annual report 2014
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OTHER INFORMATION REGARDING THE GROUP AND THE COMPANY (cont’d)
(II)
FROM THE END OF THE FINANCIAL YEAR TO THE DATE OF THIS REPORT
(c)
The Directors are not aware of any circumstances:
(i)
which would necessitate the writing off of bad debts or the making of provision for doubtful debts in the
financial statements of the Group and of the Company;
(ii)
which would render the values attributed to current assets in the financial statements of the Group and
of the Company misleading; and
(iii)
which have arisen which would render adherence to the existing method of valuation of assets or liabilities
of the Group and of the Company misleading or inappropriate.
(d)
In the opinion of the Directors:
(i)
there has not arisen any item, transaction or event of a material and unusual nature which is likely to
affect substantially the results of operations of the Group and of the Company for the financial year in
which this report is made; and
(ii)
no contingent or other liability has become enforceable, or is likely to become enforceable, within the
period of twelve (12) months after the end of the financial year which would or may affect the ability of
the Group or of the Company to meet their obligations as and when they fall due.
(III) AS AT THE DATE OF THIS REPORT
(e)
There are no charges on the assets of the Group and of the Company which has arisen since the end of the
financial year to secure the liabilities of any other person.
(f)
There are no contingent liabilities of the Group and of the Company which have arisen since the end of the
financial year.
(g)
The Directors are not aware of any circumstances not otherwise dealt with in the report or financial statements
which would render any amount stated in the financial statements of the Group and of the Company misleading.
SIGNIFICANT EVENTS DURING THE FINANCIAL YEAR
(a)
On 23 January 2014, the Company undertook a renounceable rights issue of up to 241,998,950 new ordinary shares
of USD0.10 each (“Rights Shares”) at an issue price of RM0.35 per Rights Share, together with up to 181,499,212
free detachable warrants (Warrant 2014/2017) and an attached bonus issue of up to 181,499,212 new ordinary
shares of USD0.10 each (“Bonus Shares”), credited as fully paid-up, on the basis of four (4) Rights Shares together
with three (3) Warrants 2014/2017 and three (3) Bonus Shares for every twelve (12) existing ordinary shares held on
23 December 2013.
In accordance with the Deed Poll dated 15 March 2012, the holders of the existing Warrants 2012/2015 were entitled
to an adjustment to the exercise price and the number of warrants, which the warrants remained unexercised as
at 23 December 2013, pursuant to the Right Issue on 23 January 2014. Accordingly, an additional 19,779,602 of
Warrants 2012/2015 was issued with a fair value of RM0.039 and an exercise price of RM0.35.
(b)
On 31 December 2014, the Company announced to undertake a par value reduction via cancellation of USD0.07
of the par value of every issued and unissued share of the Company of USD0.10 each pursuant to Sections 45 and
46 of the Companies Act 1981 of Bermuda (“Proposed Par Value Reduction”). The Proposed Par Value Reduction
was subsequently approved by the shareholders of the Company at a Special General Meeting held on 13 February
2015 and was effected on 18 February 2015.
Directors’ Report (Cont’d)
