Profile for Securities of PLC
VORTEX CONSOLIDATED BERHAD
Instrument Category Securities of PLC
Instrument Type Preference Shares
Description VORTEX CONSOLIDATED BERHAD (FORMERLY KNOWN AS SKH CONSORTIUM BERHAD) ("VORTEX" OR THE "COMPANY")

ISSUANCE OF NEW IRREDEEMABLE CONVERTIBLE PREFERENCE SHARES IN VORTEX ("ICPS") TO THE ENTITLED SHAREHOLDERS OF VORTEX PURSUANT TO THE RENOUNCEABLE RIGHTS ISSUE OF UP TO 914,828,766 ICPS ON THE BASIS OF 3 ICPS FOR EVERY 1 EXISTING ORDINARY SHARE IN VORTEX ("VORTEX SHARE(S)" OR "SHARE(S)") HELD AS AT 5.00 P.M. ON 12 APRIL 2019 ("ENTITLEMENT DATE") AT AN ISSUE PRICE OF RM0.05 PER ICPS ("RIGHTS ISSUE OF ICPS")
Listing Date 15 May 2019
Issue Date 07 May 2019
Issue/ Ask Price Malaysian Ringgit (MYR) 0.0500
Issue Size Indicator Unit
Issue Size in Unit 914,828,754
Maturity Mandatory
Maturity Date 06 May 2024
Revised Maturity Date
Name of Guarantor Not Applicable
Name of Trustee Not Applicable
Coupon/Profit/Interest/Payment Rate Vortex has full discretion over the declaration of dividends, if any. Dividends declared and payable annually in arrears are non-cumulative and shall be in priority over the Vortex Shares.
Coupon/Profit/Interest/Payment Frequency Not Applicable
Redemption Not Applicable
Exercise/Conversion Period 5.00 Year(s)
Revised Exercise/Conversion Period Not Applicable
Exercise/Strike/Conversion Price Malaysian Ringgit (MYR) 0.1500
Revised Exercise/Strike/Conversion Price Not Applicable
Exercise/Conversion Ratio 3:1
Revised Exercise/Conversion Ratio Not Applicable
Mode of satisfaction of Exercise/ Conversion price Tendering of securities
Settlement Type/ Convertible into Physical (Shares)


Remarks :
The ICPS may be converted into new Vortex Shares at the conversion price of RM0.15 ("Conversion Price") in the following manner:

(i) by surrendering for cancellation the ICPS with an aggregate issue price of the ICPS equivalent to the Conversion Price, subject to the conversion ratio of the ICPS at a minimum of 1 ICPS and up to a maximum of 3 ICPS ("Conversion Ratio"); and

(ii) by paying the difference between the aggregate issue price of ICPS surrendered and the Conversion Price, if any, in cash, for every 1 new Vortex Share.

Premised on the terms of the ICPS, the ICPS can be converted into new Vortex Shares at any time within 5 years commencing on and including the date of issue of the ICPS up to and including the maturity date (as indicated above), as determined by the Conversion Ratio and Conversion Price. Any remaining ICPS that are not converted by the maturity date shall be automatically converted into new Vortex Shares at the conversion ratio of 3 ICPS for 1 new Vortex Share.

If the conversion results in a fractional entitlement to Vortex Shares, such fractional entitlement shall be disregarded and no refund or credit, whether in the form of the ICPS, cash or otherwise, shall be given in respect of the disregarded fractional entitlement.

This announcement is dated 14 May 2019.
Announcement Info
Company Name VORTEX CONSOLIDATED BERHAD
Stock Name VC-PA
Date Announced 14 May 2019
Category Listing Information and Profile
Reference Number LIP-13052019-00002