COUNTRY HEIGHTS HOLDINGS BHD
Table 1
Movement in share premium account and retained earnings
Scenario A
Audited as at
31 December 2000
RM'000Capitalisation for the Proposed Bonus Issue I and Proposed Bonus Issue II
RM'000After the Proposed Bonus Issue I and Proposed Bonus Issue II
RM'000Share premium account
228,662
(57,233)
171,429
Retained earnings (at Company level)
177,039
(115,617)
61,422
Scenario B
Audited as at
31 December 2000
RM'000After full exercise
of Outstanding Warrants and ESOS Options
RM'000Capitalisation for the Proposed Bonus Issue I and Proposed Bonus Issue II
RM'000After the Proposed Bonus Issue I and Proposed Bonus Issue II
RM'000Share premium account
228,662
499,168
(235,588)
263,580
Retained earnings (at Company level)
177,039
177,039
-
177,039
Table 2
Proceeds raised and utilisation of proceeds
Scenario A
RMScenario B
RMAmount to be raised from:
Proposed Rights Issue
275,699,400
401,176,000
Proposed Special Issue
70,000,000
70,000,000
345,699,400
471,176,000
To be utilised for:
Repayment of bank borrowings
300,000,000
300,000,000
Working capital and estimated expenses relating to the Proposals
45,699,400
171,176,000
345,699,400
471,176,000
Table 3
Movement in Issued and Paid-up Share Capital
Issued and paid-up
Scenario A
No. of ordinary shares of RM1.00 eachScenario B
No. of ordinary shares of RM1.00 eachAs at 13 March 2002
275,699,400
275,699,400
To be issued upon full exercise of Outstanding Warrants
-
97,907,600
To be issued upon full exercise of ESOS Options
-
27,569,000
275,699,400
401,176,000
To be issued pursuant to the Proposed Rights Issue
275,699,400
401,176,000
To be issued pursuant to the Proposed Bonus Issue I
137,849,700
200,588,000
To be issued pursuant to the Proposed Special Issue
70,000,000
70,000,000
To be issued pursuant to the Proposed Bonus Issue II
35,000,000
35,000,000
Enlarged share capital after the Proposals
794,248,500
1,107,940,000
Table 4
Movement in NTA
Scenario A
Audited as at
31.12.2000
RM'000(a)
After the
Proposed
Rights Issue and Proposed Bonus Issue I
RM'000(b)
After (a), the
Proposed
Special Issue
and Proposed Bonus Issue II
RM'000Share capital - preference shares
19,048
19,048
19,048
- ordinary shares
275,699
689,249
794,249
Share premium
228,662
171,429
171,429
Reserves on consolidation
1,554
1,554
1,554
Exchange reserves
978
978
978
Retained profit
260,272
179,6551
144,6551
Shareholders' funds
786,213
1,061,913
1,131,913
Less: Intangible assets
(6,404)
(6,404)
(6,404)
NTA
779,809
1,055,509
1,125,509
No. of ordinary shares in issue ('000)
275,699
689,249
794,249
NTA per ordinary share (RM)2
2.14
1.26
1.18
Gearing (times)3
0.99
0.36
0.31
Notes:
1 Has not taken into account the estimated expenses associated with the Proposals, which are not expected to be significant comparatively.
2 The NTA per ordinary share does not include the Cumulative Redeemable Preference Shares ("CRPS").
3 The gearing ratio does not include the CRPS.
Scenario B
Audited as at
31.12.2000
RM'000(a)
After full exercise of Outstanding Warrants and ESOS Options2
RM'000(b)
After (a), the
Proposed
Rights Issue
and Proposed Bonus Issue I
RM'000(c)
After (b), the
Proposed
Special Issue
and Proposed Bonus Issue II
RM'000Share capital - preference shares
19,048
19,048
19,048
19,048
- ordinary shares
275,699
401,176
1,002,940
1,107,940
Share premium
228,662
499,168
298,580
263,580
Reserves on consolidation
1,554
1,554
1,554
1,554
Exchange reserves
978
978
978
978
Retained profits
260,272
260,272
260,2721
260,2721
Shareholders' funds
786,213
1,182,196
1,583,371
1,653,371
Less: Intangible assets
(6,404)
(6,404)
(6,404)
(6,404)
NTA
779,809
1,175,792
1,576,967
1,646,967
No. of ordinary shares in issue ('000)
275,699
401,176
1,002,940
1,107,940
NTA per ordinary share (RM)3
2.14
2.46
1.38
1.31
Gearing (times)4
0.99
0.60
0.14
0.08
Notes:
1 Has not taken into account the estimated expenses associated with the Proposals, which are not expected to be significant comparatively.
2 Assuming all the Outstanding Warrants are exercised at the exercise price of RM3.31 per share and all the 7,028,000 Outstanding ESOS Options are exercised at the exercise price of RM5.00 per share and the balance of the 20,541,000 ESOS options which have yet to be granted are issued and exercised at the assumed exercise price of RM1.79 per share based on the WAP of CHHB for the 5 market days up to 13 March 2002.
3 The NTA per ordinary share does not include the CRPS.
4 The gearing ratio does not include the CRPS.
Home | Legal
Stuff |
News Archives | Periodicals |
Books
Local Bankruptcy Rules | TCR Subscriber Resources | Turnarounds & Workouts Lists
Copyright 1994-. All Rights
Reserved.
Bankruptcy Creditors' Service, Inc. & Beard Group, Inc.