General Announcement for PLC

25/02/2021

PRACTICE NOTE 17 / GUIDANCE NOTE 3 : REGULARISATION PLAN

DAYA MATERIALS BERHAD

Type Announcement
Subject PRACTICE NOTE 17 / GUIDANCE NOTE 3
REGULARISATION PLAN
Description 
DAYA MATERIALS BERHAD ("DMB" OR THE "COMPANY")

(I) PROPOSED SHARE EXCHANGE;
(II) PROPOSED TRANSFER OF LISTING STATUS;
(III) PROPOSED REORGANISATION;
(IV) PROPOSED DCMT ACQUISITION;
(V) PROPOSED DMAX ACQUISITION;
(VI) PROPOSED DEBT SETTLEMENT;
(VII) PROPOSED FEE SETTLEMENT;
(VIII) PROPOSED PRIVATE PLACEMENT; AND
(IX) PROPOSED LTIP

(COLLECTIVELY, THE "PROPOSED REGULARISATION PLAN")

Reference is made to the Company’s announcement dated 31 December 2020 in relation to the Proposed Regularisation Plan (“Announcement”). Unless otherwise defined, capitalised terms used in this announcement shall have the same meanings as defined in the aforesaid Announcement.

On behalf of the Board, HLIB wishes to announce that DMB has on 25 February 2021 made an application to the High Court of Malaya under Section 368 of the Act for leave to convene a meeting with the identified creditors of DMB, namely SORAS, COOEC Subsea Technology Co Ltd (“COOEC”) and OSM Offshore AS (“OSM”) (collectively, the “DMB Scheme Creditors”) for the purpose of considering and approving a proposed scheme of arrangement between DMB and the DMB Scheme Creditors (“DMB SOA”).

SORAS and OSM are among the DMB Creditors which were proposed to be settled by Newco via the issuance of Debt Settlement Shares pursuant to the Proposed Debt Settlement. The Company now intends to include the debt owing to COOEC as part of the DMB Group’s debts to be restructured and settled under the Proposed Debt Settlement via the DMB SOA.

In addition, the Board proposes to increase the number of Placement Shares to be issued under the Proposed Private Placement by 25,000,000 Placement Shares to up to 250,000,000 Placement Shares at an issue price of RM0.20 per Placement Share to raise gross proceeds of up to RM50.0 million.

Based on the above, the Proposed Debt Settlement and Proposed Private Placement as set out in the Announcement shall be amended in the manner as set out in this announcement, with the amendments underlined for ease of reference.

Please refer to the attachment for the full text of the announcement.

This announcement is dated 25 February 2021.


Please refer attachment below.

Attachments

DMB - Update announcement.pdf
273.5 kB


Announcement Info

Company Name DAYA MATERIALS BERHAD
Stock Name DAYA
Date Announced 25 Feb 2021
Category General Announcement for PLC
Reference Number GA1-17022021-00041


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