Adjustment
| VORTEX CONSOLIDATED BERHAD |
| Entitlement subject | Adjustment |
| Entitlement description | ADJUSTMENTS TO THE CONVERSION PRICE OF IRREDEEMABLE CONVERTIBLE PREFERENCE SHARES IN VORTEX CONSOLIDATED BERHAD ("VORTEX" OR "COMPANY") ("ICPS"), CASH PAYMENT FOR CONVERSION OF ICPS AND NUMBER OF OUTSTANDING ICPS PURSUANT TO THE CONSOLIDATION OF EVERY 4 EXISTING ORDINARY SHARES IN VORTEX ("VORTEX SHARE(S)") HELD AS AT 5.00 P.M. ON 3 FEBRUARY 2021 ("ENTITLEMENT DATE") INTO 1 VORTEX SHARE ("SHARE CONSOLIDATION") |
| EX-date | 02 Feb 2021 |
| Entitlement date | 03 Feb 2021 |
| Entitlement time | 5:00 PM |
| Financial Year End | 31 Mar 2021 |
| Period of interest payment | to |
| Share transfer book & register of members will be | to closed from (both dates inclusive) for the purpose of determining the entitlement |
| Payment date | |
| a.Securities transferred into the Depositor's Securities Account before 4:30 pm in respect of transfers | 03 Feb 2021 |
| b.Securities deposited into the Depositor's Securities Account before 12:30 pm in respect of securities exempted from mandatory deposit | |
| c. Securities bought on the Exchange on a cum entitlement basis according to the Rules of the Exchange. | |
| Number of new
shares/securities issued (units) (If applicable) |
|
| Entitlement indicator | Ratio |
| Ratio | 1.0000 : 4.0000 |
| Rights Issue/Offer Price | |
| Par Value (if applicable) | |
| Registrar or Service Provider name, address, telephone no |
TRICOR INVESTOR & ISSUING HOUSE SERVICES SDN BHD Unit 32-01, Level 32, Tower A, Vertical Business Suite, Avenue 3, Bangsar South, No. 8, Jalan Kerinchi 59200 Kuala Lumpur Wilayah Persekutuan Malaysia Tel:03-2783 9299 Fax:03-2783 9222 |
| Remarks : |
Pursuant to the Share Consolidation, the conversion price of ICPS, cash payment for conversion of ICPS and number of outstanding ICPS (which are not converted into new Vortex Shares prior to the Entitlement Date) shall be adjusted in accordance with the provisions of the Company's Constitution ("Adjustments").
The outstanding ICPS will be consolidated on the basis of every 4 ICPS held by the entitled holders of ICPS of the Company (whose names appear in the Record of Depositors of the Company at 5.00 p.m. on the Entitlement Date) ("Entitled ICPS Holders") into 1 ICPS ("Consolidated ICPS"). Fractional entitlements for the Consolidated ICPS arising from the Adjustments, if any, shall be disregarded and dealt with by the Board of Directors of the Company in such manner at its absolute discretion as it may deem fit or expedient and in the best interest of the Company.
Pursuant to the Adjustments, the existing number of ICPS of 68,251,151 ICPS will be adjusted into a maximum number of 17,062,787 Consolidated ICPS. The actual number of Consolidated ICPS would depend on the number of outstanding ICPS which are not converted into new Vortex Shares prior to the Entitlement Date.
Further, pursuant to the Adjustments, the conversion price of ICPS and cash payment for conversion of ICPS will be adjusted to as follows:
(a) existing conversion price of ICPS of RM0.15 each will be revised to RM0.60 each; and
(b) existing cash payment for conversion of ICPS (based on the conversion mode of surrendering 1 ICPS with additional cash payment for 1 new Vortex Share) of RM0.10 each will be revised to RM0.40 each.
The Consolidated ICPS will be listed and quoted on the ACE Market of Bursa Malaysia Securities Berhad on 4 February 2021 ("Listing Date"), being the next market day following the Entitlement Date.
The notice of allotment of the Consolidated ICPS will be issued and despatched to the Entitled ICPS Holders at the addresses set out in the Record of Depositors of the Company as at the Entitlement Date within 4 market days after the Listing Date. The notice setting out the details of the Adjustments will be issued and despatched to the Entitled ICPS Holders in due course.
The Share Consolidation will result in a reduction in the number of ICPS available in the market and the trading price of ICPS will be adjusted accordingly in proportion to the basis of the Share Consolidation.
Holders of ICPS who wish to be entitled to the Share Consolidation as the Company's shareholders shall exercise their rights to subscribe for new Vortex Shares by lodging their duly completed conversion forms together with the relevant subscription monies with the Share Registrar of Vortex (at the address stated above) on or before 5.00 p.m. on Tuesday, 19 January 2021 such that their names will appear in the Record of Depositors of the Company at 5.00 p.m. on the Entitlement Date.
This announcement is dated 18 January 2021. |
Announcement Info
| Company Name | VORTEX CONSOLIDATED BERHAD |
| Stock Name | VC-PA |
| Date Announced | 18 Jan 2021 |
| Category | Entitlement(Notice of Book Closure) |
| Reference Number | ENT-18012021-00006 |