Proposed Bonus Issue Of Up To 31,204,514 New Ordinary Shares Of Rm1.00 Each On The Basis Of One (1) New Ordinary Share For Every Four (4) Existing Ordinary Shares Of Rm1.00 Each Held On A Date To Be Determined ("Proposed Bonus Issue"); And Proposed Two-Call Rights Issue Of Up To 62,409,028 New Ordinary Shares Of Rm1.00 Each At An Indicative Issue Price Of Rm1.00 Each (Of Which The First Call Of Rm0.65 Is Payable In Cash On Application And The Second Call Of Rm0.35 Is Payable Out Of The Company'S Share Premium Account) On The Basis Of One (1) New Ordinary Share For Every Two (2) Existing Ordinary Shares Of Rm1.00 Each Held On A Date To Be Determined ("Proposed Two-Call Rights Issue") (Collectively Referred To As The "Proposals")
BackApr 14, 2004
| General Announcement Reference No MM-040412-74339 |
| Submitting Merchant Bank | : | AMMERCHANT BANK BERHAD |
| Company Name | : | RELIANCE PACIFIC BERHAD |
| Stock Name | : | RPB |
| Date Announced | : | 14/04/2004 |
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| Type | : | Announcement |
| Subject | : | PROPOSED BONUS ISSUE OF UP TO 31,204,514 NEW ORDINARY SHARES OF RM1.00 EACH ON THE BASIS OF ONE (1) NEW ORDINARY SHARE FOR EVERY FOUR (4) EXISTING ORDINARY SHARES OF RM1.00 EACH HELD ON A DATE TO BE DETERMINED ("PROPOSED BONUS ISSUE"); AND PROPOSED TWO-CALL RIGHTS ISSUE OF UP TO 62,409,028 NEW ORDINARY SHARES OF RM1.00 EACH AT AN INDICATIVE ISSUE PRICE OF RM1.00 EACH (OF WHICH THE FIRST CALL OF RM0.65 IS PAYABLE IN CASH ON APPLICATION AND THE SECOND CALL OF RM0.35 IS PAYABLE OUT OF THE COMPANY'S SHARE PREMIUM ACCOUNT) on the basis of ONE (1) NEW ORDINARY SHARE FOR EVERY TWO (2) EXISTING ORDINARY SHARES OF RM1.00 EACH HELD ON A DATE TO BE DETERMINED ("PROPOSED TWO-CALL RIGHTS ISSUE") (COLLECTIVELY REFERRED TO AS THE "PROPOSALS") |
Contents :
AmMerchant Bank Berhad, on behalf of RPB, wishes to announce that Malaysia Securities Exchange Berhad (MSEB) had, via its letter dated 8 April 2004, approved RPB's application for exemption to comply with paragraph 6.29 of the Listing Requirements of MSEB. Paragraph 6.29 of the Listing Requirements of MSEB has set out that a listed issuer must allot and issue securities, despatch notices of allotment to the allottees, and make an application for the quotation of such securities, within 10 market days of the books closing date for a bonus issue, or such other period as may be prescribed by MSEB. With this approval, RPB will allot and issue the new ordinary shares of RM1.00 each ("Shares") in RPB pursuant to the Proposed Bonus Issue ("Bonus Shares"), despatch the notices of allotment and apply for the listing of and quotation for the Bonus Shares on MSEB, simultaneous with the allotment and issuance of the new RPB Shares pursuant to the Proposed Two-Call Rights Issue ("Rights Shares"), despatch of notices of allotment and application for listing of and quotation for the Rights Shares (within 15 market days from the final applications closing date for the Proposed Two-Call Rights Issue or such other period as may be prescribed by MSEB). At present, RPB is liaising closely with the relevant parties in respect of implementation of the Proposals, and expect completion of the Proposals to be by the third quarter of 2004. Hence, RPB had applied to the Securities Commission ("SC") for a three (3) months extension of time up to 30 September 2004. The current deadline for implementation of the Proposals is 30 June 2004. Decision of the SC in respect of this matter would be announced upon receipt.
The SC had via its letter dated 10 March 2003, approved the following utilisation: RM27,903,000 for repayment of bank borrowings, RM2,486,065 for working capital, and RM1,500,000 for payment of estimated expenses for the Proposals. However, certain borrowings proposed to be repaid with the proceeds are now fully settled. Hence, pursuant to RPB's continuous reassessment of its group's financing structure, RPB had applied to the SC for the following proposed utilisation: RM15,000,000 for full repayment of the first tranche of serial bonds of RPB that would mature on 23 July 2004, RM12,903,000 for repayment of bank borrowings, RM2,486,065 for working capital, and RM1,500,000 for payment of estimated expenses for the Proposals. The final utilization of proceeds as approved by the SC would be announced to MSEB. This announcement is dated 14 April 2004.
The SC had via its letter dated 10 March 2003, approved the following utilisation: RM27,903,000 for repayment of bank borrowings, RM2,486,065 for working capital, and RM1,500,000 for payment of estimated expenses for the Proposals. However, certain borrowings proposed to be repaid with the proceeds are now fully settled. Hence, pursuant to RPB's continuous reassessment of its group's financing structure, RPB had applied to the SC for the following proposed utilisation: RM15,000,000 for full repayment of the first tranche of serial bonds of RPB that would mature on 23 July 2004, RM12,903,000 for repayment of bank borrowings, RM2,486,065 for working capital, and RM1,500,000 for payment of estimated expenses for the Proposals. The final utilization of proceeds as approved by the SC would be announced to MSEB. This announcement is dated 14 April 2004.
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