Directors - Boustead Holdings Berhad

DIRECTORS’ INTERESTS (cont’d.)
The Board of Directors had offered Y. Bhg. Tan Sri Dato’ Lodin Wok Kamaruddin an option to acquire existing
ordinary shares of RM1.00 each of up to five percent (5%) of the enlarged issued and paid up capital of Boustead
Petroleum Sdn Bhd. The option comprising 4,087,500 ordinary shares of RM1 each will be issued for cash at par
together with holding costs of 6% per annum chargeable on a monthly rest basis. The option which is yet to be
exercised will expire on 16 May 2007.
ISSUE OF SHARES
During the financial year, the Company’s issued and paid up share capital was increased from RM296,045,144
to RM299,134,994 through the issuance of 6,179,700 ordinary shares of RM0.50 for cash at exercise prices
ranging from RM1.34 to RM1.50 per ordinary share. The new ordinary shares issued during the financial year
rank pari passu with the existing ordinary shares.
EMPLOYEES’ SHARE OPTION SCHEME
The Boustead Holdings Berhad Employees’ Share Option Scheme (ESOS) is governed by the by-laws
approved by the shareholders at the Extraordinary General Meeting held on 27 April 2001. This Scheme
replaces the previous ESOS that expired on 13 June 2001. The ESOS which was implemented on 22 July
2001 had expired on 22 July 2006.
The movement in the options to take up unissued new ordinary shares of RM0.50 each is set out in Note 26
to the financial statements.
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 all known bad debts had been
written off and that adequate provision had been made for doubtful debts; and
(ii) to ensure that any current assets which were unlikely to realise their value 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) the amount written off for bad debts or the amount of the provision for doubtful debts in the
financial statements of the Group and 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
render adherence to the existing method of valuation of assets or liabilities of the Group and of the
Company misleading or inappropriate.
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