NOTES TO THE FINANCIAL STATEMENTS Registration No. 200301030845 (633265-K) - 107 - 21. Warrant Reserve (Cont’d) The salient features of the warrants are as follows: (i) The issue date of the warrants is 13 March 2024 and the expiry date is on 12 March 2029. Any warrants not exercised at the expiry date will lapse and cease to be valid for any purpose; (ii) Each warrant entitles the registered holder the right to subscribe for one (1) new ordinary share in the Company at an exercise price of RM0.054 per ordinary share until the expiry of the exercise period; (iii) The Exercise Price and the number of warrants held by each warrant holder shall from time to time be adjusted in the manner as provided in the Deed Poll: (iv) The holder of warrants shall not be entitled to any voting rights or to participate in any dividends, rights, allotments and/ or other forms of distributions and/ or offer of further securities in our Company other than on winding-up, compromise or arrangement of the Company as provided in the Deed Poll until and unless such holders of the warrants become a shareholder by exercising their warrants into new ordinary shares or unless otherwise resolved in a general meeting; and (v) The new ordinary shares to be issued pursuant to the exercise of the warrants will, upon allotment and issuance, rank equally in all respects with the existing ordinary shares, save and except that the new ordinary shares will not be entitled to any dividends, rights, allotments and/ or any other forms of distribution where the entitlement date precedes the relevant date of allotment and issuance of the new ordinary shares. On 12 June 2024, the exercise price of the warrants was adjusted from RM0.054 to RM0.540 and reduction in the number of warrants from 1,663,531,629 to 166,353,160 based on the Share Consolidation. As at 30 June 2023, the total number of Warrants B that remain unexercised were 166,353,160. 22. Foreign Currency Translation Reserve The exchange translation reserve represents exchange differences arising from the translation of the financial statements of foreign operations whose functional currencies are different from that of the Group’s presentation currency. 184 DESTINI BERHAD ANNUAL REPORT 2024
RkJQdWJsaXNoZXIy NDgzMzc=