TANJUNG OFFSHORE BERHAD

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NOTES TO THE FINANCIAL STATEMENTS 31 DECEMBER 2009 17. SHARE CAPITAL (continued) Note iii: (continued) Warrants from issuance of Bonds (continued) 93 TANJUNG OFFSHORE BERHAD (662315-U) ANNUAL REPORT 2009 During the fi nancial year ended 31 December 2009, the Company issued an additional 17,919 units of new ordinary shares of RM0.50 each arising from the exercise of warrants at an exercise price of RM0.55 per share. As at 31 December 2009, there is a total of 35,884,053 outstanding Warrant A 2006/2016 warrants. 18. TREASURY SHARES During the current fi nancial year, the Company had repurchased a total of 52,100 ordinary shares of RM0.50 each of its issued share capital from the open market at an average price of RM0.86. The total consideration paid for the repurchase, including transaction costs, was RM45,190. The repurchased shares are held as treasury shares in accordance with the requirements of Section 67A (as amended) of the Companies Act, 1965. As at 31 December 2009, the number of outstanding ordinary shares in issue after taking the treasury shares into consideration is 248,832,694 ordinary shares of RM0.50 each. Details relating to the repurchase during the current fi nancial year are as follows: Total shares repurchased (units) 52,100 Total consideration (RM) 45,190 Highest price (RM) 1.27 Lowest price (RM) 0.705 Average price (RM) 0.86 19. RESERVES Non-distributable: GROUP COMPANY 2009 2008 2009 2008 RM RM RM RM Share premium 40,704,466 40,069,770 40,704,466 40,069,770 Capital reserves 3,429,097 3,433,397 3,429,097 3,433,397 Employee Share Option Reserves 1,611,595 1,364,284 869,371 622,060 Foreign currency translation reserve (4,224,158) (3,843,731) - - Revaluation reserve 96,466,039 102,258,295 - - Distributable: 137,987,039 143,282,015 45,002,934 44,125,227 Accumulated profi t 57,601,957 59,723,915 2,806,605 1,241,861 195,588,996 203,005,930 47,809,539 45,367,088
TANJUNG OFFSHORE BERHAD (662315-U) ANNUAL REPORT 2009 NOTES TO THE FINANCIAL STATEMENTS 31 DECEMBER 2009 19. RESERVES (continued) i) Share Premium The share premium represents premiums received on the initial issuing of the share capital. Any transaction costs associated with the issuing of the shares are deducted from the share premium. ii) Capital Reserves Capital reserves represent the value of warrants capitalised for the issuance of serial payment bond with detachable warrants (Note 21) and value of warrants arising from the rights issue on the basis of one (1) rights share together with one (1) free warrant for every fi ve (5) existing ordinary shares. Upon the exercise of the warrants, the value of these warrants will be credited to share premium. iii) Employee Share Option Reserve The Employee Share Option Reserve represents the value of services provided under share-based payments. iv) Foreign Currency Translation Reserve The foreign currency translation reserve is used to record exchange differences arising from the translation of the fi nancial statements of foreign operations whose functional currencies are different from that of the Group’s presentation currency. It is also used to record the exchange differences arising from monetary items which part of the Group’s net investment in foreign operations, where the monetary item is denominated in either the functional currency of the reporting entity or the foreign operation. v) Revaluation Reserve The revaluation reserve relates to the revaluation on the seven (7) units of Group’s vessels. 20. LONG TERM BORROWINGS 94 GROUP COMPANY 2009 2008 2009 2008 RM RM RM RM Term Financing - 1 (Note i) 34,391,049 36,701,732 - - Bai Istisna’ (BIS 1) (Note ii) 30,800,346 20,380,000 - - Bai Istina’ (BIS 2) (Note iii) 38,340,326 41,200,000 - - Bai Istina’ (BIS 3) (Note iv) 37,784,848 38,930,000 - - Term loan (Note v) 1,124,916 634,300 - - Islamic Medium Term Notes Programme (“IMTN”) (Note vi) 120,603,000 120,028,833 120,028,833 120,028,833 Ijarah (IJA 1) 40,212,000 - - - Ijarah (IJA 2) 40,212,000 - - - Ijarah (IJA 3) 30,500,000 - - - Ijarah (IJA 4) 38,000,000 - - - Total 411,968,485 257,874,865 120,028,833 120,028,833 Less: Repayable within 12 months (Note 16) (20,019,585) (10,585,000) - - 391,948,900 247,289,865 120,028,833 120,028,833 Hire purchase and fi nance lease payable (Note 29) 4,789,535 2,248,332 - - 396,738,435 249,538,197 120,028,833 120,028,833
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TANJUNG OFFSHORE BERHAD

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