Premium Nutrients Annual Accounts 2003

I am going through the Premium Nutrients accounts. I intend to do this systematically, year by year. So first I will highlight some interesting facts from Premium Nutrients first ever annual report as a public listed company in 2003. All this is available at the KLSE website

62m shares were issued to Bridgecon creditors during the reverse takeover. Were this the shares that NLFCS churned through as mentioned in my previous post? See extract below :-

The restructuring scheme of the Company involved the following:

2) As part settlement of the amount owing by BHB to its creditors, the Company issued 62,000,000 new ordinary shares of RM0.50 each to BHB to be held by the creditors’ agent, for and on behalf of the creditors.

Premium Vegetable Oils alone (excluding Malim Sawit, Arani Agro Oil Industries etc) was worth RM136.5m. Now Premium Nutrients (as of yesterday including Malim Sawit and Arani Agro) is worth RM64m (337m shares x 0.19sen). See below for the extract

3) Acquisition of the entire issued and paid-up capital of Premium Vegetable Oils Sdn. Bhd. (.PVO.) (formerly known as Premium Vegetable Oils Berhad) for a purchase consideration of RM136,500,000 satisfied by the issuance of 273,000,000 ordinary shares of RM0.50 each.

I mentioned that the management fee to Seven M was paid by borrowing money from NLFCS? Well that is probably the 8m loan from NLFCS below but I could be wrong.

Balances

Loan from Tan Sri Dato. Dr K R Somasundram 1,594,152
Loan from NLFCS 7,992,776
Loan from Sunworth Corporation Sdn. Bhd. 3,082,849
Loan from Minsawi Industries (Kuala Kangsar)Sdn. Bhd. 1,696,410