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发表于 4-5-2011 02:52 PM
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Type : Announcement
Subject : OTHERS
Description : RAMUNIA HOLDINGS BERHAD ("RAHB" OR "COMPANY")
RAHB'S PROPOSED REGULARISATION PLAN ANNOUNCED ON 3 MAY 2011
Announcement Details/Table Section :
We refer to the Company’s announcement dated 3 May 2011 whereby AmInvestment Bank Berhad (a member of AmInvestment Bank Group), had, on behalf of the Company, announced the Company’s proposed regularisation plan to address its PN17 status.
For consistency, the abbreviations used throughout this announcement shall have the same meaning as defined in the announcement dated 3 May 2011 unless stated otherwise.
We wish to explain that the Company had already completed the necessary corporate debt restructuring under Section 176 of the Act to pare down all its borrowings and financial obligations. As at 31 January 2011, the Group has no borrowings. Therefore, we wish to clarify that the Proposed Capital Reconstruction is purely follow-up accounting entry adjustments to eliminate the Group’s audited accumulated losses as at 31 October 2010 of approximately RM263.95 million to improve its balance sheet.
The Proposed Change in Par Value will not result in any changes to the Group’s shareholders’ funds, net assets per share and earnings per share. Also, the number of outstanding shares of the Company before and after the Proposed Change in Par Value will remain the same. Accordingly, there should theoretically not be any change in the market price of shares in RAHB and there is no adjustment to be made to the share price of RAHB by Bursa Securities upon the Proposed Change in Par Value taking effect. As such, shareholders will continue to own the same number of RAHB Shares before and after the Proposed Change in Par Value.
We also wish to clarify that the issuance of the Right Shares will be above the reduced par value of the shares in RAHB of RM0.25 upon the Proposed Change in Par Value taking effect before the Proposed Rights Issue.
The indicative issue price of RM0.40 per Rights Share represents a premium to the net assets per share of the Group before the Proposed Rights Issue and an attractive discount of 33.22% to the theoretical ex-rights price of RAHB Shares of approximately RM0.60 based on the 5-day volume-weighted average market price up to and including 3 May 2011, of RM0.6786. Such discount is common and within the range of most rights issue exercises.
The Proposed Rights Issue will enable the Company to raise funds, in addition to the existing cash it has, mainly for the repayment of the financing of the Pulau Indah Integrated Fabrication Yard to be acquired as well as improvement works on the said yard, to enable the Group to secure major fabrication contracts and thus, deliver earnings in the future. The additional cash to be raised from the Proposed Rights Issue, together with the Company’s existing cash, will be utilised as working capital upon mobilisation of the projects identified under its Business Rejuvenation Plan.
In summary, the Proposed Regularisation Plan does not change the fundamentals of the Company but is expected to improve the prospects of the Group going forward.
© 2011, Bursa Malaysia Berhad. All Rights Reserved. |
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