Be careful and closely monitor business decision of directors and how they utilize the company fund to grow business profits or to fatten cronies pockets. Don't be too greedy to expect the price to move up very high.
Extracted from previous posting dated 17/06/2021 9:35 PM ==================================================
The figures in the PERMAJU announcement don't look correct based on the entitlement ratio of rights shares in MTOUCHE announcement. As at entitlement date, 50,000 shares should be entitled to 300,000 shares (not 50,000,000 shares) with 150,000 free warrants D.
Put the figures aside, it looks like Permaju is very kind and generous to support MTOUCHE fund raising exercise by subscribing for more shares by way of excess application. If not for Permaju excess application, MTOUCHE rights issue will be under subscribed at higher percentage.
There goes the cash on hand from Permaju's company account
========================================================= Finally they get the figure correct....
NON RELATED PARTY TRANSACTIONS PERMAJU INDUSTRIES BERHAD ("PERMAJU" OR "THE COMPANY") - ADDITIONAL INFORMATION ON THE ACQUISITION OF 185,050,000 RIGHTS SHARES TOGETHER WITH 92,525,000 FREE WARRANTS IN MTOUCHE TECHNOLOGY BERHAD BY ICONWORLD RESOURCES SDN. BHD., A WHOLLY-OWNED SUBSIDIARY OF THE COMPANY
Reference is made to the Company’s announcements made on 14 June 2021 and 17 June 2021.
1. The background and details of the acquisition, including the number of Mtouches shares held by Iconworld as at the entitlement of Rights Shares, the entitlement of Iconworld under the Rights Shares and If relevant, the details of excess application
The Board of Permaju wishes to clarify that there was no share held by Iconworld as at the entitlement of Rights Shares. Iconworld purchased 50,000 units of Ordinary Rights from the open market at RM0.005 per unit with a total consideration of RM250.00 on 17 May 2021.
With the Ordinary Rights of 50,000 units, Iconworld was entitled to subscribe for the 50,000 units Rights Shares. Hence, Iconworld decided to subscribe for 50,000 units of Rights Shares at RM0.10 per unit and 185,000,000 units of Excess Rights Shares at RM0.10 each. Overall, Iconworld successfully subscribed for 185,050,000 units of Rights Shares together with 92,525,000 Free Warrant.
2. To provide further elaboration and justification on the rationale for the acquisition
The Company is of the view that the investment is expected to yield a positive impact to the Group in the foreseeable future as in accordance to Mtouches’ abridged prospectus which stated that the purpose of the Rights Issue is to raise sufficient fund to diversify into the healthcare business with a view to turnaround its performance via the new venture, given that expected strong demand in the healthcare sector in light of the present pandemic coupled with the strong performance of companies that are involved in the same industry and provide an alternative source of income to Mtouches’ current core business.
This announcement is dated 21 June 2021.
*Remark: the amendment was made on item 1 of the announcement dated 17 June 2021.
There is clear intention of PERMAJU directors to support MTOUCHE directors fund raising activity by merely buying 50,000 units of MTOUCHE-OR (costing RM250) followed by subscribing for 50,000 rights shares as well as subscribing excess 185,000,000 rights shares costing total of RM18,505,000 of the company fund.
Calling external auditors of loss making penny stocks
External auditors have a big role to play to ensure companies do not cheat shareholders by hiding potential red flags from the audit report.
If Serbadk can sue KPMG for trying to raise potential red flags then shareholders must also be able to sue auditors for trying to hide potential red flags.
Operator already scoop lots of money from this stock when it was pushed up to around 40. Many got trapped at high prices buying from market or converting PA which also trapped people around 7, 8 sen.
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Daren6419
36 posts
Posted by Daren6419 > 2021-06-18 17:58 | Report Abuse
Permaju still got one spike then after that will follow those fintec counter. Keep calm and wait for spike