VINTAGE - General Announcement
Announcement Type: General Announcement
Company Name: VTI VINTAGE BERHAD
Stock Name: VINTAGE
Date Announced: 28/09/2010
Announcement Detail:
Type: Announcement
Subject: VTI VINTAGE BERHAD ("VVB" or "the Company")
- Notice Pursuant to Section 218 of the Companies Act, 1965
Contents: 1. Date of presentation of the Notice Pursuant to Section 218 of the Companies Act, 1965 and the particulars of the claim under the Notice, including the amount claimed for under the Notice and the interest rate.
The Board of Directors of VVB wishes to announce that on 27 September 2010, the Company and Newsteel Building Systems Sdn Bhd ("Newsteel"), a subsidiary of the Company have received the Notice Pursuant to Section 218 (1) (e) & (i) of the Companies Act, 1965 ("Notice") from Messrs. Shui-Tai, the solicitors for Anshin Steel Services Centre Sdn Bhd ("Anshin"), demanding the total sum of RM58,152.97 being the judgment sum of RM35,768.88, interest of RM7,110.00 as at 31 March 2008, interest at 1.3% per month on RM35,768.88 from 1 April 2008 to 27 September 2010 (and still continuing until the date of full realization) and costs of RM1,170.00 within three (3) weeks from the date of receipt of the Notice, failing which, the Company and Newsteel is deemed to be unable to pay its debts and a winding-up petition may be filed against the Company and Newsteel.
2. Details of the default or circumstances leading to the filing of the Notice against VVB and Newsteel
The circumstances leading to the filing of the Notice against the Company and Newsteel was due to the fact that the Company has failed and/or default to settle the sum claimed by Anshin.
However, the Company wishes to inform that the Group had on 22 July 2009 initiated the Proposed Scheme of Arrangement under Section 176 of the Companies Act, 1965 ("Proposed Scheme") and has included Anshin as one of the Scheme Creditors under the Proposed Scheme of Arrangement under Section 176 of the Companies Act, 1965 ("Proposed Scheme") which had been approved during the Court Convened Meeting ("CCM") of the Group held on 16 July 2010.
Based on the legal advice obtained, Anshin as one of the Scheme Creditors, once the Court sanctions the Scheme of Arrangement under Section 176 of the Companies Act, 1965, Anshin will be bound to accept the Scheme under the approved Proposed Scheme. Therefore, pending the completion of the Proposed Scheme, no payment was made to the Scheme Creditors including Anshin.
3. A confirmation as to whether Newsteel is a major subsidiary
Newsteel is not a major subsidiary of VVB
4. The cost of investment in Newsteel
The total cost of investment in Newsteel is RM799,999.00
5. The financial and operational impact of the Notice on the Group
Subject to the completion of the Proposed Scheme, there is no financial and operational impact to the Group.
6. Steps taken and proposed to be taken in respect of the Notice.
VVB has given instruction to its solicitor to reply to Anshin's solicitors to highlight to Anshin's solicitors the outcome of the CCM.
Further announcement on the development of the Proposed Scheme will be made to Bursa Malaysia Securities Berhad in due course.
This announcement is dated 28 September 2010.
Company Name: VTI VINTAGE BERHAD
Stock Name: VINTAGE
Date Announced: 28/09/2010
Announcement Detail:
Type: Announcement
Subject: VTI VINTAGE BERHAD ("VVB" or "the Company")
- Notice Pursuant to Section 218 of the Companies Act, 1965
Contents: 1. Date of presentation of the Notice Pursuant to Section 218 of the Companies Act, 1965 and the particulars of the claim under the Notice, including the amount claimed for under the Notice and the interest rate.
The Board of Directors of VVB wishes to announce that on 27 September 2010, the Company and Newsteel Building Systems Sdn Bhd ("Newsteel"), a subsidiary of the Company have received the Notice Pursuant to Section 218 (1) (e) & (i) of the Companies Act, 1965 ("Notice") from Messrs. Shui-Tai, the solicitors for Anshin Steel Services Centre Sdn Bhd ("Anshin"), demanding the total sum of RM58,152.97 being the judgment sum of RM35,768.88, interest of RM7,110.00 as at 31 March 2008, interest at 1.3% per month on RM35,768.88 from 1 April 2008 to 27 September 2010 (and still continuing until the date of full realization) and costs of RM1,170.00 within three (3) weeks from the date of receipt of the Notice, failing which, the Company and Newsteel is deemed to be unable to pay its debts and a winding-up petition may be filed against the Company and Newsteel.
2. Details of the default or circumstances leading to the filing of the Notice against VVB and Newsteel
The circumstances leading to the filing of the Notice against the Company and Newsteel was due to the fact that the Company has failed and/or default to settle the sum claimed by Anshin.
However, the Company wishes to inform that the Group had on 22 July 2009 initiated the Proposed Scheme of Arrangement under Section 176 of the Companies Act, 1965 ("Proposed Scheme") and has included Anshin as one of the Scheme Creditors under the Proposed Scheme of Arrangement under Section 176 of the Companies Act, 1965 ("Proposed Scheme") which had been approved during the Court Convened Meeting ("CCM") of the Group held on 16 July 2010.
Based on the legal advice obtained, Anshin as one of the Scheme Creditors, once the Court sanctions the Scheme of Arrangement under Section 176 of the Companies Act, 1965, Anshin will be bound to accept the Scheme under the approved Proposed Scheme. Therefore, pending the completion of the Proposed Scheme, no payment was made to the Scheme Creditors including Anshin.
3. A confirmation as to whether Newsteel is a major subsidiary
Newsteel is not a major subsidiary of VVB
4. The cost of investment in Newsteel
The total cost of investment in Newsteel is RM799,999.00
5. The financial and operational impact of the Notice on the Group
Subject to the completion of the Proposed Scheme, there is no financial and operational impact to the Group.
6. Steps taken and proposed to be taken in respect of the Notice.
VVB has given instruction to its solicitor to reply to Anshin's solicitors to highlight to Anshin's solicitors the outcome of the CCM.
Further announcement on the development of the Proposed Scheme will be made to Bursa Malaysia Securities Berhad in due course.
This announcement is dated 28 September 2010.
PMETAL - General Announcement
Announcement Type: General Announcement
Submitting Merchant Bank: KENANGA INVESTMENT BANK BERHAD
Company Name: PRESS METAL BERHAD
Stock Name: PMETAL
Date Announced: 28/09/2010
Announcement Detail:
Type: Announcement
Subject: PRESS METAL BERHAD ("PMB" OR "COMPANY")
(I) SALE AND PURCHASE AGREEMENT AND SHAREHOLDERS' AGREEMENT BETWEEN PMB AND SUMITOMO CORPORATION IN RESPECT OF PRESS METAL SARAWAK SDN BHD ("PMS"); AND
(II) PROPOSED CAPITALISATION OF AMOUNT OWING BY PMS
Contents: On behalf of the Board of Directors of PMB, Kenanga Investment Bank Berhad ("KIBB") wishes to announce that PMB had on 28 September 2010 entered into a conditional sale and purchase agreement ("SPA") with Sumitomo Corporation ("Sumitomo") where PMB will sell and Sumitomo will purchase 60.4 million ordinary shares of RM1.00 each in Press Metal Sarawak, an 80% subsidiary of PMB, for a total consideration of RM60.4 million upon completion of the Proposed Capitalisation (as defined below) ("Proposed Disposal").
PMB had also on even date entered into a conditional shareholders' agreement ("SA") with Sumitomo to regulate the terms and conditions of PMB's and Sumitomo's respective responsibilities with respect to ownership and management of the business and affairs of PMS moving forward.
Concurrently, PMB proposes to capitalise the entire amount owing by PMS, as at 30 June 2010 of RM302.0 million via the issuance by PMS of 302.0 million ordinary shares of RM1.00 each ("PMS Shares") to PMB ("Proposed Capitalisation").
For further details, please refer to the attachment.
This announcement is dated 28 September 2010.
Attachments: PRESS METAL BERHAD.pdf
Submitting Merchant Bank: KENANGA INVESTMENT BANK BERHAD
Company Name: PRESS METAL BERHAD
Stock Name: PMETAL
Date Announced: 28/09/2010
Announcement Detail:
Type: Announcement
Subject: PRESS METAL BERHAD ("PMB" OR "COMPANY")
(I) SALE AND PURCHASE AGREEMENT AND SHAREHOLDERS' AGREEMENT BETWEEN PMB AND SUMITOMO CORPORATION IN RESPECT OF PRESS METAL SARAWAK SDN BHD ("PMS"); AND
(II) PROPOSED CAPITALISATION OF AMOUNT OWING BY PMS
Contents: On behalf of the Board of Directors of PMB, Kenanga Investment Bank Berhad ("KIBB") wishes to announce that PMB had on 28 September 2010 entered into a conditional sale and purchase agreement ("SPA") with Sumitomo Corporation ("Sumitomo") where PMB will sell and Sumitomo will purchase 60.4 million ordinary shares of RM1.00 each in Press Metal Sarawak, an 80% subsidiary of PMB, for a total consideration of RM60.4 million upon completion of the Proposed Capitalisation (as defined below) ("Proposed Disposal").
PMB had also on even date entered into a conditional shareholders' agreement ("SA") with Sumitomo to regulate the terms and conditions of PMB's and Sumitomo's respective responsibilities with respect to ownership and management of the business and affairs of PMS moving forward.
Concurrently, PMB proposes to capitalise the entire amount owing by PMS, as at 30 June 2010 of RM302.0 million via the issuance by PMS of 302.0 million ordinary shares of RM1.00 each ("PMS Shares") to PMB ("Proposed Capitalisation").
For further details, please refer to the attachment.
This announcement is dated 28 September 2010.
Attachments: PRESS METAL BERHAD.pdf
LKT - PROPOSED CHANGE OF NAME : FROM "LKT INDUSTRIAL BERHAD" TO "SAM ENGINEERING & EQUIPMENT (M) BERHAD"
Announcement Type: General Announcement
Company Name: LKT INDUSTRIAL BERHAD
Stock Name: LKT
Date Announced: 28/09/2010
Announcement Detail:
Type: Announcement
Subject: PROPOSED CHANGE OF NAME :
FROM "LKT INDUSTRIAL BERHAD" TO "SAM ENGINEERING & EQUIPMENT (M) BERHAD"
Contents: Further to our announcement on 21 September 2010, the Board of Directors wishes to announce that the Company has today, received a copy of the Form 13: Certificate of Incorporation on the Change of Name dated 22 September 2010 from the Companies Commission of Malaysia.
This announcement is dated 28 September 2010.
Company Name: LKT INDUSTRIAL BERHAD
Stock Name: LKT
Date Announced: 28/09/2010
Announcement Detail:
Type: Announcement
Subject: PROPOSED CHANGE OF NAME :
FROM "LKT INDUSTRIAL BERHAD" TO "SAM ENGINEERING & EQUIPMENT (M) BERHAD"
Contents: Further to our announcement on 21 September 2010, the Board of Directors wishes to announce that the Company has today, received a copy of the Form 13: Certificate of Incorporation on the Change of Name dated 22 September 2010 from the Companies Commission of Malaysia.
This announcement is dated 28 September 2010.
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