MULTIPLE PROPOSALS SWS CAPITAL BERHAD ("SWS" OR THE "COMPANY") (I) PROPOSED ACQUISITION; (II) PROPOSED RIGHTS ISSUE OF IRREDEEMABLE CONVERTIBLE PREFERENCE SHARES ("ICPS"); (III) PROPOSED PRIVATE PLACEMENT OF ICPS; AND (IV) PROPOSED AMENDMENTS (COLLECTIVELY REFERRED TO AS THE "PROPOSALS")
| SWS CAPITAL BERHAD |
| Type | Announcement |
| Subject | MULTIPLE PROPOSALS |
| Description | SWS CAPITAL BERHAD ("SWS" OR THE "COMPANY")
(I) PROPOSED ACQUISITION;
(II) PROPOSED RIGHTS ISSUE OF IRREDEEMABLE CONVERTIBLE PREFERENCE SHARES ("ICPS");
(III) PROPOSED PRIVATE PLACEMENT OF ICPS; AND
(IV) PROPOSED AMENDMENTS
(COLLECTIVELY REFERRED TO AS THE "PROPOSALS") |
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Unless stated otherwise, abbreviations and definitions used throughout this announcement shall bear the same meaning as those defined in the earlier announcements in relation to the Proposals.
The Long Stop Date under the SPA was previously extended until 25 April 2020. However, the Vendors had decided not to further extend the Long Stop Date under the SPA.
As such, on behalf of the Board, IPS wishes to announce that the SPA had been terminated and ceased to have effect on 25 April 2020 in accordance with Clause 4.3(e) of the SPA which states that if the conditions precedent are not satisfied or waived on or before the Long stop Date, the SPA shall terminate and cease to have effect on the Long Stop Date except for surviving provisions and any rights, remedies or liabilities of SWS and the Vendors that have accrued at termination of the SPA.
Consequently, as the Proposed Acquisition, the Proposed Rights Issue of ICPS and the Proposed Amendments are inter-conditional upon one another and the Proposed Private Placement of ICPS is conditional upon the Proposed Rights Issue of ICPS and the Proposed Amendments, the Board has resolved that the Proposals will not proceed and will be aborted accordingly.
This announcement is dated 27 April 2020.
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Announcement Info
| Company Name | SWS CAPITAL BERHAD |
| Stock Name | SWSCAP |
| Date Announced | 27 Apr 2020 |
| Category | General Announcement for PLC |
| Reference Number | GA1-27042020-00014 |