Pay debt by Issue new 37.1m share at 2.75c equivalent RM1,020,250. That debtor then can sell all the 37.1m share at 3c (current market) at RM 1,113,000. Profit RM 92,750 for debtor. Public paid for Technax debt.. ...Shareholder share got diluted by new share issuance...not a very smart move..
Friday, 18 December 2020. Changed name from HUAAN to TECHNAX
================= 29 November 2022. Multiple Proposal :- (I) PROPOSED DEBT SETTLEMENT; (II) PROPOSED SHARE CONSOLIDATION; (III) PROPOSED RIGHTS ISSUE; AND (IV) PROPOSED BONUS ISSUE OF WARRANTS;
==================== i. proposed settlement of an aggregate amount of RM37,020,000 debt owing to creditors by the Company (“Settlement Amount”) via the issuance of 1,346,181,818 new ordinary shares in TXB (“TXB Share(s)” or “Share(s)”) (“Settlement Share(s)”) (“Proposed Debt Settlement”); ii. proposed consolidation of every 20 existing Shares into 1 Consolidated Share held by the entitled shareholders on an entitlement date to be determined and announced later (“Consolidated Shares Entitlement Date”) (“Proposed Share Consolidation”); proposed renounceable rights issue of up to 97,252,594 Rights Shares on the basis of 1 Right Share for every 2 Consolidated Shares (“Rights Shares Entitlement Basis”) held by the entitled shareholders on an entitlement date to be determined later (“Rights Shares Entitlement Date”) (“Rights Shares Entitled Shareholder(s)”) (“Proposed Rights Issue”); and iii. proposed bonus issue of up to 145,878,891 free warrants in TXB (“Warrant(s)”) on the basis of 1 Warrant for every 2 Consolidated Shares (“Bonus Warrants Entitlement Basis”) held by the entitled shareholders on an entitlement date to be determined later (“Warrants Entitlement Date”) (“Warrants Entitled Shareholder(s)”) (“Proposed Bonus Issue of Warrants”). Further details of the Proposals are set out in the attachment.
This announcement is dated 29 November 2022.
================== Long term shareholders likely to suffer huge losses due to massive shares issuance and shares consolidation undertaken by Directors
EDUSPEC, DOLPHIN, TECHNAX are the latest high NOSH low price penny stock proposing to do shares consolidation !!!
This announcement is dated 13 January 2023.
=================== Be careful trading high NOSH low price penny stocks
Directors have power to propose shares consolidation to trim down your shareholdings by many times and raise more fund via rights issue with free warrants
Long term shareholders holding at high prices will incur huge losses due to the corporate exercises
List of penny stocks with shares consolidation :-
2023 proposal in progress - MERIDIAN, VSOLAR, DOLPHIN, EDUSPEC, TECHNAX
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....
Justmeme
139 posts
Posted by Justmeme > 2022-09-02 11:45 | Report Abuse
Watch this counter. Potential to make money. It is not a matter or will it ?? but when.