General Announcement

Reference No MI-140108-57493 

Company Name

:

IRE-TEX CORPORATION BERHAD

Stock Name

:

IRETEX

Date Announced

:

08/01/2014

 
MULTIPLE PROPOSALS IRE-TEX CORPORATION BERHAD (“ITCB” OR THE “COMPANY”) (I) PROPOSED SHARE SPLIT; (II) PROPOSED INCREASE IN AUTHORISED SHARE CAPITAL; (III) PROPOSED AMENDMENTS; (IV) PROPOSED PRIVATE PLACEMENT; AND (V) PROPOSED RIGHTS ISSUE OF ICULS WITH WARRANTS.

IRE-TEX CORPORATION BERHAD

 

Type

:

Announcement

 

Subject

:

MULTIPLE PROPOSALS

 

Description

  : IRE-TEX CORPORATION BERHAD (“ITCB” OR THE “COMPANY”)
(I) PROPOSED SHARE SPLIT;
(II) PROPOSED INCREASE IN AUTHORISED SHARE CAPITAL;
(III) PROPOSED AMENDMENTS;
(IV) PROPOSED PRIVATE PLACEMENT; AND
(V) PROPOSED RIGHTS ISSUE OF ICULS WITH WARRANTS

 

Attachments

:

 Iretex - Proposals (Finals).pdf

Announcement Details/Table Section:

On behalf of the Board of Directors of ITCB (“Board”), KAF Investment Bank Berhad (“KAF”) wishes to announce that the Company is proposing to undertake the following proposals:-

(i)    proposed share split involving the subdivision of every one (1) existing ordinary share of RM1.00 each in ITCB (“Existing Share(s)”) into two and a half (2.5) ordinary shares of RM0.40 each in ITCB (“Resultant Shares” or “ITCB Shares”) on an entitlement date to be determined later (“Proposed Share Split”);

(ii)   proposed increase in the authorised share capital of ITCB from RM50,000,000 comprising 50,000,000 Existing Shares to RM500,000,000 comprising 1,250,000,000 Resultant Shares (“Proposed Increase in Authorised Share Capital”);

(iii)  proposed amendments to the Memorandum and Articles of Association of ITCB (“Proposed Amendments”);

(iv)  proposed private placement of up to 11,870,000 new ITCB Shares, representing up to approximately 10% of the issued and paid-up share capital of ITCB after the Proposed Share Split, based on a shareholders’ mandate procured pursuant to Section 132D of the Companies Act, 1965 (“Act”) (“Proposed Private Placement”); and

(v)   proposed renounceable rights issue of up to RM39,172,350 nominal value of five (5)-year, 1%, irredeemable convertible unsecured loan stocks (“ICULS”) at 100% of the nominal value of RM0.075 each (“Rights ICULS”) on the basis of RM0.30 nominal value of the Rights ICULS for every one (1) ITCB Share held by the entitled shareholders of the Company after the Proposed Share Split, on an entitlement date to be determined later together with up to 65,287,250 free detachable warrants (“Warrants”) on the basis of one (1) Warrant for every RM0.60 nominal value of the Rights ICULS subscribed for (“Proposed Rights Issue of ICULS with Warrants”).

Kindly refer to the attached document for the complete announcement.

This announcement is dated 8 January 2014.