General Announcement

08/09/2000

PRESS METAL BERHAD ("PMB" or "Company") (i) Proposed Bonus Issue; (ii) Proposed Rights Issue; and (iii) Proposed Employees Share Option Scheme; hereinafter, collectively referred to as the "Proposals"

PRESS METAL BERHAD

TypeAnnouncement
Subject
PRESS METAL BERHAD ("PMB" or "Company")
(i) Proposed Bonus Issue;
(ii) Proposed Rights Issue; and
(iii) Proposed Employees Share Option Scheme;
hereinafter, collectively referred to as the "Proposals"

Contents :

QUOTE



1. Further to the announcement made on 29 February 2000, Bumiputra Merchant Bankers Berhad (BMB), on behalf of the Board of Directors of PMB, is pleased to announce that the Securities Commission (SC) had, vide their letter dated 5 September 2000, approved the following without modification:


      (i) Proposed rights issue of up to 85,754,554 new ordinary shares of RM1.00 each in PMB (PMB Shares) on the basis of one (1) new PMB Share (Rights Share(s)) for every existing PMB Share held (Proposed Rights Issue);

      (ii) Proposed employees share option scheme for the eligible employees and executive directors of PMB and its subsidiary companies (Proposed ESOS);

      (iii) Listing of and quotation for the new Additional Warrants to be issued pursuant to the Proposed Bonus Issue and Proposed Rights Issue after adjusting for the exercise price of the Companys outstanding Warrants;

      (iv) Listing of and quotation for new PMB Shares that may be issued pursuant to the exercise of the Additional Warrants;

      (v) Listing of and quotation for up to 85,754,554 new PMB Shares to be issued pursuant to the Proposed Rights Issue;

      (vi) Listing of and quotation for new PMB Shares to be issued pursuant to the Proposed Bonus Issue; and

      (vii) Listing of and quotation for new PMB Shares to be issued pursuant to the Proposed ESOS.

      hereinafter, collectively referred to as the Proposals.



      In respect of the proposed bonus issue of up to 42,877,278 new PMB Shares to be credited as fully paid-up on the basis of one (1) new PMB Share for every two (2) existing PMB Shares held (Proposed Bonus Issue), the approval of the SC is not required for bonus shares issued by way of capitalising the retained profits, which is in accordance with the amendments to the SC Act, 1993 which came into force on 1 July 2000;

      The abovementioned Proposals were approved subject to the following conditions:

      (i) Should the issue price of the Rights Shares be at a discount of more than 30% of the theoretical ex-all price based on the weighted-average market price of PMB Shares for the five (5) market days preceding the price-fixing date, then the Directors and major shareholders of the Company will have to give their respective irrevocable written undertaking that they will not dispose of their shares in PMB from the ex-date of the Proposed Rights Issue until ten (10) market days after the listing of the Rights Shares;

      (ii) A copy of the Bye-Laws for the Proposed ESOS and the list of eligible employees and executive directors under the Proposed ESOS will have to be furnished to the SC for its approval;

      (iii) Full compliance with the relevant requirements in relation to the Proposals as set out under the SCs Policies and Guidelines for the Issue/Offer of Securities.

      The issue price of the Rights Shares will be fixed at a price-fixing date to be announced in due course.

      This announcement is dated 8 September 2000.


      UNQUOTE


      Yours faithfully
      For and on behalf of
      BUMIPUTRA MERCHANT BANKERS BERHAD






      YOON SWEE KONG JEREMY LOO CHAN YUE
      Acting Chief Executive Officer Deputy General Manager
      Corporate Finance

    c.c.: Securities Commission
      Attention: Wong Wing Seong

      c.c.: Press Metal Berhad
Attention: Koon Poh Ming


Announcement Info

Company NamePRESS METAL BERHAD  
Stock Name PMETAL
Date Announced8 Sept 2000  
CategoryGeneral Announcement
Reference NoMM-000908-51358

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