News

Advance Synergy Berhad ("ASB" Or "Company")

Type	:	Announcement
Subject	:	ADVANCE SYNERGY BERHAD ("ASB" OR "COMPANY")

• PROPOSED CAPITAL REDUCTION WHICH INVOLVES THE:
  • PROPOSED REDUCTION OF THE ISSUED AND PAID-UP SHARE CAPITAL OF ASB FROM A MAXIMUM OF RM506,690,428 COMPRISING 506,690,428 ORDINARY STOCK UNITS IN ASB ("ASB STOCK UNITS") OF RM1.00 EACH (ASSUMING ALL ASB'S WARRANTS CONSTITUTED BY DEED POLL DATED 28 APRIL 2000 AND SUPPLEMENTAL DEED POLL DATED 24 JULY 2003 ("ASB WARRANTS") ARE EXERCISED AND THE NEW ASB STOCK UNITS ARISING THEREFROM ARE ISSUED BEFORE THE CUT-OFF DATE FOR THE PROPOSED CAPITAL REDUCTION) TO RM152,007,128 COMPRISING 506,690,428 ASB STOCK UNITS OF RM0.30 EACH, BY CANCELLING RM0.70 OF PAR VALUE FROM EVERY ASB STOCK UNIT OF RM1.00 EACH TO REDUCE THE ACCUMULATED LOSSES IN THE COMPANY; AND
  • PROPOSED REDUCTION OF THE SHARE PREMIUM ACCOUNT OF ASB OF UP TO RM205,148,989 TO REDUCE THE ACCUMULATED LOSSES IN THE COMPANY;

• (COLLECTIVELY REFERRED TO AS THE "PROPOSED CAPITAL REDUCTION");
  
• PROPOSED RENOUNCEABLE TWO (2)-CALL RIGHTS ISSUE OF UP TO RM266,012,475 NOMINAL VALUE OF 2% 10-YEAR IRREDEEMABLE CONVERTIBLE UNSECURED LOAN STOCKS ("ICULS") AT 100% OF THE NOMINAL AMOUNT OF RM0.15 EACH (OR EQUIVALENT OF UP TO 1,773,416,498 ICULS) ON THE BASIS OF RM0.525 NOMINAL VALUE OF ICULS (OR EQUIVALENT TO 3.5 ICULS) FOR EVERY ONE (1) ASB STOCK UNIT OF RM1.00 EACH HELD ON AN ENTITLEMENT DATE AND AT A CASH CALL AMOUNT TO BE DETERMINED AND ANNOUNCED LATER ("PROPOSED RIGHTS ISSUE");
• PROPOSED INCREASE IN THE AUTHORISED SHARE CAPITAL OF ASB FROM RM800,000,000 DIVIDED INTO 800,000,000 ORDINARY SHARES OF RM1.00 EACH TO RM900,000,000 DIVIDED INTO 900,000,000 ORDINARY SHARES OF RM1.00 EACH; AND
• PROPOSED CONVERSION OF ASB STOCK UNITS TO ORDINARY SHARES