ASDION

0.075

(%)

NEW ISSUE OF SECURITIES (CHAPTER 6 OF LISTING REQUIREMENTS) : FUND RAISING ASDION BERHAD ("ASDION" OR THE "COMPANY") PROPOSED PLACEMENT OF UP TO 20% OF ASDION'S TOTAL NUMBER OF ISSUED SHARES ("PROPOSED PLACEMENT")

ASDION BERHAD

Type Announcement
Subject NEW ISSUE OF SECURITIES (CHAPTER 6 OF LISTING REQUIREMENTS)
FUND RAISING
Description
ASDION BERHAD ("ASDION" OR THE "COMPANY")

PROPOSED PLACEMENT OF UP TO 20% OF ASDION'S TOTAL NUMBER OF ISSUED SHARES ("PROPOSED PLACEMENT")

We refer to the Company’s announcement made on 9 February 2021 in relation to the Proposed Placement (“Announcement”). For consistency purposes, the abbreviations used in this announcement shall carry the same meaning as those previously defined in the Announcement unless otherwise defined herein.

 

On 9 February 2021, Mercury Securities had, on behalf of the Board, announced that the Company proposed to undertake the Proposed Placement to third party investor(s) to be identified at an issue price to be determined and announced later. The Proposed Placement was to be undertaken pursuant to the Company’s shareholders’ general mandate for issuance of new Shares under Sections 75 and 76 of the Companies Act 2016 which was renewed at the Company’s 18th AGM convened on 10 March 2021 (“General Mandate”).

 

On 11 March 2021, the Board had announced the receipt of a notice of conditional voluntary take-over offer informing the Board of AT Engineering Solution Sdn Bhd’s (“Offeror”) intention to undertake a conditional voluntary take-over offer to acquire all the Shares not held by the Offeror (“Offer Shares”) for a cash offer price of RM0.50 per Offer Share (“Offer”).

 

On 12 April 2021, Mercury Securities had, on behalf of the Company, wrote to the Securities Commission Malaysia (“SC”) to clarify on whether the Proposed Placement would constitute a frustration of the Offer under paragraph 16.01 of the Rules on Take-overs, Mergers and Compulsory Acquisitions (“Rules”).

 

The SC had then clarified that the Proposed Placement would not constitute a frustration of the Offer as long as paragraph 16.01(1) of the Rules is observed. Given the foregoing, the Company had decided to seek its shareholders’ approval for amongst others, the Proposed Placement at an extraordinary general meeting (“EGM”) to be convened in compliance with paragraph 16.01(1) of the Rules.

 

Pursuant thereto, on behalf of the Board, Mercury Securities wishes to announce that the Proposed Placement will no longer be undertaken pursuant to the General Mandate and that the Company will be seeking its shareholders’ approval for amongst others, the Proposed Placement at the EGM to be convened. Accordingly, a circular to shareholders in relation to the Proposed Placement will be issued in due course.

 

This announcement is dated 28 April 2021.






Announcement Info

Company Name ASDION BERHAD
Stock Name ASDION
Date Announced 28 Apr 2021
Category General Announcement for PLC
Reference Number GA1-28042021-00147