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iSSue oF ShAReS
(a) During the financial year, the Company increased its issued and paid-up ordinary share capital from RM238,766,768 to RM255,344,489
by way of:
(i) the issuance of 2,125,169 ordinary shares of RM0.20 each for cash pursuant to the Company’s Employee Share Options Scheme
at the exercise price of RM0.75 per ordinary share;
(ii) the issuance of 2,197,600 ordinary shares of RM0.20 each for cash pursuant to the Company’s Employee Share Options Scheme
at the exercise price of RM0.54 per ordinary share;
(iii) the issuance of 3,436,855 ordinary shares of RM0.20 each for cash pursuant to the Company’s Employee Share Options Scheme
at the exercise price of RM1.12 per ordinary share; and
(iv) the exercise of 75,128,983 Company’s Warrants into 75,128,983 ordinary shares of RM0.20 each for cash at the exercise price of
RM0.71 per ordinary share.
The new ordinary shares issued during the financial year ranked pari passu in all respects with the existing ordinary shares of the Company.
emPloyee ShARe oPtionS SCheme (“eSoS”)
The SapuraCrest Petroleum Berhad Employee Share Options Scheme (“ESOS”) is governed by the by-laws approved by the shareholders at
an Extraordinary General Meeting held on 19 February 2004. The ESOS was implemented on 13 September 2004 and is effective for a period
of 5 years.
The expiry and final exercise date of the ESOS was on 12 September 2009.
The salient features and other terms of the ESOS are disclosed in Note 25 to the financial statements.
Details of options granted to directors are disclosed in the section on Directors’ Interests in this report.
otheR StAtutoRy inFoRmAtion
(a) Before the income statements and balance sheets 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 there were no known bad debts 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) it necessary to write off any bad debts or the amount of the provision for doubtful debts in the financial statements of the Group
and of the Company inadequate to any substantial extent; and
(ii) the values attributed to the 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.
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SapuraCrest Petroleum Berhad
Annual Report 2010