BERJAYA GROUP BERHAD - Berjaya Corporation Berhad

88
N O T E S T O T H E A C C O U N T S
30 APRIL 1998
10 BONDS AND CONVERTIBLE UNSECURED LOAN STOCKS (CONTINUED)
The Warrants, which are quoted on the Kuala Lumpur Stock Exchange, are constituted by a Deed Poll
dated 31 January 1994 made by the subsidiary company and the Trustee for holders of the Warrants.
Each Warrant will entitle its registered holders to subscribe for one ordinary share of RM1.00 each in the
subsidiary company at a subscription price of RM3.60 per share. As at 30 April 1998, the Group holds
68,000 (1997:65,443,000), with a market value of RM49,000 (1997:RM274,860,600), of the total of
18,439,558 (1997: 84,787,361) Warrants outstanding at that date.
Pursuant to the issue of the Berjaya Land Berhad 1996/2001 6% Irredeemable Convertible Unsecured
Loan Stocks, the subscription price was adjusted to RM3.11 per share as provided in the Deed Poll.
(b)
5% Redeemable Unsecured Bonds 1993/1998 with Detachable Transferable Subscription Rights.
The 5% Redeemable Unsecured Bonds 1993/1998 (“Bonds”) at nominal value of RM1.00 each are
constituted by a Trust Deed dated 15 July 1993 made by a subsidiary company, Cosway Corporation
Berhad (formerly known as Berjaya Singer Berhad), and the Trustee for holders of the Bonds. Interest
on the Bonds is payable semi-annually in arrears. The Bonds matured on 15 September 1998.
The Transferable Subscription Rights (“TSRs”), which are quoted on the Kuala Lumpur Stock
Exchange, are constituted by a Deed Poll dated 15 July 1993 made by the subsidiary company and the
Trustee for holders of the TSRs. Each TSR will entitle its registered holders to subscribe for one
ordinary share of RM1.00 each in the subsidiary company at a subscription price of RM4.70 per share.
As at 30 April 1998, the Group holds 65,000 (1997: 39,960,979), with a market value of RM13,000
(1997:RM107,095,424), of the total of 82,509,535 (1997:82,530,511) TSRs outstanding at that date.
Pursuant to the issue of the Cosway Corporation Berhad’s (formerly known as Berjaya Singer Berhad)
Rights and Special Issue, the subscription price was adjusted to RM4.25 per share as provided in the
Deed Poll.
(c) 6% Redeemable Convertible Unsecured Loan Stocks 1993/1998.
The 6% Redeemable Convertible Unsecured Loan Stocks 1993/1998 (“CULS”) at nominal value of
RM1.00 each are constituted by a Trust Deed dated 15 July 1993 made by a subsidiary company, Cosway
Corporation Berhad (formerly known as Berjaya Singer Berhad), and the Trustee for holders of the
CULS. Interest on the CULS is payable semi-annually in arrears. The CULS matured on 15 September
1998.
The registered CULS holders will be entitled to convert the CULS into ordinary shares of the subsidiary
company at a conversion price of RM4.70 per share on the basis of RM1.00 nominal amount of CULS
together with an additional cash of RM3.70 during the 5-year exercise period. As at 30 April 1998, the
Group holds 14,982,244 (1997:24,844,873) units with a market value of RM14,233,132
(1997:RM64,602,670) and these have been eliminated against the total CULS outstanding.
Pursuant to the issue of the Cosway Corporation Berhad’s (formerly known as Berjaya Singer Berhad)
Rights and Special Issue, the conversion price was adjusted to RM4.25 per share as provided in the Deed
Poll.
(d) 9% Redeemable Convertible Unsecured Loan Stocks 1992/1997.
The 9% Redeemable Convertible Unsecured Loan Stocks 1992/1997 (“CULS”) at nominal value of
RM1.00 each are constituted by a Trust Deed dated 7 September 1992 made by a subsidiary company,
Berjaya Sports Toto Berhad, and the Trustee for the holders of the CULS. Interest on the CULS is
payable semi-annually in arrears.
The registered CULS holders will be entitled to convert the CULS into ordinary shares of the subsidiary
company at a conversion price of RM1.20 nominal amount of CULS for every one ordinary share of
RM1.00 each. The CULS matured on 30 October 1997 and all outstanding CULS were redeemed at its
nominal amount together with accrued interest less applicable Malaysian taxes.
11 LONG TERM RECEIVABLES
Included in long term receivables are amounts totalling RM101,656,000 (1997:RM40,740,000) which are
secured by life insurance policies and mortgages on properties.