Reference is made to the Company’s announcement dated 12 November 2019 (“Announcement”) in relation to the Proposed Conversion. Unless otherwise stated, the definitions used in this announcement shall carry the same meanings as defined in the Announcement.
MUIP wishes to announce that by reason of Nex Metals’ failure to convene an Extraordinary General Meeting to seek its shareholders’ approval for the Proposed Conversion in accordance with the requirements of the agreements between Cesuco and Nex Metals, the Proposed Conversion has automatically terminated and Nex Metals became obliged to pay to Cesuco the sum of AUD1,500,000 (equivalent to RM4,606,500 based on the exchange rate of 3.071) plus accrued interest. Cesuco has today sent a letter of demand to Nex Metals and reserved all of its rights in respect of Nex Metals’ breaches.
The termination of the Proposed Conversion is not expected to have any material effect on the net assets per share, gearing, share capital and substantial shareholders’ direct and/or indirect shareholding of MUIP for the financial year ending 30 June 2021.
Good move from Muip management! this will force them to pay back Aud 1.5m + at least 380k acrued interest! Or call for EGM on how to settle this. Currently their account have 500k + 2.5m new placement. The 2.5m is capital for tailing processing and they can't use it .
with Gold price up and good prospect, the Nex decline to convert is norm....you will do the same if you are the Nex Boss... More nego between parties ...maybe
So easy to breach the previous contract by Nex Metal? If they really found good grade gold ore , Muiproperty can sue them for breach the rights to convert the bonds to mother shares ...
bahvest the only gold mine in malaysia that produce 50kg to 100kg per quarter currently, still as a property counter muiprop is a good company. PE below 15 and profit every quarter. construction and property are rapidly recover after MCO.
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Posted by jun1920 > 2020-09-05 21:39 | Report Abuse
Reference is made to the Company’s announcement dated 12 November 2019 (“Announcement”) in relation to the Proposed Conversion. Unless otherwise stated, the definitions used in this announcement shall carry the same meanings as defined in the Announcement.
MUIP wishes to announce that by reason of Nex Metals’ failure to convene an Extraordinary General Meeting to seek its shareholders’ approval for the Proposed Conversion in accordance with the requirements of the agreements between Cesuco and Nex Metals, the Proposed Conversion has automatically terminated and Nex Metals became obliged to pay to Cesuco the sum of AUD1,500,000 (equivalent to RM4,606,500 based on the exchange rate of 3.071) plus accrued interest. Cesuco has today sent a letter of demand to Nex Metals and reserved all of its rights in respect of Nex Metals’ breaches.
The termination of the Proposed Conversion is not expected to have any material effect on the net assets per share, gearing, share capital and substantial shareholders’ direct and/or indirect shareholding of MUIP for the financial year ending 30 June 2021.
This announcement is dated 4 September 2020.