MKH Annual Report 2018

75 MKH Berhad Annual Report 2018 DIRECTORS’ REPORT ISSUES OF SHARES During the financial year, the following shares were issued by the Company: Class Number Term of Issue Purpose of Issue Ordinary share 23,646,246 Exercise of warrants Exercise of warrants by warrant holders The new ordinary shares issued rank pari passu in all respects with the existing shares of the Company. Other than as stated above, there were no other changes in issued and paid-up capital of the Company during the financial year. WARRANTS On 31 December 2012, the Company allotted and issued 29,104,378 free warrants constituted under the deed poll dated 23 November 2012. The salient features of the warrants are as follows: (i) entitles its registered holders to subscribe for one (1) new ordinary share at the exercise price during the exercise period; (ii) the exercise price is RM2.26 per share subject to adjustments in accordance with the provisions of the deed poll executed; and (iii) the warrants may be exercised at any time for a period of five years from 31 December 2012 to 30 December 2017 (“exercise period”). Warrants that are not exercised during the exercise period will thereafter lapse and become void. The exercise price was adjusted to RM1.89 and RM1.55 per share pursuant to the bonus issue on 20 May 2014 and rights with bonus issue on 1 June 2017 respectively. The movement in the Company’s warrants to subscribe for new ordinary shares during the financial year is as follows: Number of warrants At At 1 October 2017 Exercised Expired 30 September 2018 Number of warrants 25,095,779 (23,646,246) (1,449,533) - The Company’s warrants expired on 29 December 2017.