MULTIPLE PROPOSALS TRIVE PROPERTY GROUP BERHAD ("TRIVE" OR THE "COMPANY") (I) PROPOSED ACQUISITION; (II) PROPOSED SHARE CONSOLIDATION; AND (III) PROPOSED RIGHTS ISSUE WITH WARRANTS (COLLECTIVELY REFERRED TO AS THE "PROPOSALS") TRIVE PROPERTY GROUP BERHAD
On behalf of the Board of Directors of the Company (“Board”), Mercury Securities Sdn Bhd (“Mercury Securities” or the “Principal Adviser”) wishes to announce that the Company proposes to undertake the following:-
(i) proposed acquisition of the remaining 40% equity interest in Avenue Escapade Sdn Bhd, an existing 60%-owned subsidiary of the Company, for a total purchase consideration of RM9,912,467 to be satisfied entirely in cash (“Proposed Acquisition”);
(ii) proposed consolidation of every 25 existing ordinary shares in Trive (“Trive Shares” or “Shares”) into 1 Share (“Consolidated Share”) (“Proposed Share Consolidation”); and
(ii) proposed renounceable rights issue of up to 911,041,056 new Shares (“Rights Shares”) together with up to 531,440,616 free detachable warrants in Trive (“Warrants C”) on the basis of 12 Rights Shares together with 7 free Warrants C for every 2 Consolidated Shares held by the entitled shareholders of the Company on an entitlement date to be determined (“Entitled Shareholders”) (“Entitlement Date”) (“Proposed Rights Issue with Warrants”).
Please refer to the attachment for further details on the above.
Trive Property Group Bhd intends to raise up to RM63.77 million — higher than its market capitalisation of RM56.41 million — through a rights issue with warrants, mainly to fund the acquisition of the remaining 40% stake in a subsidiary and to repay its term loan. : : : Based on an illustrative issue price of seven sen per rights share, the group expects to raise up to RM63.77 million.
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....
ddsolution
61 posts
Posted by ddsolution > 2020-09-30 21:15 | Report Abuse
Hmm... Virus case spikes. Not now.