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Masterskill Education Group Berhad / Annual Report 2012
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ADDITIONAl COMPlIANCE INFORMATION
1. utilisation of proceeds Raised from the Company’s Initial public Offering exercise
On 18 May 2012, the Company has announced that due to among others, the reduction in the PTPTN’s loan schedule and the
increase in the minimum entry requirements by the Malaysian Nursing Board, which had led to a drop in student enrolment, the
Board of Directors of MEGB (“Board”) has decided to defer the construction of buildings for their proposed main campus for the
time being and to reallocate the unutilised amount allocated for the purchase of land and construction of buildings amounting to
RM76.97 million for use as working capital in view that such sum has not been utilised within the expected timeframe of twenty
four (24) months as disclosed in the Prospectus.
2. Share Buy-Back
During the financial year under review, the Company had renewed the authority at its Annual General Meeting held on 6 June
2012 to purchase up to ten percent (10%) of its issued and paid-up share capital at the point of purchase pursuant to Section
67A of the Act, Chapter 12 of the MMLR of Bursa Malaysia and subject to any prevailing laws, rules, regulations, orders, guidelines
and requirements issued by the relevant authorities. The Company did not exercise any share buy-back during the financial year.
3. Options, Warrants or Convertible Securities
The Company did not issue any options, warrants and convertible securities during the financial year ended 31 December 2012.
4. Depository Receipt program
The Company did not sponsor any depository receipt program during the financial year ended 31 December 2012.
5. Imposition of Sanctions and/or penalties
There were no sanctions and/or penalties imposed on the Company and its subsidiaries, Directors or Management by any
relevant regulatory bodies during the financial year ended 31 December 2012.
6. Non-Audit Fees
The amount of non-audit fees incurred for services rendered to the Group by the external auditor and its local affiliates for
the financial year ended 31 December 2012 amounted to RM107,000. The services were for first quarter review, review of
statement on risk management and internal control and review of certain disclosure statements as well as preparation, review
and submission of tax returns.
7. variation in Results
There were no profit estimations, forecasts or projections made or released by the Company during the financial year ended
31 December 2012.
There was no deviation of 10% or more between the audited results for the financial year ended 31 December 2012 and the
unaudited results previously announced.
8. Profit Guarantee
The Company did not provide any profit guarantee for the Group’s operations for the financial year ended 31 December 2012.
9. material Contracts involving Directors and major Shareholders
There were no material contracts entered into by the Company and its subsidiaries involving Directors’ and major shareholders’
interests which were subsisting at the end of the financial year ended 31 December 2012.