Page 175 - Annual Report 2015 - Mono Technology Public Company Limited

On 23 April 2015, the Annual General Meeting of the shareholders of the Company passed the following significant resolutions:
a) Decrease its registered share capital from Baht 462,000,000 (4,620,000,000 ordinary shares of Baht 0.1 each) to Baht 461,999,997.50 (4,619,999,975 ordinary shares of Baht 0.1 each) by cancellation of 25 unissued ordinary shares with a par value of Baht 0.1 each.
b) Increase its registered share capital from Baht 461,999,997.50 (4,619,999,975 ordinary shares of Baht 0.1 each) to Baht 492,799,997.50 (4,927,999,975 ordinary shares of Baht 0.1 each) by issuing 308,000,000 ordinary shares with a par value of Baht 0.1 each.
The Company registered the decrease and increase in its registered capital with the Ministry of Commerce on 6 and 7 May 2015, respectively.
In September 2015, the warrant holders exercised their right to purchase 20,000,000 the Company’s ordinary shares at a price of Baht 2.5 per share, a total of Baht 50 million, which the Company registered the increase in its share capital to Baht 310,093,553.7 (3,100,935,537 ordinary shares of Baht 0.1 each) with the Ministry of Commerce on 5 October 2015.
22. Warrants
On 12 September 2014, the Extraordinary General Meeting of the Company’s shareholders passed a resolution approving the issuance of a first tranche of 1,540 million warrants to purchase the Company’s ordinary shares (MONO-W1) to existing shareholders, free of charge. The warrants, which were issued in a ratio of 15 warrants for every 14 existing ordinary shares, have an exercise period of 5 years from the date of issuance, and are exercisable every 3 months. One warrant provides the right to purchase one ordinary share (with a par value of Baht 0.1 each) at an exercise price of Baht 2.5. The first exercise date is the last business day of December 2014. The Company issued and allocated the warrants to the existing shareholders on 17 October 2014.
As at 31 December 2015, 1,479,067,065 warrants remained unexercised.
23. Statutory reserve
Pursuant to Section 116 of the Public Limited Companies Act B.E. 2535, the Company is required to set aside to a statutory reserve at least 5 percent of its net profit after deducting accumulated deficit brought forward (if any), until the reserve reaches 10 percent of the registered capital. The statutory reserve is not available for dividend distribution.
Annual Report 2015
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