168 YINSON HOLDINGS BERHAD | INTEGRATED ANNUAL REPORT 2023 Issue of shares and debentures During the financial year, the Company increased its issued and paid-up ordinary share capital from 1,101,346,473 to 3,053,725,384 by way of issuance of 4,388,400 new ordinary shares arising from the exercise of options under the Employees’ Share Scheme as shown under Employees’ Share Scheme below, bonus issue of 1,103,782,973 of 1 bonus share for every 1 existing ordinary share which was completed on 14 April 2022 (“Bonus Issue”) and rights issue of 844,207,538 rights shares of 2 rights shares for every 5 existing ordinary shares which was completed on 28 June 2022 (“Rights Issue”). The exercise prices of options under the Employees’ Share Scheme were as follows: Grant date 30.3.2018* 27.2.2019 22.1.2020 28.9.2021 Exercise prices of option (RM): - At grant date 3.65 4.00 6.00 4.67 - After Bonus Issue - 2.00 3.00 2.34 - After Rights Issue - 1.71 2.56 1.99 * Lapsed before the Bonus Issue and Rights Issue. The new ordinary shares issued rank pari passu in all respects with the existing ordinary shares of the Company. There were no new debentures issued during the financial year. Treasury shares During the financial year ended 31 January 2023, the Company repurchased 84,203,800 of its issued shares from the open market on Bursa Malaysia Securities Berhad (“Bursa Malaysia”) for a total consideration paid of RM190,753,187, including transaction costs. The average price paid for the shares repurchased was approximately RM2.27 per share and was financed by internally generated funds. The shares repurchased are held as treasury shares in accordance to Section 127(4) of the Companies Act 2016. The increase in number of treasury shares totalling to 38,018,000 during the current financial year was contributed by the effect arising from Bonus Issue. Details of the treasury shares are set out in Note 28 to the financial statements. Employees’ Share Scheme On 3 November 2015, the Company obtained all required approvals and complied with the requirements pertaining to the establishment of Employees’ Share Scheme (“ESS”). On 25 January 2018, the Board of Directors resolved to extend the ESS tenure for additional five (5) years till 2 November 2025 in accordance with the terms of the ESS By-Laws. The Company had issued four offers of options with total of 6,048,000, 9,000,000, 3,740,000 and 4,740,000 options on 30 March 2018, 27 February 2019, 22 January 2020 and 28 September 2021 respectively to eligible employees of the Group, including Executive Directors of the Company with 3 vesting periods. At date of issuance, the options for unissued shares are exercisable at RM3.65 per share, RM4.00 per share, RM6.00 per share and RM4.67 per share respectively in 3 tranches upon fulfilling the vesting conditions and shall expire on 30 March 2022, 27 February 2023, 22 January 2024 and 28 September 2025 respectively. During the financial year ended 31 January 2023, the second offer of options lapsed on 30 March 2022. The exercise prices for the remaining options for unissued shares were adjusted to RM2.00, RM3.00 and RM2.34 following the Bonus Issue and subsequently to RM1.71, RM2.56 and RM1.99 following the Rights Issue. No options were granted to Directors during the financial year ended 31 January 2023. DIRECTORS’ REPORT (CONT’D)
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