What the cap table captures

At its simplest, a cap table lists every shareholder, the class and number of shares each holds, the percentage of voting and economic rights, and the price at which those shares were issued. A working cap table also tracks:

  • Share classes: ordinary, preference, any sub-classes with different rights;
  • Options and option pool: granted, vested, unvested, unallocated;
  • Warrants: outstanding rights to subscribe at a future date;
  • Convertible notes and SAFEs: instruments that will convert into shares at a future trigger;
  • Per-shareholder positions on a fully diluted basis (assuming all options exercised and all convertibles converted);
  • The history: every issuance, transfer, buy-back, with the date and the transaction document reference.

Why it matters

  • Every funding round, every option grant, every share transfer changes it. If the cap table is wrong, the next transaction is built on incorrect numbers.
  • Investors and acquirers will demand a verified cap table during due diligence. A messy cap table delays the deal and can re-open valuation discussions.
  • The Companies Act 2016 requires SSM filings (return of allotment under section 78, annual return under section 68, beneficial ownership under sections 60A–60F). A cap table that does not match SSM records is a compliance problem.
  • Founders make decisions based on it: how much of the pool is left to grant, how much dilution a next round will cause, how much of the company a founder still effectively owns. Wrong numbers, wrong decisions.

Three views every founder should be able to produce

  1. Issued and outstanding. Only actual shares in issue. The Companies Act view.
  2. Fully diluted. Issued shares plus all options (granted and unallocated pool), warrants, and assumed convertible conversions. The investor view.
  3. Pro forma post-financing. What the cap table will look like immediately after the next round closes, including the new investor's shares and any required pool top-up.

Pre-money vs post-money basics

When investors talk about valuation, they mean:

  • Pre-money valuation: what the company is worth before the new investment goes in;
  • Post-money valuation: pre-money plus the new investment amount.

The new investor's percentage = investment / post-money. A RM2m investment into a RM8m pre-money company means a RM10m post-money and a 20% new investor stake. The other 80% is shared among the existing shareholders.

The "option pool shuffle"

Investors typically require a fully-funded option pool (10–15%) to exist before they close. If the existing pool is too small, the expansion is usually loaded into the pre-money, meaning founders bear the dilution, not the new investor. Anticipating the pool top-up before the round opens is one of the more valuable cap-table conversations a founder can have.

Common cap table mistakes that derail transactions

  • Verbal promises. "You will get 2% when we hit revenue X." Undocumented, but not forgotten by the recipient.
  • Inconsistent records. Spreadsheet says one thing, SSM filings say another, share certificates say a third.
  • Missing share allotment returns. Section 78 requires a return of allotment for every issuance.
  • Untracked convertible instruments. A SAFE signed in year one converts at year three at terms no one remembers.
  • Phantom shareholders. Family members or trusts holding nominee shares without proper documentation.
  • Wrong totals. Percentages do not add up to 100%. The arithmetic error is rarely the real problem; it is what the error reveals about the underlying records.

Practical advice

  • Maintain the cap table from day one. Update it within seven days of any change.
  • Match the cap table to SSM records at least annually.
  • Keep underlying documents (share certificates, allotment returns, option agreements, convertible note instruments) in one place, indexed against the cap table.
  • For any meaningful round (above RM500,000), have the cap table reviewed by counsel before signing the term sheet.

If your cap table does not yet match what is on file with SSM, or your next funding round is approaching, please contact us. A clean cap table is one of the cheapest things to maintain and one of the most expensive to repair.

资本表所捕捉的内容

最简版本之资本表列出每位股东、各自持有股份之类别与数量、表决权与经济权益之百分比，以及股份之发行价格。一份真正可用之资本表还应追踪：

  • 股份类别: —普通股、优先股、以及任何具不同权利之子类别；
  • 期权与期权池: —已授予、已归属、未归属、未分配；
  • 认股权证: —在未来某日认购之未行使权利；
  • 可转换票据与 SAFE: —未来触发时将转换为股份之工具；
  • 每位股东之完全稀释持仓（假设全部期权行权、全部可转换工具转换）；
  • 历史记录: —每一次发行、转让、回购，附日期与交易文件参考。

为何重要

  • 每一次融资、每一次期权授予、每一次股权转让都会改变它。若资本表错误，下一笔交易将建立在错误数字之上。
  • 投资人与收购方会在尽职调查中要求核实版本。混乱之资本表会延迟交易，甚至重新打开估值讨论。
  • 《2016 年公司法令》要求向 SSM 申报（第 78 条配发申报、第 68 条周年申报、第 60A–60F 条受益所有权）。资本表若与 SSM 记录不符，即构成合规问题。
  • 创办人据此作决定：期权池剩余多少可授予、下一轮稀释幅度、创办人本身实际仍持有多少。错误的数字，错误的决定。

每位创办人应能呈现的三种视图

  1. 已发行与流通在外。仅在外发行之实际股份。即《公司法令》视角。
  2. 完全稀释。已发行股份加全部期权（已授予及未分配池）、认股权证、以及假设之可转换工具转换。即投资人视角。
  3. 融资后的备考资本表。下一轮完成后资本表应有之样貌，包括新投资人之股份及任何必要的期权池补足。

投资前与投资后估值之基础

投资人谈估值时，指的是：

  • 投资前估值（pre-money）: —新投资进入之前公司价值；
  • 投资后估值（post-money）: —投资前估值加新投资金额。

新投资人之比例 ＝ 投资金额 ÷ 投资后估值。向 800 万令吉投资前估值之公司注入 200 万令吉，意味着 1,000 万令吉投资后估值，及 20% 之新投资人持股。剩余 80% 由现有股东分享。

「期权池洗牌」现象

投资人通常要求在交割前已存在完全充实之期权池（10–15%）。若现有池不足，扩展部分通常被装入投资前估值，意即由创办人承担稀释，而非新投资人。在融资轮启动前预先规划期权池补足，是创办人能进行的最有价值之资本表对话之一。

常令交易翻车的资本表错误

  • 口头承诺。「等我们收入到 X 时，你会获得 2%。」未文件化，但接收方不会忘记。
  • 记录不一致。电子表说一回事，SSM 申报说另一回事，股票纸又说第三回事。
  • 缺失之股份配发申报。第 78 条要求每一次发行均须提交配发申报。
  • 未追踪之可转换工具。第一年签下之 SAFE，在第三年按无人记得之条款转换。
  • 「影子股东」。家庭成员或信托以代持方式持股，缺乏正式文件。
  • 总数错误。百分比加不到 100%。算术错误本身鲜少是真正问题；问题在于它揭示了底层记录之状况。

实务建议

  • 自第一天起即维护资本表。任何变动后七日内更新。
  • 至少每年将资本表与 SSM 记录核对一次。
  • 将底层文件（股票纸、配发申报、期权协议、可转换票据等）集中保管，按资本表索引。
  • 任何有意义的融资轮（超过 50 万令吉），在签订条款书前应由律师审阅资本表。

若贵公司之资本结构表尚未与 SSM 备案保持一致，或下一轮融资即将开展，请与本所联系。维护一份清晰的资本表，是成本最低的合规动作之一；事后修复，则代价高昂。