MULTIPLE PROPOSALS IRE-TEX CORPORATION BERHAD ("ITCB" OR THE "COMPANY") MULTIPLE PROPOSALS, COMPRISING: (I) PROPOSED PAR VALUE REDUCTION; (II) PROPOSED AMENDMENTS; (III) PROPOSED PRIVATE PLACEMENT; (IV) PROPOSED ESOS; AND (V) PROPOSED RATIFICATION

IRE-TEX CORPORATION BERHAD

Type Announcement
Subject MULTIPLE PROPOSALS
Description
IRE-TEX CORPORATION BERHAD ("ITCB" OR THE "COMPANY")    
MULTIPLE PROPOSALS, COMPRISING: (I) PROPOSED PAR VALUE REDUCTION; (II) PROPOSED AMENDMENTS; (III) PROPOSED PRIVATE PLACEMENT; (IV) PROPOSED ESOS; AND (V) PROPOSED RATIFICATION

On behalf of the Board of Directors of ITCB, SJ Securities Sdn Bhd (“SJ Securities”) wishes to announce that the Company proposes to undertake the following:

  1. proposed reduction of the issued and paid-up share capital of the Company involving the cancellation of RM0.20 from the par value of each existing ordinary share of RM0.40 each in ITCB (“Existing ITCB Shares”) pursuant to the Section 64 of the Companies Act, 1965 (the “Act”) (“Proposed Par Value Reduction”);
  2. proposed amendments to the relevant parts of the Memorandum and Articles of Association of ITCB (“M&A”) to facilitate the Proposed Par Value Reduction (“Proposed Amendments”);
  3. proposed implementation of private placement of up to 13,372,156 ordinary shares of RM0.20 each in ITCB representing 10% of the issued and paid-up share capital of ITCB at an issue price to be determined at a later date (“Placement Shares”) upon completion of the Proposed Par Value Reduction (“Proposed Private Placement”); and
  4. proposed establishment of an employee share option scheme (“ESOS”) for the issuance of up to 15% of the issued and paid-up share capital of ITCB for the Eligible Persons (as defined herein), to be implemented after the completion of the Proposed Par Value Reduction and Proposed Private Placement (“Proposed ESOS”).

(Collectively referred to as “the Proposals”)

On top of that, the Company also intends to undertake the proposed ratification to vary the utilisation of proceeds from the renounceable rights issue of up to 517,014,000 or RM38,776,050 nominal value of five (5)-year, 1% irredeemable convertible unsecured loan stocks (“ICULS”) together with up to 64,626,750 free detachable warrants (“Rights Issue of ICULS with Warrants”), which was completed on 16 June 2014 (“Proposed Ratification”).

Please see attached for the details on the Proposals and the Proposed Ratification.

 

This announcement is dated 21 October 2016. 




Please refer attachment below.

Attachments

Ire-Tex - Multiple Proposals.pdf 
569.6 kB



Announcement Info

Company Name IRE-TEX CORPORATION BERHAD
Stock Name IRETEX
Date Announced 21 Oct 2016
Category General Announcement for PLC
Reference Number GA1-21102016-00091