GPERAK-AnnualReport2009 (1MB).pdf - Bursa Malaysia

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annual report 2009 | Gula peraK BerHaD (8104-X)
NOTES TO THE FINANCIAL STATEMENTS (Cont’d)
29. BORROwINGS (SECURED AND INTEREST BEARING) (Cont’d)
(c) 3% REDEEMABLE SECURED BONDS 2000/2005 (cont’d)
(f) Status of Bonds: The Bonds will rank pari passu without any preference or priority among themselves but will rank
in priority to the holders of Irredeemable Convertible Secured Loan Stocks 2000/2005 in relation to the assets
secured; and
(g) Listing: The Bonds will not be listed on the BMSB.
On 12th July, 2005, the Bonds holder has agreed to a full and final settlement sum of RM70,000,000, subject to the strict
fulfilment of the following terms and conditions:
(a) The settlement sum of RM70,000,000 is payable within six (6) months from 12th July, 2005;
(b) The sum of RM1,250,000 payable in quarterly intervals of RM312,500 each where the first payment shall commence
at the end of three (3) months from 12th July, 2005, being the settlement of the 4th bond interest due on 17th
December, 2004; and
(c) Property titles valued at not less than RM5,000,000 and free from any encumbrances is to be deposited with the
Bonds holder within one (1) month from 12th July, 2005 and shall only be released upon the fulfilment of items (a)
and (b) above.
On 27th February, 2008, the Bonds holder has agreed to a full and final settlement sum of RM64,000,000, payable in the
following manner and subject to the strict fulfilment of the following terms and conditions:
(a) redemption of 3,925.66 acres of plantation land at RM54,000,000 payable in four (4) months from 27th February,
2008;
(b) the sum of RM10,000,000 payable in sixteen (16) quarterly intervals of RM625,000 each where the first payment
shall commence on the third month after the redemption mentioned in (a) or four (4) months from 27th February,
2008; and
(c) property titles valued at not less than RM14,000,000 is to be deposited with the Bonds holder where a charge will
be created to secure the transactions mentioned in (a) and (b) above.
As of 31st March, 2009, the balance sum of RM28,375,000 remains outstanding as the settlement on the disposal of the
remaining of short term leasehold land (included under assets classified as held for sale (Note 24) of the Company) is
pending certain approval from the relevant authority.