Posted by whistlebower99 > 2 months ago | Report Abuse
FOR NEWBIES
MMAG HOLDINGS BERHAD ("MMAG" OR "COMPANY") (I) PROPOSED DEBT SETTLEMENT TO CREDITORS; (II) PROPOSED DEBT SETTLEMENT TO DIRECTOR; AND (III) PROPOSED 40% PRIVATE PLACEMENT.
On behalf of the Board of Directors of MMAG (?Board?), TA Securities Holdings Berhad (?TA Securities?) wishes to announce that the Company proposes to undertake the following:
(i) proposed settlement of amount owing to certain creditors of MMAG and its subsidiary of an aggregate sum of RM22,803,456.71 to be fully satisfied via issuance of a total of 373,827,157 new ordinary shares in MMAG (?MMAG Shares?) at an issue price of RM0.0610 each (?Proposed Debt Settlement to Creditors?);
(ii) proposed settlement of amount owing to Kenny Khow Chuan Wah (an Executive Director of the Company) of RM950,000 to be fully satisfied via issuance of 15,573,770 new MMAG Shares at an issue price of RM0.0610 each (?Proposed Debt Settlement to Director?); and
(iii) proposed private placement of up to 765,665,400 new MMAG Shares, representing up to 40% of MMAG Shares in issue (excluding treasury shares, if any) (?Proposed 40% Private Placement?),
(collectively referred to as ?Proposals?).
Please refer to the attachment below for further details of the Proposals.
This announcement is dated 10 March 2022.
https://www.klsescreener.com/v2/announcements/view/3516707
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Directors proposal for Massive share issuance coming on the way !!!
Shares to be issued = 373,827,157 + 15,573,770 + 765,665,400 = 1,155,066,327
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Total issued shares = 1,312,469,925 will increased to 2,467,536,252
PA = 179,986,013
WB = 197,207,491
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Massive dilution to shareholders equity % and EPS
NOSH will increase to near 3 BILLION SHARES upon full implementation and full conversion of PA and WB
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Monitor :-
Director's proposal for more fund raising via share issuance to PP, ESOS
Director's utilisation plan of company fund
Quarterly reports (multi year losses since 2006)
Contribution of profits from main business to company fund (not from fund raising)
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TAYOR, don't be caught at high price
