LKL INTERNATIONAL BERHAD ("LKL" OR THE "COMPANY") PRIVATE PLACEMENT
Reference is made to the earlier announcements dated 23 November 2021, 1 December 2021 and 29 December 2021.
On behalf of the Board, TA Securities is pleased to announce that Bursa Securities had, vide its letter dated 3 January 2022, approved the listing and quotation of up to 150,000,000 Placement Shares to be issued pursuant to the Private Placement. The approval is subject to, amongst others, the following conditions:
NEW ISSUE OF SECURITIES (CHAPTER 6 OF LISTING REQUIREMENTS) : FUND RAISING LKL INTERNATIONAL BERHAD ("LKL" OR THE "COMPANY") PRIVATE PLACEMENT
(For consistency, the abbreviations used throughout this announcement shall have the same meanings as those defined in the announcement dated 23 November 2021 (“Initial Announcement”), where applicable, unless stated otherwise or defined herein.)
Reference is made to the earlier announcements dated 23 November 2021, 1 December 2021, 29 December 2021, 3 January 2022 and 7 January 2022.
On behalf of the Board, TA Securities wishes to announce that the Private Placement has been completed following the listing and quotation of 150,000,000 Placement Shares on the ACE Market of Bursa Securities on 13 January 2022.
Further, the Board wishes to inform that the Company has decided to issue and allot 150,000,000 Placement Shares, notwithstanding that the Minimum Scenario involves the issuance of up to 75,000,000 Placement Shares (on the assumption that the Private Placement is carried out after 31 December 2021). This is due to the following reasons:
(i) Following the letter by Bursa Securities dated 23 December 2021, the 20% General Mandate has been extended from the initial 31 December 2021 (“Expiry Date”) to 31 December 2022 provided that:
(a) the listed corporation had not utilised shareholders’ approval for the 20% General Mandate to issue new securities on or before the Expiry Date (complied by LKL as the Company did not utilise the 20% General Mandate in the past, partially or fully); or
(b) the listed corporation had not sought shareholders’ approval for the 20% General Mandate at a general meeting in 2021 (LKL had procured shareholders’ approval for the 20% General Mandate in its last general meeting on 13 October 2020 and did not hold any subsequent annual general meeting due to the change of its financial year end).
(ii) Bursa Securities had, vide its decision letter dated 3 January 2021 approved the listing of up to 150,000,000 Placement Shares;
(iii) The share price of LKL Shares has dropped since the Initial Announcement. From a closing price of RM0.115 per Share as at 23 November 2021 (being the date of the Initial Announcement), the Company’s share price has since dropped to a closing price of RM0.085 per Share as at 7 January 2022 (being the price-fixing date). Hence, the Company would need to issue a higher number of Placement Shares in order to raise sufficient funds to be used for the proposed utilisation set out in Section 3 of the Initial Announcement.
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Posted by BenjaminBucks > 2022-01-03 20:34 | Report Abuse
Teruknya harini, down sangat