BERJAYA GROUP BERHAD - Berjaya Corporation Berhad

96
N O T E S T O T H E A C C O U N T S
30 APRIL 1998
22 IRREDEEMABLE CONVERTIBLE UNSECURED LOAN STOCKS
Group
Company
1998 1997 1998 1997
RM’000 RM’000 RM’000 RM’000
6% Irredeemable Convertible
Unsecured Loan Stocks
March 1996/2001 (Note a) 8,000 10,096 - -
6% Irredeemable Convertible
Unsecured Loan Stocks
December 1996/2001 (Note b) 122,334 797,888 122,334 797,888
5% Irredeemable Convertible
Unsecured Loan Stocks
June 1997/2002 (Note c) 10,365 - - -
Notes
(a) 6% Irredeemable Convertible Unsecured Loan Stocks March 1996/2001
140,699 807,984 122,334 797,888
The 6% Irredeemable Convertible Unsecured Loan Stocks 1996/2001 (“BLB ICULS”) at nominal value
of RM1.00 each were constituted by a Trust Deed dated 17 January 1996 made by a subsidiary company,
Berjaya Land Berhad and the Trustee for the holders of the BLB ICULS. The main features of the
ICULS were as follows:-
• The BLB ICULS shall be convertible into fully paid ordinary shares of the subsidiary company
during the period from 27 March 1996 to the maturity date at 26 March 2001 at the rate of RM2.35
nominal value of BLB ICULS or at the rate of RM2.00 nominal value of the BLB ICULS and
RM0.35 in cash for one fully paid ordinary share of RM1.00 each.
• Upon conversion of the BLB ICULS into new ordinary shares, such shares should rank pari passu
in all respects with the ordinary shares of the subsidiary company in issue at the time of conversion
except that they would not be entitled to any dividend or other distributions declared in respect of
a financial period prior to the financial period in which the BLB ICULS are converted or any interim
dividend declared prior to the date of conversion of the BLB ICULS.
• The interest on the BLB ICULS is payable semi-annually in arrears.
As at 30 April 1998, the Group did not hold any unit of BLB ICULS. The Group held 6,897,000 units of
BLB ICULS with a market value of RM23,449,800 in the previous financial year and these have been
eliminated against the total BLB ICULS outstanding.
(b) 6% Irredeemable Convertible Unsecured Loan Stocks December 1996/2001
The Company’s 6% Irredeemable Convertible Unsecured Loan Stocks 1996/2001 (“BGB ICULS”) at
nominal value of RM1.00 each were constituted by a Trust Deed dated 11 October 1996 made between
the Company and the Trustee for the holders of the BGB ICULS. The main features of the BGB ICULS
were as follows:-
• The BGB ICULS shall be convertible into fully paid ordinary shares of the Company during the
period from 17 December 1996 to the maturity date at 16 December 2001 at the rate of RM2.00
nominal value of BGB ICULS for one fully paid ordinary share of RM1.00 each.
• Upon conversion of the BGB ICULS into new ordinary shares, such shares should rank pari passu
in all respects with the ordinary shares of the Company in issue at the time of conversion except that
they would not be entitled to any dividend or other distributions declared in respect of a financial
period prior to the financial period in which the BGB ICULS are converted or any interim dividend
declared prior to the date of conversion of the BGB ICULS.
• The interest on the BGB ICULS is payable semi-annually in arrears.
(c) 5% Irredeemable Convertible Unsecured Loan Stocks June 1997/2002
The 5% Irredeemable Convertible Unsecured Loan Stocks 1997/2002 (“DBM ICULS”) at nominal
value of RM1.00 each were constituted by a Trust Deed dated 28 April 1997 made by a subsidiary
company, Dunham-Bush (Malaysia) Bhd and the Trustee for the holders of the DBM ICULS. The main
features of the DBM ICULS were as follows:-