Malaysia“s Poly Glass Fibre Bhd has proposed a rights issue and replacement warrant issue exercise, which are expected to raise gross proceeds of some M$ 52.5 million.
This is on the assumption that…
Malaysia“s Poly Glass Fibre Bhd has proposed a rights issue and replacement warrant issue exercise, which are expected to raise gross proceeds of some M$ 52.5 million. This is on the assumption that none of the outstanding Esos options and existing warrants are exercised on or before the entitlement date of the proposed rights issue. The issue price of the replacement warrants is at 5 sen each. As of 14 September 1999, Esos options for 6.635 million new Poly Glass shares were granted and all the existing warrants for 21.067 million new Poly Glass shares remained unexercised. The company said it has resolved to abort the proposed extension of the duration and exercise period of its outstanding existing warrants by an additional five years and six months. Poly Glass“ proposed rights issue, meanwhile, entails the issue of 79.013 million rights shares together with 39.507 million rights warrants on the basis of 2 rights shares with 1 rights warrants for every two rights shares subscribed. The payment of the issue price for the rights issue will be in two calls, a cash payment of 65 sen per rights share and the balance of 35 sen per rights share will be credited from the company“s share premium account. As of 28 February 1999, it has an audited share premium account balance of M$ 71.8 million.