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Masterskill Education Group Berhad / Annual Report 2012 37 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.
Masterskill Education Group Berhad / Annual Report 2012 38 lIST OF PROPERTIES pROpERTIES OWNED By OuR GROup The details of land and buildings owned by us are set out below: No. Name of Registered Owner / Beneficial Owner: Lot. No./Postal address 1 Syarikat Kemacahaya Sdn Bhd / masterskill Unit No. G-01 to G-10, 1-01 to 1-10, 2-01 to 2-15, 3-01 to 3-15 Type: RKB, Taman Kemacahaya held under part of GM 5105, Lot 13158 (formerly known as HS (M) 4900, PT No. 5707) in the Mukim and District of Hulu Langat, Negeri Selangor (“Kemacahaya Master Title”) Postal Address Unit No. G-01 to G-10, 1-01 to 1-10, 2-01 to 2-15, 3-01 to 3-15 Jalan Kemacahaya 11, Taman Kemacahaya, Batu 9, 43200 Cheras, Selangor 2 Syarikat Kemacahaya Sdn. Bhd. / masterskill Unit No. G-13, Ground Floor, Type: RKB, Taman Kemacahaya held under part of the Kemacahaya Master Title Postal Address Unit No. G-13, Ground Floor, Type: RKB, Jalan Kemacahaya 11, Taman Kemacahaya, Batu 9, 43200 Cheras, Selangor Description/ Existing use 10 units at the Ground Floor, 10 units at the First Floor, 15 units at the Second Floor and 15 units at the Third Floor in a block of 4-storey shop office / campus 1 unit at the Ground Floor in a 3-storey shop office / office land area / Built-up area (sq ft) Freehold / leasehold Approximate Age of Building Date of Acquisition - / 84,246 Freehold 11 years 23 January 2006 - / 1,737 Freehold 11 years 17 May 2006 Net book value as at 31 December 2012 (Rm’000) 15,831 526
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