Circular/Notice to Shareholders

HANDAL RESOURCES BERHAD

Subject CIRCULAR TO SHAREHOLDERS IN RELATION TO THE PART A : (I) PROPOSED ACQUISITION BY HANDAL RESOURCES BERHAD ("HANDAL") OF 408,000 ORDINARY SHARES OF BORNEO SEAOFFSHORE ENGINEERING SDN BHD ("BSOE"), REPRESENTING 51.0% EQUITY INTEREST IN BSOE FROM SEAOFFSHORE CAPITAL SDN BHD FOR A PURCHASE CONSIDERATION OF RM25,500,000 TO BE SATISFIED BY WAY OF ISSUANCE AND ALLOTMENT OF 42,857,100 NEW ORDINARY SHARES IN HANDAL ("HANDAL SHARE(S)") AT AN ISSUE PRICE OF RM0.37 PER HANDAL SHARE AND ISSUANCE AND ALLOTMENT OF 26,061,819 NEW IRREDEEMABLE CONVERTIBLE PREFERENCE SHARES ("ICPS") IN HANDAL AT AN ISSUE PRICE OF RM0.37 PER ICPS ("PROPOSED ACQUISITION"); (II) PROPOSED AMENDMENT TO THE MEMORANDUM AND ARTICLES OF ASSOCIATION OF HANDAL ("PROPOSED AMENDMENT"); AND (III) PROPOSED ESTABLISHMENT OF AN EMPLOYEES' SHARE OPTION SCHEME OF UP TO 10% OF THE TOTAL NUMBER OF ISSUED SHARES OF HANDAL (EXCLUDING TREASURY SHARES, IF ANY) AT ANY POINT IN TIME. PART B : INDEPENDENT ADVICE LETTER TO THE NON-INTERESTED SHAREHOLDERS OF HANDAL IN RELATION TO THE PROPOSED ACQUISITION


Please refer attachment below.



Announcement Info

Company Name HANDAL RESOURCES BERHAD
Stock Name HANDAL
Date Announced 12 Jul 2019
Category Document Submission
Reference Number DCS-11072019-00027