TANJUNG OFFSHORE BERHAD

DIRECTORS’ REPORT
FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2009
UNEXERCISED OPTIONS GRANTED (continued)
i) Employees’ Share Option Scheme (“ESOS”) (continued)
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TANJUNG OFFSHORE BERHAD (662315-U)
ANNUAL REPORT 2009
c) The maximum number of new shares that may be offered and allotted to an Eligible Employee shall be determined by the
ESOS Committee taking into consideration inter-alia, the Eligible Employee’s designation, job description, responsibilities
and seniority.
d) The subscription price of the options issued pursuant to ESOS shall be the higher of the following:
i) at a discount of not more than ten percent (10%) from the weighted average market price of the shares as shown
in the daily offi cial list issued by Bursa Malaysia Securities Berhad (“Bursa Securities”) for the fi ve (5) market days
immediately preceding the date of offer; or
ii) the par value of the shares.
e) The new shares to be allotted and issued upon any exercise of the options will, upon such allotment and issuance, rank
pari passu in all respects with the existing and issued shares except that the new shares so issued will not be entitled
to any dividends, rights, allotments and/or any other distributions which may be declared, made or paid to shareholders
prior to the date of allotment of the new shares. The new shares will be subjected to all provisions of the Articles in
relation to their transfer, transmission or otherwise. The options shall not carry any right to vote at a general meeting of the
Company.
As at 31 December 2009, there were 14,075,900 (2008:14,691,000) unissued ordinary shares pursuant to the ESOS options
granted under the ESOS Scheme, at between RM0.68 to RM2.35 (2008: RM0.68 to RM2.35 per share) respectively.
According to Section 169(11) of the Companies Act, 1965, the Company is required to disclose the name of persons to whom
any option has been granted during the current fi nancial year. Pursuant to Section 169A of the Companies Act, 1965, the
Company has applied and has been granted exemption by the Companies Commission of Malaysia from having to disclose the
name of employees who have been granted options to subscribe for less than 500,000 ordinary shares of RM0.50 each.
During the current fi nancial year, none of the employees of the Company has been granted ESOS options above 500,000
ordinary shares of RM0.50 each.
Details of the share options granted to directors are disclosed in the section on Directors and their shareholdings in this
report.
Details of the share option granted and exercised under the ESOS during the current fi nancial year are set out in Note 17 to
the fi nancial statements.
ii) Warrants from issuance of Bonds
On 30 November 2005, the Company issued a RM150,000,000 nominal value up to eight (8) years 4.5% per annum serial fi xed
rate bonds with detachable warrants to the primary subscribers.
On 3 March 2006, the primary subscribers were allotted a total of 18,514,600 warrants to the shareholders at an offer price of
RM0.24 per warrant on the basis of one (1) warrant for every fi ve (5) ordinary shares held on entitlement date.
On 29 August 2006, the Company completed the listing of an additional 9,257,000 warrants arising from the bonus issue
exercise which was implemented in accordance to the Deed Poll dated 13 January 2006 on the basis of one (1) new warrant
for every two (2) warrants held on entitlement date.
On 13 June 2007, the Company completed the listing of an additional 10,095,104 warrants arising from the bonus issue
exercise on the basis of two (2) new warrants for every fi ve (5) existing warrants.