(Unless otherwise defined, the abbreviations and definitions used throughout this announcement shall have the same meaning as those previously defined in the Company’s announcements dated 27 May 2019, 30 May 2019, 18 July 2019, 9 August 2019, 20 August 2019, 3 December 2019, 20 December 2019, 30 December 2019 and 21 January 2020 in relation to the Proposals (“Announcements”)).
Reference is made to the announcement dated 21 January 2020 in relation to the Proposals.
The Board of SGB wishes to announce that the Company has failed to make good the amount demanded within the remedy period pursuant to the TSWA Loan Agreement and GGSB Loan Agreement.
In view of that, TSWA and/or GGSB shall each have a right to give notice in writing to the appointed trustee, Malaysian Trustees Berhad, (“MTB”) to:
(i) dispose or procure the disposal (by sale or otherwise); and/or
(ii) transfer or procure the transfer to TSWA and/or GGSB or their nominee(s) such number of ordinary shares in SESB (“Pledged Shares”) that is equivalent in value (based on the 5 (five) days VWAMP of the Pledged Shares as at the date of disposal or transfer) to the outstanding loan amount;
to recover any amounts due, including any default interest for the period from the repayment deadline until full settlement of the TSWA Loan and GGSB Loan respectively. On 11 February 2020, both TSWA and GGSB has each given notices to MTB to procure the transfer to TSWA and GGSB respectively such number of the Pledged Shares.
The Company is seeking legal advice on its next course of action which will be announced in due course.
that's the whole idea start from beginning ler.. donno this would become an issue. major shareholders through back door listing..huhu. .if PP, NOSH will increase and diluted the NAV, so this would be the easiest way kot to get a stake at scomi..i think la
They are not getting a stake in Scomi, but Scomi Energy. That's not what they planned for. They wanted to revive Scomi which has the monorail revival business plan.
No idea. I’m very confused with this entire process. Thought they were underwriting the rights issue, yet now they are stakeholders in Scomi Energy instead of Scomi Group.
The two investors have two separate agreement with Scomi Group. They are to underwrite the rights issue, and they are to give a loan to Scomi (which Scomi pledged their Scomi Energy stake as a collateral). I think Scomi Group was supposed to do the rights issue before the loan deadline to help pay the loan back, but since they fail to do the rights in time. Now the loan has defaulted and the two investors ended up with Scomi Energy share. We still awaiting for the rights which can help resolve the tensions between Scomi and the two investors.
But now it seems investor want to clawback whatever capital due to some disagreement looking at the court injunction. Hope Scomi and the two investor can come to agreement on how to resolve and continue with rights issue
almost 30% of shares transacted off market today.....
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eatsmall
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Posted by eatsmall > 2020-02-07 16:06 | Report Abuse
wow..sudah lama..ada makan makan..ini hari..