TANJUNG OFFSHORE BERHAD

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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.
TANJUNG OFFSHORE BERHAD (662315-U) ANNUAL REPORT 2009 NOTES TO THE FINANCIAL STATEMENTS 31 DECEMBER 2009 22. PROFIT FROM OPERATIONS Profi t from operations is arrived at: After charging: 98 GROUP COMPANY 2009 2008 2009 2008 RM RM RM RM Executive directors’ remuneration (Note 32) 3,753,500 3,029,600 1,346,068 905,992 Statutory audit - current year 133,518 106,680 15,000 18,000 - under provision in previous year 6,000 - - - - audit related services 22,175 - 22,175 - Amortisation of intangible assets 660,800 247,598 - - Bad debt written off 5,336 - - - Depreciation of property, plant and equipment 26,663,160 18,395,357 - - Property, plant and equipment written off - 364,277 - - Loss on disposal of property, plant and equipment 26,519 - - - Loss on foreign exchange 714,977 2,590,922 - - Offi ce rental 2,701,614 1,508,736 - - Staff costs: - - - Short term benefi ts 24,866,159 24,391,497 - - - EPF contributions 2,757,365 2,013,290 - - - ESOS expenses 247,311 210,516 247,311 210,516 And crediting: Gain on disposal of property, plant and equipment 109,178 36,282 - - Gain on foreign exchange 686,045 - - - Rental income 727,736 - - - Interest income received 439,736 1,279,382 430,791 1,229,590 23. FINANCE COSTS GROUP COMPANY 2009 2008 2009 2008 RM RM RM RM Hire purchase payable 252,055 90,226 - - Leasing interest 84,730 79,488 - - Overdraft interest 1,176,716 1,153,466 - - Term loan interest 7,527,692 3,141,250 - - Interest on Bonds 8,806,273 7,002,792 - - Interest on bill payable 17,596 - - - Revolving credit interest 1,280,558 1,214,267 - - Commitment fee 86,206 - - - Amortisation of Bonds issuance cost 210,942 201,942 201,942 201,942 19,433,768 12,883,431 201,942 201,942
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