Prop Disposal of PLD Pltn Lands _final_2.pdf - Announcements ...

Audited as at
30 June 2010
(RM’000)
After Proposed
Disposal and
Utilisation of
Proceeds
(RM’000)
Share capital 592,710 592,710
Irredeemable Convertible Bonds
(“ICB”) 9,484 5,553
Irredeemable Convertible
Unsecured Loan Stocks
(“ICULS”) 279,834 279,834
Irredeemable Exchangeable Bonds
(“IEB”) 4,062 4,062
Reserves 104,113 104,113
(Accumulated Losses)/Retained
Profit (134,055) 375,830
Minority Interest 56,173 56,173
Total Equity (NA) 912,321 1,418,275
No. of Shares in issue (‘000) 592,710 592,710
NA per share attributable to
ordinary equity holders of
DutaLand (RM) 1.44 2.30
4.3 Earnings
Total borrowings (RM’000) 240,847 240,111
Gearing 0.26 0.17
Based on the net book value of the said Properties of RM319 million as at
30 June 2010 and the Sale Consideration, DutaLand will make a gain of
RM511 million from the Proposed Disposal. The actual gain on disposal will
be determined on the Completion Date based on applicable accounting
principles effective at that time.
In addition, the purchase and cancellation of the remaining RM5.7 million of
ICBs from the original lenders will derive interest savings estimated at
RM797,000 which interests are otherwise payable on the aforesaid instruments
for the remaining tenure of two (2) years.
5. PROPOSED UTILISATION OF SALE PROCEEDS
Pursuant to the terms governing the Earmarked Asset Intercreditor Agreement dated
16 January 2007 and the primary holders of ICB, the proceeds arising from the
Proposed Disposal (net of the allowable Deductions) will be utilized to purchase and
cancel the remaining 5.7 million units of ICB from the primary holders.
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