Sslee blog
JAKS: Board response to my submitted in advance EGM questions Part II
Dear all,
Dear JRB IR,
Thank you for the enclosed “our responses to your queries”
I manage to key in the below follow up questions during online EGM but wonder why only Question 4 was answer during EGM. Will the Board kindly answer the rest of the follow up questions 1 to 3?
Follow up questions:
Question 1: Please explain why prioritize the current low net gearing is for future borrowings for the future business acquisitions and/ or expansions when borrowing now for JPP equity injection and investment at this juncture is the best option instead of the Proposed Rights Issue with Warrants which are dilutive in nature?
Question 2: Please explain why interest cost could burden the Company in the event it undertakes a new bank borrowing since Jaks Hai Duong Power Plant (JHDP) is guaranteed to make profit starting Q4 2020 for the next 25 years?
Page11: The first 600 megawatt generating unit is expected to be completed and to commence generation of power by the fourth quarter of 2020 whilst the second 600 megawatt generating unit is expected to be completed and commence generation of power by the first quarter of 2021.
Question 3: Please explain why obtaining borrowings for the intended utilisation which is essentially for equity injection and investment at this juncture may be a challenge for the Group, when Jaks Hai Duong Power Plant (JHDP) is guaranteed to make profit starting Q4 2020 for the next 25 years?
Note: MFCB short term borrowing as of 31th Dec 2019 RM 718,211,000
Question 4: By voting for the resolution 2,413,662,345 Rights Shares at RM0.12 and another 1,206,831,172 warrants at exercise price of RM 0.28, the fate of JRB is sealed as penny stock good only for speculation and not investment because many financial institutions and investment funds are prohibited from speculate in penny stocks. Is this what JRB Board recommends? And is this in the best interest of shareholders?
Thank you
Best Regards
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