MULTIPLE PROPOSALS

Company Name YONG TAI BERHAD
Stock Name YONGTAI
Date Announced 17 May 2022
Category General Announcement for PLC
Reference Number GA1-17052022-00057

Type Announcement
Subject MULTIPLE PROPOSALS
Description
YONG TAI BERHAD ("YTB" OR THE "COMPANY")

(I) PROPOSED SHARE CONSOLIDATION;
(II) PROPOSED BONUS ISSUE OF WARRANTS; AND
(III) PROPOSED DEBT SETTLEMENT

(COLLECTIVELY "PROPOSALS")

On behalf of the Board of Directors of YTB (“Board”), M&A Securities Sdn Bhd (“M&A Securities”) wishes to announce that YTB proposes to undertake the following:

 

  1. proposed consolidation of every 5 existing ordinary shares in YTB (“YTB Share(s)” or “Share(s)” or “Existing Share(s)”) into 1 YTB Share (“Consolidated Share(s)”) held by the entitled shareholders on an entitlement date to be determined and announced later (“Consolidated Shares Entitlement Date”) (“Proposed Share Consolidation”);
  2. proposed bonus issue of up to 103,098,378 free warrants in YTB (“Warrant(s)”) on the basis of 1 Warrant for every 4 Consolidated Shares held by the entitled shareholders on an entitlement date to be determined and announced later (“Warrants Entitled Shareholder(s)”) (“Warrants Entitlement Date”) (“Proposed Bonus Issue of Warrants”); and
  3. proposed settlement of an aggregate amount of RM46,000,000 debt owing to creditors by the Company and/or its subsidiary (“Settlement Amount”), via the issuance of 92,000,000 new YTB Shares (“Settlement Share(s)”) (“Proposed Debt Settlement”).

Further details of the Proposed Acquisition are as attached.




Please refer attachment below.



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