PROPOSED SELECTIVE CAPITAL REDUCTION AND REPAYMENT EXERCISE OF LCTH PURSUANT TO SECTION 116 OF THE COMPANIES ACT 2016 ("PROPOSED SCR")
The terms used herein shall have the same meaning as those defined in the announcement made on 10 January 2018 unless otherwise stated.
We refer to the announcements dated 7 December 2017, 14 December 2017, 4 January 2018, 5 January 2018, 8 January 2018, 10 January 2018, 12 January 2018 and 13 February 2018 and the circular to shareholders dated 14 February 2018 in relation to the Proposed SCR.
On behalf of the Board, RHB Investment Bank wishes to announce that the Entitled Shareholders of the Company have approved the Special Resolution set out in the Notice of EGM dated 14 February 2018 in respect of the Proposed SCR ("Special Resolution"), at the EGM of the Company held today, 8 March 2018.
The Special Resolution is to be approved by a majority in number of shareholders and at least 75% in value to the votes attached to disinterested shares that are cast either in person or by proxy at the EGM of LCTH, provided that the value of votes cast against the resolution for the Proposed SCR at the EGM is not more than 10% of the votes attaching to all disinterested shares of the total voting shares of LCTH.
The results of the poll at the EGM, which were validated by Crowe Horwath, the Independent Scrutineer appointed by the Company, are as follows:
No. of disinterested shareholders |
% |
No. of disinterested shares |
% |
|
Voted FOR |
20 |
74.07 |
12,737,700 |
98.57 |
Voted AGAINST |
7 |
25.93 |
185,000 |
1.43 |
Total |
27 |
100.00 |
12,922,700 |
100.00 |
No. of shares |
% |
|
Total number of disinterested shares |
101,337,713 |
100.00 |
Total vote casted AGAINST |
185,000 |
0.18 |
Based on the poll results, 74.07% in number and 98.57% in value to the votes attached to disinterested shares that were cast either in person or by proxy at the EGM voted in favour of the Special Resolution. Further, 0.18% of the votes attached to all disinterested shares of the total voting shares of LCTH voted against the Special Resolution. Therefore, the Special Resolution was carried.
The application to the High Court to seek the confirmation for the reduction of share capital under Section 116 of the Act will be lodged in due course.
This announcement is dated 8 March 2018.