[JAG] EGM on 27-Nov-2013

Stock
[JAG]: JAG BERHAD
Announcement Date
11-Nov-2013
Type
EGM
Date & Time
27-Nov-2013 10:00
Depositor Date
20-Nov-2013
Venue
Meeting Room 1, Level 3A, Vivatel Kuala Lumpur, 85, Jalan Loke Yew, 55200 Kuala Lumpur, Malaysia
Description
INFORTECH ALLIANCE BERHAD
EGM-271113.pdf
Outcome
INFORTECH ALLIANCE BERHAD ("IAB" OR "THE COMPANY")
  1. Proposed acquisition of 4,000,000 ordinary shares of RM1.00 each representing the entire equity interest in Jaring Metal Industries Sdn. Bhd. (“JMI”) from Ng Meow Giak, NKK Capital Sdn Bhd (“NKKCSB”), Ng Yaw Long and Teh Chin Ching (collectively referred to as “Vendors”) for a total purchase consideration of RM64,800,000 to be satisfied by the issuance of 462,857,143 new ordinary shares of RM0.10 each in IAB (“IAB Share(s)” or “Share(s)”) at an issue price of RM0.14 each (“Proposed Acquisition”);
  2. Proposed exemption for the Vendors and parties acting in concert with the Vendors (“PACs”) under Paragraph 16.1(A) of Practice Note 9 of the Malaysian Code on Take-overs and Mergers 2010 (“Code”) from the obligation to undertake a mandatory take-over offer for the remaining IAB Shares not already held by them after the Proposed Acquisition (“Proposed Exemption”);
  3. Proposed private placement of up to 107,091,400 IAB Shares (“Placement Shares”) representing not more than twenty percent (20%) of the total issued and paid-up share capital of IAB upon completion of the Proposed Acquisition to eligible investors to be identified (“Proposed Private Placement”); and
  4. Proposed increase in the Authorised Share Capital of the Company from RM10,000,000 comprising 100,000,000 IAB Shares to RM250,000,000 comprising 2,500,000,000 IAB Shares (“Proposed Increase in Authorised Share Capital”).
[(1), (2), (3) and (4) collectively referred to as “Proposals”)] The Board of Directors of IAB wishes to inform that all resolutions tabled at the Company's Extraordinary General Meeting ("EGM") held today pertaining to the Proposals as per Notice of the EGM dated 12 November 2013, were duly passed by the shareholders. Please refer to Annexure "A" for the results of the poll in relation to the EGM. This announcement is dated 27 November 2013.
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