Annual Report 2022 85 ABOUT US LEADERSHIP PERSPECTIVE SUSTAINABILITY GOVERNANCE FINANCIAL STATEMENTS Other Information Directors’ Report RESERVES AND PROVISIONS There were no material transfers to or from reserves or provisions during the financial year other than those disclosed in the financial statements. ISSUES OF SHARES AND DEBENTURES On 6 April 2021, the Company received the gross proceeds amounting to RM126,284,000 from the Private Placement of 262,000,000 new ordinary shares at an issue price of RM0.482 per share of which the issued share capital of the Company was increased to RM261,284,000 comprising of 2,962,000,000 ordinary shares. The Private Placement was completed on 7 April 2021 and the new ordinary shares were listed and quoted on the Main Market of Bursa Malaysia Securities Berhad on 8 April 2021. The new ordinary shares issued rank pari passu in all respects with the existing ordinary shares of the Company. There were no issues of debentures during the financial year. TREASURY SHARES During the financial year, the Company purchased 19,446,000 of its issued ordinary shares from the open market at an average price of RM0.45 per share. The total consideration paid for the purchase was approximately RM8,850,624 including transaction costs. The shares purchased are held as treasury shares in accordance with Section 127(6) of the Companies Act 2016 and are presented as a deduction from equity. As at 31 March 2022, the Company held as treasury shares a total of 96,641,000 out of its 2,962,000,000 issued and fully paidup ordinary shares. The treasury shares are held at a carrying amount of approximately RM46,430,427. OPTIONS GRANTED OVER UNISSUED SHARES During the financial year, no options were granted by the Company to any person to take up any unissued shares in the Company. EMPLOYEE SHARE OPTION SCHEME The Employee Share Option Scheme (“ESOS”) of the Company is governed by the ESOS By-Laws and was approved by the shareholders on 20 February 2020. The effective date for the implementation of the ESOS is 16 July 2021. As at the end of the financial year, no ESOS option has been offered under the ESOS. WARRANTS 2018/2023 The Company had on 6 July 2018 issued 675,000,000 free Warrants on the basis of one (1) Warrant for every two (2) existing ordinary shares. The Warrants are constituted by a Deed Poll dated 18 June 2018. The salient terms of the Warrants 2018/2023 are as follows:- (a) Each Warrant entitles the registered holder to subscribe for one (1) new ordinary share in the Company at any time on or before the maturity date, 5 July 2023, falling five (5) years from the date of issue of the Warrants. Unexercised Warrants after the exercise period will thereafter lapse and cease to be valid; (b) The exercise price of the Warrants is fixed at RM1.09 per Warrant;
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