PRG Holdings Berhad Annual Report 2020

23. SHARE CAPITAL AND TREASURY SHARES Group and Company 2020 2019 Number Number of shares of shares (’000) RM’000 (’000) RM’000 Ordinary shares Issued and fully paid: Balance as at 1 January 403,301 134,975 310,751 83,289 Issued for cash pursuant to exercise of warrants - - 52,254 21,686 Issued for acquisition of land by a subsidiary - - 40,296 30,000 Issued for cash through private placement 26,556 9,555 - - Balance as at 31 December 429,857 144,530 403,301 134,975 (a) During the financial year, the issued ordinary share capital of the Company was increased from 403,300,521 to 429,857,221 by way of the issuance of 26,556,700 new ordinary shares through private placement at issue price ranging RM0.16 to RM0.61 per ordinary share for a total cash consideration of RM9,555,000. (b) In the previous financial year, the issued share capital of the Company was increased from 310,751,274 to 403,300,521 by way of the issuance of 52,253,747 new ordinary shares pursuant to the exercise of Warrants 2014/2019 at an exercise price of RM0.375 per ordinary share for cash and issuance of 40,295,500 new ordinary shares at RM0.7445 per ordinary share as Consideration Shares for acquisition of two parcels of agriculture land planted with teak trees by a subsidiary of the Company, PRG Agro Sdn. Bhd.. (c) The owners of the parent are entitled to receive dividends 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 residual assets of the Company. (d) Of the total 429,857,221 (2019: 403,300,521) issued and fully paid ordinary shares as at 31 December 2020, 417,800 (2019: 417,800) ordinary shares bought for RM87,000 (2019: RM87,000) are held as treasury shares by the Company. The number of outstanding ordinary shares in issue after deducting the treasury shares is 429,439,421 (2019: 402,882,721) ordinary shares as at 31 December 2020. (e) Warrants 2014/2019 (“Warrants”) On 7 July 2014, the Company issued 54,320,100 free detachable Warrants pursuant to the Rights Issue with Warrants Exercise on the basis of one (1) Warrant for every one (1) Rights Share subscribed. The Warrants are constituted by the Deed Poll dated 2 June 2014 (“Deed Poll”). The salient features of the Warrants are as follows: (i) Each Warrant entitles the registered holder, at any time during the Exercise Period, to subscribe for one (1) new ordinary share of the Company at the exercise price; (ii) The exercise price for the Warrants was fixed at RM0.75 per Warrant (adjusted to RM0.375 pursuant to the share split in the financial year ended 31 December 2016); (iii) The issue date of Warrants is 7 July 2014 and are valid for exercise for a period of 5 years from its issue date and will expire on 6 July 2019. Any Warrants not exercised by its expiry date will thereafter lapse and cease to be valid for any purpose; and PRG HOLDINGS BERHAD 150 Notes to the Financial Statements 31 December 2020 cont’d