================= 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
Modus operandi of many loss making penny stocks 1. Directors fail in generating business profit 2. Show multi year losses, multi quarter losses 3. Directors repeatedly do fund raising via shares issuance to PP, ESOS and asset acquisition 4. Directors utilise most of the fund raised 5. When NOSH reach unmanageable Billions of shares, directors do shares consolidation, follow by fund raising via rights issue 6. Maybe change company name to 'hide' the past from new investors 7. Repeat step 1 to 6
(I) PROPOSED CAPITAL REDUCTION; (II) PROPOSED DEBT SETTLEMENT; (III) PROPOSED SHARE CONSOLIDATION; AND (IV) PROPOSED RIGHTS ISSUE WITH WARRANTS;
In view of the developments that have taken place since the Previous Announcements, on behalf of the Board of Directors of TXB (“Board”), M&A Securities Sdn Bhd (“M&A Securities”) wishes to announce that the Previous Proposals shall be revised to as follows:
(i) proposed reduction of TXB’s share capital pursuant to Section 116 of the Companies Act 2016 (“Act”) (“Proposed Capital Reduction”);
(ii) proposed settlement of an aggregate amount of RM33,834,500 debt owing to creditors by the Company (“Settlement Amount”) via the issuance of 2,487,830,882 new ordinary shares in TXB (“TXB Share(s)” or “Share(s)”) (“Settlement Share(s)”) (“Proposed Debt Settlement”);
(iii) proposed consolidation of every 20 existing Shares into 1 ordinary share of TXB (“Consolidated Share(s)”) held by the entitled shareholders on an entitlement date to be determined and announced later (“Consolidated Shares Entitlement Date”) (“Proposed Share Consolidation”); and
(iv) proposed renounceable rights issue of up to 251,587,641 new ordinary shares in TXB (“Rights Share(s)”) on the basis of 1 Rights Share for every 1 Consolidated Share held (“Rights Shares Entitlement Basis”), together with up to 251,587,641 free detachable warrants in TXB (“Warrant(s)”) on the basis of 1 Warrant for every 1 Rights Share subscribed for by the entitled shareholders (“Warrants Entitlement Basis”) of the Company on an entitlement date to be determined and announced later (“Entitlement Date”) (“Entitled Shareholder(s)”) (“Proposed Rights Issue with Warrants”).
Further details of the Proposals are set out in the attachment.
VSOLAR is the latest high NOSH low price penny stock proposing to do shares consolidation !!!
This announcement is dated 9 May 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 from share consolidation
TECHNA-X BERHAD ("TXB") - BURSA MALAYSIA SECURITIES BERHAD'S PRACTICE NOTE 17 ("PN17") RELIEF MEASURES RESULTING IN TXB TRIGGERING SUSPENDED CRITERIA BUT NOT CLASSIFIED AS A PN17 LISTED ISSUER
Reference is made to TXB’s announcement made on 1 June 2023 bearing reference number GA1-31052023-00061, the Board of Directors of TXB wishes to clarify that TXB has re-assessed its PN17 condition based on the latest quarterly report on consolidated results for the financial period ended 31 March 2023 as announced on 30 May 2023, the shareholders’ equity has increased from RM35.16 million as at 30 September 2021 to RM42.36 million as at 31 March 2023, which is more than 25% of the share capital of TXB and more than RM40.0 million.
As such, TXB no longer triggers any of the PN17 Suspended Criteria and any of the criteria in relation to the financial condition of a listed issuer as set out in Paragraph 2.1 of the PN17.
(i) proposed reduction of TXB’s share capital pursuant to Section 116 of the Companies Act 2016 (“Act”) (“Proposed Capital Reduction”);
(ii) proposed settlement of an aggregate amount of RM33,834,500 debt owing to creditors by the Company (“Settlement Amount”) via the issuance of 2,487,830,882 new ordinary shares in TXB (“TXB Share(s)” or “Share(s)”) (“Settlement Share(s)”) (“Proposed Debt Settlement”);
(iii) proposed consolidation of every 20 existing Shares into 1 ordinary share of TXB (“Consolidated Share(s)”) held by the entitled shareholders on an entitlement date to be determined and announced later (“Consolidated Shares Entitlement Date”) (“Proposed Share Consolidation”); and
(iv) proposed renounceable rights issue of up to 251,587,641 new ordinary shares in TXB (“Rights Share(s)”) on the basis of 1 Rights Share for every 1 Consolidated Share held (“Rights Shares Entitlement Basis”), together with up to 251,587,641 free detachable warrants in TXB (“Warrant(s)”) on the basis of 1 Warrant for every 1 Rights Share subscribed for by the entitled shareholders (“Warrants Entitlement Basis”) of the Company on an entitlement date to be determined and announced later (“Entitlement Date”) (“Entitled Shareholder(s)”) (“Proposed Rights Issue with Warrants”).
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....
Winner38
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Posted by Winner38 > 2023-02-09 06:55 | Report Abuse
Kriiikkk kroookkk Kriiikkk bunyi sepi dan sakit hati... Bila mahu rocket