TANJUNG OFFSHORE BERHAD

NOTES TO THE FINANCIAL STATEMENTS
31 DECEMBER 2009
21. SERIAL FIXED RATE BOND
97
TANJUNG OFFSHORE BERHAD (662315-U)
ANNUAL REPORT 2009
2009 2008
RM RM
Nominal value of the Bonds issue 150,000,000 150,000,000
Equity instrument - detachable warrants (4,402,500) (4,402,500)
Proceeds of the bond issue 145,597,500 145,597,500
Less : Repayment (20,000,000) -
Less: Repayable within 12 months (Note 16) (20,000,000) (20,000,000)
105,597,500 125,597,500
On 25 January 2006, the Company issued RM150,000,000 nominal value of up to 8 years 4.5% per annum serial fi xed rate
Bonds (“the Bonds”) with 18,514,600 detachable Warrants (“the Warrants”) to the Primary Subscriber structured on a “Bought
Deal” basis, which was constituted by a Trust Deed dated 13 January 2006, comprising 6 series as follows:
Series No. Nominal Values Tenure
(RM) (from Issue Date)
1 20,000,000 3 years
2 20,000,000 4 years
3 25,000,000 5 years
4 25,000,000 6 years
5 30,000,000 7 years
6 30,000,000 8 years
The Bonds are secured by, inter alia, a fi rst party legal charge over the escrow account and the debt service reserve account
and a third party fi rst fi xed charge over the three (3) new Straight Supply Vessels namely MV Tanjung Pinang 1, MV Tanjung
Pinang 2 and MV Tanjung Pinang 3.
The principal terms of the Warrants are as follows:
a) 18,514,600 detachable Warrants at an issue price of RM0.24 each. As at 31 December 2009, there are a total of
35,884,053 outstanding warrants after taking into account the bonus issue exercises and various conversions into shares
of the Company;
b) During the fi nancial year ended 31 December 2008, the exercise price has been adjusted to RM0.55 pursuant to the
Company’s rights issue with detachable warrants which is payable in full in respect of each share upon exercise of the
Warrants or any such price adjusted in accordance with the terms and conditions set out in the Deed Poll governing the
Warrants; and
c) The Warrants may be exercised in ten (10) years from the date of issue of the Warrants. Unexercised Warrants after the
exercised year will thereafter lapse and cease to be valid.