of business had been written down to an amount which they might be expected so to realise.
(b) At the date of this report, the Directors are not aware of any circumstances which would render:
(i) if necessary to write off any bad debts or the amount written off for bad debts or the amount of the provision for
doubtful debts inadequate to any substantial extent; and
(ii) the values attributed to current assets in the financial statements of the Group and of the Company misleading.
(c) At the date of this report, the Directors are not aware of any circumstances which have arisen which would render
adherence to the existing method of valuation of assets or liabilities of the Group and of the Company misleading or
inappropriate.
(d) At the date of this report, the Directors are not aware of any circumstances not otherwise dealt with in this report
or financial statements of the Group and of the Company which would render any amount stated in the financial
statements misleading.