Reliance Pacific Berhad ("Reliance Pacific" Or The "Company") 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 22, 2004
| General Announcement Reference No MM-040421-41115 |
| Submitting Merchant Bank | : | AMMERCHANT BANK BERHAD |
| Company Name | : | RELIANCE PACIFIC BERHAD |
| Stock Name | : | RPB |
| Date Announced | : | 22/04/2004 |
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| Type | : | Announcement |
| Subject | : | RELIANCE PACIFIC BERHAD ("RELIANCE PACIFIC" OR THE "COMPANY") 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 ("AmMerchant Bank"), on behalf of Reliance Pacific, is pleased to announce that the Securities Commission ("SC") had, via its letter dated 20 April 2004, approved the following:
(i) The issuance, listing of and quotation for up to 9,441,924 new warrants in Reliance Pacific to the existing warrant holders pursuant to the adjustment to be made arising from the Proposals;
(ii) The issuance, listing of and quotation for any additional warrants by Reliance Pacific from time to time, arising from any further adjustments, as may be required under the Deed Poll dated 5 April 1995, supplemental deed polls dated 5 May 1997 and 5 November 1999, and supplemental deed polls to be executed that would govern the terms and conditions of the warrants;
(iii) The issuance, listing of and quotation for the new ordinary shares in Reliance Pacific due to the exercise of any warrant as mentioned in (i) and (ii) above; and
(iv) The proposed revision to the utilization of proceeds from the Proposed Two-Call Rights Issue. The proceeds are proposed to be utilised as follows: RM15,000,000 for full repayment of the first tranche of serial bonds of Reliance Pacific that would mature on 23 July 2004 or to replenish the financing used to repay the serial bonds, 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 approval of the SC is subject to the condition that Reliance Pacific or AmMerchant Bank is required to inform the SC of the total amount of warrants issued, upon each instance of new warrants being issued by the Company.
This announcement is dated 22 April 2004.
Bursa Announcement
