MULTIPLE PROPOSALS ADVENTA BERHAD ("ADVENTA" OR "COMPANY") I. PROPOSED RIGHTS ISSUE; AND II. PROPOSED EXEMPTION (COLLECTIVELY REFERRED TO AS "PROPOSALS")
ADVENTA BERHAD ("ADVENTA" OR "COMPANY") I. PROPOSED RIGHTS ISSUE; AND II. PROPOSED EXEMPTION (COLLECTIVELY REFERRED TO AS "PROPOSALS")
This announcement is dated 9 July 2018.
Reference is made to the Company’s announcements in relation to the Proposals on 17 January 2018, 26 February 2018, 8 June 2018 and 9 July 2018 ("Earlier Announcements”). Unless otherwise stated, defined terms in this announcement shall carry the same meanings as defined in the Earlier Announcements.
On behalf of the Board of Directors of Adventa, AmInvestment Bank wishes to announce that Board has resolved to defer the Company’s Proposed Rights Issue.
The Proposed Rights Issue is intended to be undertaken on a full subscription basis. The Company proposes to procure irrevocable undertakings from Mr Low Chin Guan, the major shareholder and the Managing Director of Adventa, to, amongst others, subscribe for his rights entitlements and all the remaining Rights Shares which have not been subscribed. The Proposed Undertaking is subject to the Proposed Exemption.
Mr Low has informed the Company that at this juncture, due to legal proceedings between him and other parties, he is not in a position to provide the abovementioned Proposed Undertaking.
In view of the above, the Board resolves to defer the Proposed Rights Issue. Adventa will make further announcement in the event there are material developments.
The Board also wishes to clarify that Adventa Berhad and its subsidiaries are not involved in the legal proceedings between Mr Low and other parties.
|Company Name||ADVENTA BERHAD|
|Date Announced||09 Jul 2018|
|Category||General Announcement for PLC|