Tropicana Corporation Berhad Annual Report 2019

30. IRREDEEMABLE CONVERTIBLE PREFERENCE SHARES AND PERPETUAL BOND Irredeemable convertible preference shares The value of Irredeemable Convertible Preference Shares (“ ICPS ”) has been split into the liability component and equity component. The ICPS are accounted for in the statements of financial position of the Group and of the Company as follows: Number of Equity Liability ICPS component component Total ’000 RM’000 RM’000 RM’000 Group and Company At 1 January 2019 – – – – Shares issued for acquisition of subsidiaries 982,386 1,004,593 174,270 1,178,863 At 31 December 2019 982,386 1,004,593 174,270 1,178,863 The salient terms of the ICPS were as follows: (a) Issue The ICPS shall be irredeemable convertible preference shares and each ICPS confers on the ICPS Holder for the time being the rights, privileges and restriction set out in this Constitution. (b) Dividend The ICPS in the share capital carries an annual cumulative preferential dividend at the following rates: Period Rate From the Issue Date up to and including the first (1st) anniversary 1.0% based on the Issue Price of the ICPS From the date after the first (1st) anniversary up to and including the second (2nd) anniversary 1.5% based on the Issue Price of the ICPS From the date after the second (2nd) anniversary up to and including the fifth (5th) anniversary 2.0% based on the Issue Price of the ICPS From the date after the fifth (5th) anniversary up to the Market Day immediately preceding the tenth (10th) anniversary from the Issue Date (“ Maturity Date ”) 3.0% based on the Issue Price of the ICPS Subject to availability of profits and compliance with the Act, the dividend in respect of the ICPS will be payable in arrears on a semi-annual basis. To the extent that the dividends or any part thereof is not declared or paid on a semi-annual basis, after the date on which the ICPS are first issued, it will continue to accumulate and be declared and paid on a cumulative basis no later than the Maturity Date, subject to availability of profits and compliance with the Act. pg 213 Tropicana Corporation Berhad Annual Report 2019 Sustainability at Tropicana What We’ve Governed Financial Statements & Other Information