News
Advance Synergy Berhad (ASB) · 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 (Warrants Extension)
BackOct 29, 2004
| General Announcement Reference No MI-041029-59910 |
| Submitting Merchant Bank | : | SOUTHERN INVESTMENT BANK BERHAD |
| Company Name | : | ADVANCE SYNERGY BERHAD |
| Stock Name | : | ASB |
| Date Announced | : | 29/10/2004 |
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| Type | : | Announcement |
| Subject | : | Advance Synergy Berhad (ASB) ? 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 (Warrants Extension) |
Contents :
The Warrants Extension was approved by the Securities Commission (SC) on 9 June 2003. The stockholders and the warrantholders of ASB had also approved the Warrants Extension on 9 July 2003 and 23 July 2003 respectively. In conjunction with the Warrants Extension, ASB had sought the SC's concurrence in relation to a condition imposed by the SC in their approval letter dated 3 January 2000 for ASB's proposals which were implemented in the same year. The proposals involved inter-alia, the proposed renounceable restricted offer for sale of the rights to allotment of up to a maximum of approximately 168.897 million warrants after the proposed restructuring of bank borrowings by the lenders to the entitled stockholders of ASB (Restructuring Exercise).
The SC, in approving the Restructuring Exercise had, inter-alia, imposed a moratorium on the sale of 50% of the warrants held by the directors and persons connected to them. ASB had sought the concurrence of SC that the moratorium will no longer be applicable in view of the Warrants Extension.
On behalf of the Board of Directors of ASB, Southern Investment Bank Berhad wishes to announce that the SC had via its letter dated 25 October 2004, which was received on 27 October 2004, informed that one of the conditions of approval as stated in paragraph 4 (ii) of the SC's approval letter dated 3 January 2000 in relation to the moratorium imposed on 50% of the warrants held by the Directors of ASB and persons connected to them will no longer be applicable.
The SC's approval is subject to the following conditions:
i) ASB, on behalf of the said warrantholders, is required to make an announcement in relation to the SC's approval; and
ii) the effective date for uplifting the moratorium shall be one (1) month after the said announcement.
Accordingly, the moratorium will be lifted from 29 November 2004.
This announcement is dated 29 October 2004.