98 SECTION 05 : FINANCIAL STATEMENTS & OTHERS Registration No: 2 199201005296 (236800 - T) ISSUE OF SHARES AND DEBENTURES During the financial year, the Company increased its issued and paid-up share capital from RM144,744,263 to RM163,513,933 by way of issuance of: (a) 13,491,800 new ordinary shares at an issue price of RM0.65 each pursuant to the private placement exercise; and (b) 10,000,000 new ordinary shares pursuant to the exercise of Warrants 2020/2025 at an exercise price of RM1.00 per ordinary share. The new ordinary shares issued during the financial year rank pari passu in all respects with the existing ordinary shares of the Company. There were no other issues of shares during the financial year. The Company did not issue any debentures during the financial year. TREASURY SHARES As at 31 March 2025, the Company held 1,289,400 treasury shares at a total cost of RM1,199,000. WARRANTS 2020/2025 On 7 January 2021, the Company listed and quoted 44,971,973 Warrants pursuant to the Issuance of Free Warrants on the basis of one (1) Warrant for every three (3) existing shares held in the Company. The Warrants are constituted by the Deed Poll dated 8 December 2020 (“Deed Poll”). Salient features of the Warrants are as follows: (a) Each Warrant entitles the registered holder thereof (“Warrant holder(s)”) to subscribe for one (1) new ordinary share in the Company at an exercise price of RM1.00 during the 5-year period expiring on 26 December 2025 (“Exercise Period”); (b) Any Warrant not exercised upon expiry of the Exercise Period will thereafter lapse and cease to be valid for any purpose; (c) The Exercise Price and/or the number of the unexercised Warrant shall, from time to time be adjusted, calculated or determined by the Board in consultation with an approved adviser appointed by the Company and certified by the auditors of the Company, in accordance with the provisions of the Deed Poll; (d) The Warrant Holders shall not be entitled to participate in any rights, allotment, dividends and/or other forms of distributions which may be declared, made or paid, where the entitlement date of which precedes the date of allotment of the new Company Shares. The Warrant Holders are not entitled to any voting rights in any general meeting of the Company or to participate in any form of distribution and/or offer of securities in the Company unless otherwise resolved by the shareholders of the Company or the Warrant Holders (or any of them) become shareholders of the Company by exercising their Warrants; and Directors’ Report (Cont’d)
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