Reference is made to the Companys announcements dated 7 May 2008 (First Announcement), 2 June 2008, 1 July 2008, 1 August 2008, 2 September 2008, 3 October 2008, 7 October 2008, 3 November 2008, 1 December 2008, 22 December 2008, 6 January 2009, 7 January 2009, 15 January 2009, 3 February 2009, 2 March 2009, 24 March 2009, 1 April 2009, 2 April 2009, 23 April 2009, 6 May 2009, 1 June 2009, 22 June 2009, 1 July 2009, 2 July 2009, 3 July 2009, 6 July 2009, 7 July 2009, 17 July 2009, 3 August 2009, 1 September 2009, 7 September 2009, 27 October 2009, 30 October 2009, 2 November 2009, 16 November 2009, 1 December 2009, 5 January 2010, 2 February 2010, 1 March 2010, 1 April 2010, 28 April 2010, 3 May 2010, 1 June 2010, 1 July 2010, 2 August 2010, 1 September 2010, 1 October 2010, 1 November 2010, 1 December 2010, 3 January 2011, 2 February 2011, 2 March 2011, 10 March 2011, 23 March 2011, 1 April 2011, 3 May 2011, 1 June 2011, 1 July 2011, 1 August 2011, 2 September 2011 and 26 September 2011 respectively.
The Board of Directors of Destini ("Board") wishes to announce that Bursa Malaysia Securities Berhad ("Bursa Securities") had, vide its letter dated 22 September 2011 (which was announced on 26 September 2011), resolved to approve the proposed restructuring scheme which consists of the following:-
i. Proposed share capital reduction involving the reduction of the par value of each existing ordinary shares of RM0.50 each in Destini to ordinary shares of RM0.10 each ("Destini Shares") by the cancellation of RM0.40 of the par value ("Proposed Capital Reduction");
ii. Proposed renounceable rights issue of 200,000,000 new Destini Shares ("Rights Shares") on the basis of five (5) Rights Shares for every two (2) existing Destini Shares held on an entitlement date to be determined later after the Proposed Capital Reduction ("Proposed Rights Issue");
iii. Proposed settlement of the debt owing to BPH Capital Sdn Bhd via the issuance of 50,000,000 new Destini Shares at the issue price of RM0.10 each ("Settlement Shares") ("Proposed Capitalisation");
iv. Proposed exemption to Pascal Resources Sdn Bhd ("Pascal") and the persons acting in concert with it under Paragraph 16.1 of Practice Note 9 of the Malaysian Code on Take-Overs and Mergers, 2010 from the obligation to undertake a mandatory general offer for all the remaining Destini Shares not already held by them which may arise pursuant to the Proposed Rights Issue ("Proposed Exemption"); and
v. Proposed amendment to the Memorandum and Articles of Association of Destini resulting from the Proposed Capital Reduction ("Proposed Amendment").
(collectively referred to as the "Proposed Restructuring Scheme" or "Proposals")
The Proposed Restructuring Scheme is now subject to the approvals of the shareholders of Destini at an extraordinary general meeting to be convened, details of which will be set out in the circular to shareholders to be issued in due course.
This announcement is dated 3 October 2011.