Page 181 - S P Setia Annual Report 2013
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Annual Report 2013 S P SETIA BERHAD GROUP Financial Statements | 179





NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2013 (CONT’D)






49. SiGniFicant eVentS PenDinG cOmPletiOn (cOnt’D)

The following are the status of corporate proposals that have been announced by the Group and the Company but not completed as at 31
October 2013: (cont’d)

(d) On 6 February 2013, Rockbay Streams Sdn Bhd, a wholly owned subsidiary of S P Setia Berhad has entered into an agreement
(“Development Agreement”) with Cash Band (M) Berhad, for the proposed development of a mixed residential and commercial project
on various parcels of leasehold land measuring approximately 194.65 acres in the District of Gombak.

The Development Agreement is pending the fulfllment of the conditions precedent therein within a period of twelve (12) months from
the date of the Development Agreement.


50. SUBSeqUent eVent

(a) On 5 December 2013, the Company obtained authorisation from the Securities Commission Malaysia vide its letter dated 4 December
2013 for the proposed issuance of unrated subordinated Islamic perpetual notes (“Sukuk Musharakah”) pursuant to a proposed Sukuk
Musharakah programme of up to RM700 million in nominal value under the Shariah principle of Musharakah (“Sukuk Musharakah
Programme”). The Sukuk Musharakah Programme is established to raise funds as and when required to be utilised for Shariah-
compliant purposes which include the Company’s investments and working capital.

(b) On 12 December 2013, the Company proposed to undertake a dividend reinvestment plan (“Proposed DRP”). The Board has determined
that the Proposed DRP, if approved by the relevant authorities and/or the relevant parties as well as the shareholders’ approval being
obtained at an Extraordinary General Meeting which will be convened, will apply to the Final Dividend and shareholders of the Company
be given an option to elect to reinvest the entire Final Dividend in new ordinary share(s) of RM0.75 each in the Company (“S P Setia
Shares) in accordance with the Proposed DRP.

The Board will determine the issue price of the new S P Setia Shares to be issued pursuant to the Final Dividend on a price fxing date
to be announced later (“Price Fixing Date”) at an issue price of not more than 10% discount to the volume weighted average market
price (“VWAMP”) of S P Setia Shares for the 5 market days immediately prior to the Price Fixing Date. The VWAMP shall be ex-Dividend
i.e. adjusted for Dividend, before applying the aforementioned discount in fxing the Issue Price or the par value of S P Setia Shares at
the material time.


51. cHanGeS in cOmPaRatiVe
The following comparative of the Group for the fnancial year ended 31 October 2012 have been reclassifed to conform with current year’s
presentation:
Statement of cash Flows
as
previously as
reported Reclassifcation restated
Rm’000 Rm’000 Rm’000

investing activities
Placement of fxed deposits, sinking fund, debt service reserve,
escrow and revenue accounts (75,277) 69,818 (5,459)

cash and cash equivalent at 31 October 2012 1,350,661 69,818 1,420,479
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