Yea legal things take time. But Hitachi is big company. They wont sue unless they are sure they can extract some money, they wont waste time fighting for non-profit lawsuits. If this company got high revenue, i probably would stay longer. Now im just at the sideline observing how they response first. Cryptocurrency, blockchain is the future for transparency. Part of The 4th Industrial revolution. Just my opinion. It was goodnews slapped with a bad news. Again, hard times come opportunities. Just observe closely
On 20 March 2018, the Company announced that it had completed an issuance of 200,000,000 new ordinary shares in Cuscapi (“Subscription Shares”) at RM0.25 per Subscription Share and 40,000,000 new warrants (“Subscription Warrants”) at RM0.08 per Subscription Warrant (“Issuance”). The Subscription Shares and Subscription Warrants were issued to Ultimate Quality Success Sdn Bhd, Rose Vision Sdn Bhd and Rosetta Partners Sdn Bhd. As set out in the circular to shareholders of Cuscapi dated 8 February 2018 in relation to the Issuance (“Issuance Circular”), the total gross proceeds raised from the Issuance is RM53.20 million (“Issuance Proceeds”). RM46.50 million from the Issuance Proceeds raised were intended to be utilised for future business expansion.
As at the date of this announcement, the Company has yet to utilise RM44.72 million out of RM46.50 million of the Issuance Proceeds previously earmarked for future business expansion. Further, as the Goods and Services Tax (“GST”) landscape has changed post the 14th Malaysian general election, the Company wishes to have some degree of flexibility on utilising its proceeds given that some of the Company’s projects involve GST implementation.
Arising from the above, the Board of Directors of Cuscapi wishes to announce that the Company proposes to vary the utilisation of proceeds of up to RM18.00 million raised from the Issuance (“Proposed Variation”).
Kindly refer to the attached document for the details of the Proposed Variation.
This book is the result of the author's many years of experience and observation throughout his 26 years in the stockbroking industry. It was written for general public to learn to invest based on facts and not on fantasies or hearsay....
joni
1,259 posts
Posted by joni > 2018-07-26 10:10 | Report Abuse
panic seller