Tropicana Corporation Berhad Annual Report 2019

28. SHARE CAPITAL AND TREASURY SHARES Number of ordinary shares Amount Share capital (Issued) Share capital Treasury shares 2019 2018 2019 2018 2019 2018 ’000 ’000 RM’000 RM’000 RM’000 RM’000 Group and Company At 1 January 1,470,417 1,470,417 2,044,314 2,044,314 (25,094) (6,692) Issuance of ordinary shares: - pursuant to warrants exercise 8 – 8 – – – Purchase of treasury shares – – – – (26,725) (18,402) Distribution of treasury shares – – – – 38,171 – At 31 December 1,470,425 1,470,417 2,044,322 2,044,314 (13,648) (25,094) (a) Share capital During the financial year, the Company increased its issued share capital by way of: (i) the issuance of 8,389 ordinary shares of RM1 each for cash pursuant to the exercise of Warrants 2009/2019 at an exercise price of RM1 per ordinary share; and (ii) the issuance of 982,386,093 Irredeemable Convertible Preference Shares (“ ICPS ”) of RM1.20 each for acquisitions of certain subsidiaries during the financial year. The salient terms of the ICPS are disclosed in Note 30. The new ordinary shares issued during the financial year ranked pari passu in all respects with the existing ordinary shares of the Company. The new ICPS issued during the financial year ranked equally amongst themselves, and rank ahead in priority to the holders of ordinary shares and all other classes of shares (if any) of the Company. (b) Treasury shares During the financial year, the Company: (i) repurchased 30,512,400 of its issued ordinary shares from the open market at an average price of RM0.88 per share. The shares repurchased are being held as treasury shares in accordance with Section 127 of the Companies Act 2016; and (ii) declared a second interim single-tier share dividend in respect of the financial year ended 31 December 2019 paid by way of distribution of 42,787,501 treasury shares on the basis of 3 treasury shares for every 100 existing ordinary shares held in the Company. The treasury shares were repurchased at an average price of RM0.89 per share. As at 31 December 2019, the number of treasury shares held are 15,491,741 ordinary shares. Such treasury shares are held at carrying amount of RM13,648,000 (2018: RM25,094,000). pg 211 Tropicana Corporation Berhad Annual Report 2019 Sustainability at Tropicana What We’ve Governed Financial Statements & Other Information