NOTES TO THE FINANCIAL STATEMENTS
31 December 2014
(cont’d)
E X C E L F O R C E M S C B E R H A D • A N N U A L R E P O R T 2 0 1 4
80
14. CASH AND BANK BALANCES (cont’d)
(c) The annual interest rates for short term funds and deposits of the Group and the Company that were
effective at the end of the reporting period were 0.45% to 3.88% (2013: 2.48% to 2.97%).
(d) Deposits of the Group and the Company have an average maturity period of 30 days (2013: 60 days).
Bank balances are deposits held at call with banks.
15. SHARE CAPITAL
Group and Company
2014
2013
Number
Number
of shares
RM of shares
RM
Ordinary shares of RM0.10 each
Authorised:
Balance as at 1 January
250,000,000
25,000,000 250,000,000
25,000,000
Created during the year
250,000,000
25,000,000
-
-
Balance as at 31 December
500,000,000
50,000,000 250,000,000
25,000,000
Issued and fully paid:
Balance as at 1 January/31 December
206,768,100
20,676,810 206,768,100
20,676,810
(a) During the financial year, the Company increased its authorised share capital from RM25,000,000
comprising 250,000,000 ordinary shares of RM0.10 each to RM50,000,000 comprising 500,000,000
ordinary shares of RM0.10 each by the creation of an additional 250,000,000 ordinary shares of RM0.10
each.
The owners of the parent are entitled to receive dividend as and when declared by the Company
and are entitled to one (1) vote per ordinary share at meetings of the Company. All ordinary shares
rank pari passu with regard to the Company’s residual assets.
(b) Warrants
On 18 July 2014, the Company issued 103,384,031 2014/2019 free Warrants (“the Warrants 2014/2019”)
on the basis of one (1) free warrant for every two (2) existing ordinary shares held of RM0.10 each. The
Warrants are constituted under a Deed Poll dated 1 July 2014 (“Deed Poll”). The Warrants 2014/2019
were listed on Main Market of Bursa Malaysia Securities Berhad on 24 July 2014.
The salient features of the Warrants 2014/2019 are as follows:
(i) the Warrants 2014/2019 entitle its registered holders to subscribe for one (1) new ordinary share
of the Company of RM0.10 each at the exercise price during the exercise period;
(ii) the exercise price of each Warrant has been fixed at RM0.68 per Warrant;
(iii) the Warrants 2014/2019 may be exercised at any time during the tenure of the Warrants of five
(5) years including and commencing from the issue date of the Warrants dated 18 July 2014
and ending on the expiry date to be dated 17 July 2019 (“exercise period”). Any Warrants which
have not been exercised by the expiry of the exercise period will lapse and therefore cease to
be valid for any purpose; and
(iv) the new shares will, upon allotment and issue, rank
pari passu
in all respects with the then existing
shares save and except that they will not be entitled to any dividends, rights, allotment or other
forms of distributions for which the relevant entitlement precedes the date of allotment and
issuance of the new shares arising from the exercise of the Warrants.
