News
Advance Synergy Berhad (ASB Or Company) Proposed Extension Of The Duration And Exercise Period Of ASB's Outstanding Warrants 2000/2003 By Five (5) Years From 28 August 2003 Up To And Including 28 August 2008 And Thereafter The Option To Extend The Exercise Period For A Further Period Of Two (2) Years Expiring On 28 August 2010 (Proposed Warrants Extension)
BackJun 10, 2003
| General Announcement Reference No MI-030610-65502 |
| Submitting Merchant Bank | : | SOUTHERN INVESTMENT BANK BERHAD |
| Company Name | : | ADVANCE SYNERGY BERHAD |
| Stock Name | : | ASB |
| Date Announced | : | 10/06/2003 |
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| Type | : | Announcement |
| Subject | : | Advance Synergy Berhad (ASB or Company) Proposed extension of the duration and exercise period of ASB's outstanding warrants 2000/2003 by five (5) years from 28 August 2003 up to and including 28 August 2008 and thereafter the option to extend the exercise period for a further period of two (2) years expiring on 28 August 2010 (Proposed Warrants Extension) |
Contents :
We refer to the announcement on 9 April 2003 in relation to the Proposed Warrants Extension.
On behalf of the Directors of ASB, Southern Investment Bank Berhad (SIBB) wishes to announce that the Securities Commission (SC) has via its letter dated 9 June 2003, informed that the SC has no objectionfor ASB's proposal to extend the duration and exercise period of ASB's outstanding warrants 2000/2003 (Warrants) by five (5) years from 28 August 2003 up to and including 28 August 2008 (First Extension) and thereafter the option to extend the exercise period for a further period of two (2) years expiring on 28 August 2010 (Further Extension).
The Further Extension of up to two (2) years to 28 August 2010 will be implemented by ASB if the weighted average price of ASB Stock Units quoted on the Kuala Lumpur Stock Exchange (KLSE) is at a premium of not more than 20% over the exercise price of RM1.00 per ASB Stock Unit for any period of thirty (30) consecutive days during the six (6)-month period preceding 28 May 2008, being three (3) months prior to the proposed expiry date of 28 August 2008.
The SC has imposed the following conditions for the Proposed Warrants Extension:
(i) ASB is to comply with the relevant requirements as announced by the SC on 30 October 1998 and the legal opinion by Messrs. Jin & Co (the firm of solicitors) dated 16 April 2003. In this regard, ASB wishes to inform all warrantholders that notwithstanding the extension, the exercise period for the Warrants would not exceed 10 years as allowed for under the amended section 68(1) of the Companies Act, 1965;
(ii) ASB is required to insert a clause in the deed poll stating clearly that the notice for an extension of time shall be despatched to warrantholders 30 days prior to the expiry of the Warrants;
(iii) ASB is required to disclose clearly in the circular to stockholders/warrantholders and the deed poll of the following:
? The terms and condition including the mechanism for the Further Extension; and
? The legal opinion by Messrs Jin & Co; and
? The legal opinion by Messrs Jin & Co; and
(iv) ASB is required to ensure that that a timely and appropriate announcement is made to the Kuala Lumpur Stock Exchange for the implementation of the said extension.
In addition, SIBB is required to inform the SC upon completion of the Proposed Warrants Extension.
This announcement is dated 10 June 2003.