News

Advance Synergy Berhad ("ASB" Or "Company") - Capital Reduction; And - Rights Issue

BackJan 29, 2008
General Announcement
Reference No MM-080129-55347

Submitting Merchant Bank
:
 CIMB INVESTMENT BANK BERHAD 
Company Name
:
 ADVANCE SYNERGY BERHAD 
Stock Name
:
 ASB
Date Announced
:
 29/01/2008


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

- CAPITAL REDUCTION; AND

- RIGHTS ISSUE

Contents :

? CAPITAL REDUCTION WHICH COMPRISES:
- REDUCTION OF THE ISSUED AND PAID-UP SHARE CAPITAL OF ASB FROM RM337,793,619 COMPRISING 337,793,619 ORDINARY SHARES IN ASB ("ASB SHARES") OF RM1.00 EACH TO RM101,338,086 COMPRISING 337,793,619 ASB SHARES OF RM0.30 EACH, BY CANCELLING RM0.70 OF PAR VALUE FROM EVERY ASB SHARE OF RM1.00 EACH TO REDUCE THE ACCUMULATED LOSSES IN THE COMPANY; AND

- REDUCTION OF UP TO THE ENTIRE AMOUNT IN THE SHARE PREMIUM ACCOUNT OF ASB TO REDUCE THE ACCUMULATED LOSSES IN THE COMPANY; AND
? RENOUNCEABLE TWO (2)-CALL RIGHTS ISSUE OF RM177,341,650 NOMINAL VALUE OF 2% 10-YEAR IRREDEEMABLE CONVERTIBLE UNSECURED LOAN STOCKS ("ICULS") AT 100% OF THE NOMINAL VALUE OF RM0.15 EACH (OR EQUIVALENT OF 1,182,277,666 ICULS), WITH THE FIRST CASH CALL AMOUNT OF RM0.07 PER ICULS PAYABLE IMMEDIATELY UPON ACCEPTANCE/APPLICATION AND THE SECOND NON-CASH CALL AMOUNT OF RM0.08 PER ICULS PAYABLE OUT OF THE SHARE PREMIUM ACCOUNT OF ASB, ON THE BASIS OF RM0.525 NOMINAL VALUE OF ICULS (OR EQUIVALENT TO 3.5 ICULS) FOR EVERY ONE (1) ASB SHARE HELD AT 5.00 P.M. ON 26 DECEMBER 2007 ("RIGHTS ISSUE") Reference is made to the announcements dated 20 February 2006, 22 June 2006, 19 September 2006, 22 February 2007, 5 April 2007, 18 April 2007, 29 June 2007, 30 August 2007, 5 December 2007, 10 December 2007 and 21 January 2008 in relation to the above.
 
On behalf of the Board of Directors of ASB, CIMB Investment Bank Berhad wishes to announce that on 28 January 2008, the Company obtained the sealed Order of the High Court of Malaya ("Court Order") confirming the Capital Reduction and reduction of the Company's share premium account to pay up the second non-cash call amounting to RM0.08 per ICULS in relation to the Rights Issue ("Share Premium Account Reduction for Second Call"). On even date, the office copy of the Court Order was lodged with the Registrar of Companies and accordingly, the Capital Reduction and Share Premium Account Reduction for Second Call became effective on that date.
 
This announcement is dated 29 January 2008.