MITRA-AnnualReport2011 (1.2MB).pdf - Announcements - Bursa ...

Directors’ Report (cont’d)
ISSUE of SHARES AND DEBENTURES
On 4th July 2011 and 8th July 2011, the Company had completed the following corporate proposals:-
(i) Share split involving the subdivision of every one existing ordinary shares of RM1/- each held in the Company into two
ordinary shares of RM0.50 each in the Company held on 1st July 2011 (“entitlement date”) (“Share Split”);
(ii) Bonus issue of 127,280,267 shares (“Bonus Shares”) of RM0.50 each, on the basis of one bonus share for every two
existing shares held after the Share Split on the entitlement date (“Bonus Issue”); and
(iii) Issuance of 47,729,947 new free warrants in the Company (“Warrants”) on the basis of one Warrant for every eight existing
shares held after the Share Split and Bonus Issue on the entitlement date.
wARRANTS
(a) Detached warrants 2001/2011
By virtue of a Deed Poll executed on 4th December 2000 for the 11,859,290 Detachable Warrants 2001/2011 (“Warrants
2001/2011”) issued in connection with the Rights Issue allotted and credited on 13th February 2001, each Warrants
2001/2011 entitles the registered holder the right at any time during the exercise period as described below to subscribe
in cash for one new ordinary share:-
- from 13th February 2001 to 12th February 2006 at the exercise price of RM1.50 each; and
- from 13th February 2006 to 12th February 2011 at the exercise price of RM1.80 each.
During the year, there were 7,136,500 Warrants 2001/2011 exercised at RM1.80 prior to its expiry on 11th February 2011.
Total proceeds from the conversion of Warrants amounted to RM12,845,700/-.
The Warrants 2001/2011 expired and lapsed on 11th February 2011.
(b) warrants 2011/2016
By virtue of a Deed Poll executed on 21st June 2011 for the 47,729,947 Warrants 2011/2016 (“Warrants 2011/2016”) issued
in connection with the Share Split and Bonus Issue allotted and credited on 1st July 2011, each Warrants 2011/2016
entitles the registered holder the right at any time during the exercise period from 5th July 2011 to 4th July 2016 to
subscribe in cash for one new ordinary share at an exercise price of RM0.90 each.
No Warrants 2011/2016 were exercised during the year.
TREASURy SHARES
The shareholders of the Company by an ordinary resolution passed in the fifteenth Annual General Meeting held on 17th June
2008, approved the mandate for the Company’s plan to repurchase its own ordinary shares. On 7th June 2011, the shareholders
of the Company at the eighteenth Annual General Meeting granted their mandate for the Company’s renewal of authority to
repurchase its own ordinary shares.
During the financial year, the Company repurchased 54,500 shares from the open market at an average price of RM1.79 per
share. The total consideration paid for the repurchase, was RM97,609/- (2010: RM1,342,866/-) and they were financed by
internally generated funds. The shares repurchased are being held as treasury shares in accordance with Section 67A of the
Companies Act, 1965 in Malaysia.
As at 31st December 2011, the Company held as treasury shares a total of 2,968,046 of its 397,531,801 issued ordinary shares.
Such treasury shares are held at a carrying amount of RM807,913/- (2010: RM4,146,852/-) and further relevant details are
disclosed in Note 16(b) to the financial statements.
MITRAJAYA HOLDINGS BERHAD ANNUAL REPORT 2011
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