ABFMY1 - NET ASSET VALUE / INDICATIVE OPTIMUM PORTFOLIO VALUE
| Company Name | ABF MALAYSIA BOND INDEX FUND |
| Stock Name | ABFMY1 |
| Date Announced | 31 Dec 2012 |
| Category | General Announcement |
| Reference No | AM-121231-55C12 |
| Type | Announcement |
| Subject | NET ASSET VALUE / INDICATIVE OPTIMUM PORTFOLIO VALUE |
| Description | ABF Malaysia Bond Index Fund - Valuation Point as at 28-12-2012 |
Fund: ABF Malaysia Bond Index Fund | |
IJM - Additional Listing Announcement
| Company Name | IJM CORPORATION BERHAD |
| Stock Name | IJM |
| Date Announced | 31 Dec 2012 |
| Category | Additional Listing Announcement (ALA) |
| Reference No | IC-121227-50503 |
1. Details of Corporate Proposal | |
| Whether the corporate proposal involves the issuance of new type and new class of securities? | No |
| Types of corporate proposal | Others |
| Details of corporate proposal | Conversion of Warrants (IJM-WC) |
| No. of shares issued under this corporate proposal | 1,000,000 |
| Issue price per share ($$) | MYR 4.000 |
| Par Value ($$) | MYR 1.000 |
Latest issued and paid up share capital after the above corporate proposal in the following | |
| Units | 1,382,663,434 |
| Currency | MYR 1,382,663,434.000 |
| Listing Date | 02/01/2013 |
BGYEAR - OTHERS BINA GOODYEAR BERHAD (“BGB” OR “COMPANY”) PROPOSED DEBT SETTLEMENT OF BGB GROUP (“PDS”)
| Company Name | BINA GOODYEAR BERHAD |
| Stock Name | BGYEAR |
| Date Announced | 31 Dec 2012 |
| Category | General Announcement |
| Reference No | CM-121230-81526 |
| Type | Announcement |
| Subject | OTHERS |
| Description | BINA GOODYEAR BERHAD (“BGB” OR “COMPANY”) PROPOSED DEBT SETTLEMENT OF BGB GROUP (“PDS”) |
Further to the Company’s announcement on 28 December 2012, the Company wishes to clarify that the details of the PDS should be as follows: Proposed Debt Settlement As at 30 September 2012 (“the Cut-off Date”), the estimated net book value of the assets of the Group on consolidated basis stood at RM46.9 million, whereas the estimated amount owed to its creditors was RM109.8 million. Taking into consideration the estimated restructuring expenses of RM3.0 million, the net book value of the assets available to the existing creditors of the Group would be RM43.9 million (“the Adjusted NBV”). The Proposed Debt Settlement involves the settlement of a sum equivalent to the net realisation of assets available to the existing creditors of the Group as at the Cut-off Date (“the Scheme Creditors”) plus an additional 10% of the Adjusted NBV of the assets, in proportion to their entitlement under a liquidation scenario of the Group (“the Scheme Creditor Entitlement”), as full and final settlement of the Group’s obligations to its creditors. More specifically, the Proposed Debt Settlement may be set out as follows: (a) BGB will incorporate a new subsidiary company to facilitate the Proposed Debt Settlement (“the SPV”). The main objective of the SPV is to receive all of the assets and liabilities of BGB which shall be novated to the company, and thereafter to realise the assets of the Group (that have been novated to it) and to distribute the proceeds realised to the Scheme Creditors based on the respective entitlements on a pari passu basis, as if BGB and its subsidiaries have been liquidated instead;
(b) The Group shall novate to the SPV all the assets of the Group as at the Cut-off Date (“the Novated Assets”) together with all its liabilities to the Scheme Creditors (“the Novated Liabilities”), for a consideration of RM4.83 million to be paid to the SPV via the issuance of RM48,290,000 new ordinary shares of RM0.10 each by NewCo (“the Debt Settlement Shares”). However, at any time before the novation of the Novated Assets and the Novated Liabilities to the SPV in the implementation of the PCDRS, the Group shall be entitled to buy back from the SPV and its subsidiary companies any of the Novated Assets that NewCo thinks necessary for the future operations of the Group after the implementation of the PCDRS (“the Retained Assets”) for a cash consideration equal to the market value of the Retained Assets as at the Cut-off Date, but not less than RM4,829,000. This cash consideration when received by the SPV and/or its subsidiary companies shall be firstly used to settle the creditors of that subsidiary company, and thereafter, any surplus shall be distributed in specie to the Scheme Creditors following a liquidation of the said subsidiary company, together with the consideration that may be received by the SPV for any of its owned assets that may be acquired by Newco, based on the Scheme Creditor Entitlement; and (c) The Novated Liabilities, estimated at RM109.8 million as at the Cut-off Date (subject to a proof of debt to be conducted), shall be settled by the SPV as follows: (i) As mentioned previously, RM4,829,000 is proposed to be settled through the distribution of the Debt Settlement Shares received from NewCo to the Scheme Creditors, based on the Scheme Creditor Entitlement; (ii) Not less than RM4,829,000 in cash, is proposed to be used to settle the respective creditors of the subsidiary companies of the SPV, which assets may be acquired by Newco, and thereafter, any surplus cash after the settlement of the respective subsidiaries of the SPV shall be distributed in specie to the Scheme Creditors following a liquidation of the said subsidiary company, together with the consideration that may be received by the SPV for any of its owned assets that may be acquired by Newco, based on the Scheme Creditor Entitlement (“the Cash Settlement”); (iii) After the settlement via the Debt Settlement Shares and the Cash Settlement, SPV shall be liquidated, and it is proposed that the Scheme Creditors shall be settled from the proceeds to be realised from the realisation of the remaining Novated Assets; and (iv) The liquidation of the SPV, and the distribution of the Debt Settlement Shares and the Cash Settlement, shall be in full and final settlement of the entire existing obligations of the Group to its creditors, contingent or otherwise. The settlement to the creditors of the Group shall be implemented via a composite scheme of arrangement of all the companies within the Group pursuant to Section 176 of the Companies Act 1965, and will be subjected to the approvals of Bursa Malaysia Securities Berhad and the shareholders of BGB. This announcement is dated 31 December 2012.
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