Profile for Loan Stocks
Instrument Type : Loan Stocks
Description : Five (5)-year, 1%, irredeemable convertible unsecured loan stocks
(¿ICULS¿) issued pursuant to the Rights Issue of ICULS with Warrants (as
defined below)
Listing Date : 16/06/2014
Issue Date : 11/06/2014
Issue/ Ask Price : MYR 0.0750
Issue Size in Currency : MYR 35251050.0000
Maturity Date : 10/06/2019
Revised Maturity Date :
Exercise/Conversion Period : 5.00 Year(s)
Revised Exercise/Conversion Period :
Exercise/ Strike/ Conversion Price : MYR 0.6000
Revised Exercise/ Strike/ Conversion Price :
Exercise/ Conversion Ratio : Please refer to remarks
Revised Exercise/ Conversion Ratio :
Mode of Satisfaction of Exercise/Conversion Price : Please refer to remarks
Settlement Type/ Convertible into : Physical (Shares)
Remarks :
The ICULS are issued to the entitled shareholders of Ire-Tex
Corporation Berhad (¿ITCB¿) pursuant to the renounceable rights issue of
470,014,000 or RM35,251,050 nominal value of ICULS at 100% of the nominal value
of RM0.075 each (¿Rights ICULS¿) on the basis of four (4) RM0.075 nominal value
of Rights ICULS for every one (1) ordinary share of RM0.40 each in ITCB (¿ITCB
Share¿) held at 5.00 p.m. on 16 May 2014 together with free detachable warrants
(¿Warrants¿) on the basis of one (1) Warrant for every eight (8) Rights ICULS
subscribed for (¿Rights Issue of ICULS with Warrants¿).
Based on the conversion price of RM0.60 (¿Conversion Price¿), the ICULS may be
converted into new ITCB Shares in the following manner:-
(i) by surrendering nominal value of ICULS equivalent to the Conversion Price;
or
(ii) by surrendering such number of ICULS together with cash such that in
aggregate it amounts to the Conversion Price.
Surrender 1 ICULS at 0.075, (0.60-0.075 ) and cash of 0.525, Mother price today : 0.755, It take about 2 weeks for the convertion, after two weeks can you guarantee IRETEX mother share maintain at 0.755??? I doubt it.
Each registered holder of the ICULS shall have the right on any market day from
and including the issue date of the ICULS up to and including the maturity date
of the ICULS (¿Maturity Date¿) to convert such amount of ICULS held into fully
paid-up new ITCB Shares at the Conversion Price.
The ICULS will not be redeemable for cash. All outstanding ICULS will be
mandatorily converted into new ITCB Shares on the Maturity Date.
Any fractional new ITCB Shares arising from the conversion of the ICULS will be
disregarded and shall be dealt with in such manner as the Board of Directors of
ITCB shall in its absolute discretion deem fit, expedient and in the best
interests of ITCB.
This announcement is dated 13 June 2014.
13/06/2014 07:00 AM