Page 168 - S P Setia Annual Report 2016
P. 168

166   S P Setia Berhad Group
                Annual Report 2016




          Notes To The Financial Statements

          For The Financial Year Ended 31 December 2016

          20.  ISLAMIC REDEEMABLE CUMULATIVE PREFERENCE SHARES (“RCPS-i”)

                                                                                  Group/Company
                                                                         2016                        2015
                                                                 Number of                   Number of
                                                                     shares      Amount          shares       Amount
                                                                      ’000        RM’000          ’000        RM’000

               Authorised:
               RCPS-i of RM0.01 each

               At beginning of the year/period                           -             -             -             -
               Created during the year/period                    1,200,000        12,000             -             -
               At end of year/period                             1,200,000        12,000             -             -

               Issued and fully paid:
               RCPS-i of RM0.01 each
               At beginning of the year/period                           -             -             -             -
               Issuance of shares                                 1,127,625        11,276
               At end of the year/period                          1,127,625        11,276            -             -

              The RCPS-i issued by the Company to the shareholders are convertible at any time at the discretion of the holder commencing
              2 December 2016 (“Issue Date”) up to such date no later than nine (9) market days prior to the relevant redemption date into such
              number of fully paid new S P Setia shares without payment of any consideration (cash or otherwise) and with the conversion ratio of
              two (2) new S P Setia shares for seven (7) RCPS-i held.
              The Company may at any time on or after the 15th anniversary of the Issue Date, at its discretion, redeem all (and not some only of) the
              outstanding RCPS-i in cash at the redemption price which shall be the aggregate of the issue price of RM1.00, any preferential dividends
              declared but unpaid as at the redemption date and any Deferred Dividends (as defined below) as at the redemption date.
              The RCPS-i confers on holders, the following rights and privileges:

              (i)   The right to receive preferential dividends, out of distributable profits of the Company earned from the first day of the calendar
                   month following the Issue Date (“Profits”) when declared and approved by the Board of the Company, at an expected preferential
                   dividend rate of 6.49%.


                   From the period commencing on and including the 15th anniversary of the Issue Date until the redemption date, an additional
                   stepped-up preferential dividend rate of 1.0% per annum above the expected rate abovementioned, shall be payable on the
                   RCPS-i on an annual basis, provided that the aggregate of the expected preferential dividend rate (including the stepped-up
                   preferential dividends, if applicable) (“Expected Preferential Dividend Rate”) shall not exceed a total rate of 20%. The maximum
                   amount of preferential dividends that can be declared and paid on each preferential dividend entitlement date (“Expected
                   Preferential Dividend Amount”) shall be capped at such Expected Preferential Dividend Rate unless otherwise decided by the
                   Board of the Company.
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