TITAN - General Announcement
Announcement Type: General Announcement
Company Name: TITAN CHEMICALS CORP. BHD.
Stock Name: TITAN
Date Announced: 26/11/2010
Announcement Detail:
Type: Announcement
Subject: TITAN CHEMICALS CORP. BHD. ("TITAN" OR "THE COMPANY")
UNCONDITIONAL TAKE-OVER OFFER BY RHB INVESTMENT BANK BERHAD ON BEHALF OF HONAM PETROCHEMICAL CORPORATION ("HONAM") TO ACQUIRE ALL THE REMAINING 478,187,612 ORDINARY SHARES OF RM1.00 EACH IN TITAN NOT ALREADY OWNED BY HONAM ("OFFER SHARES"), REPRESENTING 27.68% OF THE ISSUED AND PAID-UP SHARE CAPITAL OF TITAN (EXCLUDING ALL THE TREASURY SHARES HELD BY TITAN), FOR A CASH CONSIDERATION OF RM2.35 FOR EACH OFFER SHARE ("UNCONDITIONAL TAKE-OVER OFFER"): PUBLIC SHAREHOLDING SPREAD
Contents: We refer to our announcements dated 1 November 2010, 4 November 2010, 9 November 2010, 10 November 2010 and 19 November 2010 in relation to the Unconditional Take-Over Offer.
We wish to announce that, on 26 November 2010, we received a press notice from RHB Investment Bank Berhad on behalf of Honam informing us of the position and level of acceptances as regards the Unconditional Take-Over Offer as of 25 November 2010. This press notice is attached for reference.
In connection with the press notice and pursuant to paragraph 8.02(1) of the Listing Requirements of Bursa Malaysia Securities Berhad ("Listing Requirements"), we also wish to announce that, the public shareholding spread of Titan constitutes 18.15% (including 1.40% of Titan's shares for which acceptances have been received and are subject to verification) of its total issued and paid-up share capital of 1,727,791,500 shares (excluding 24,908,500 treasury shares) as of such date.
Consequently, we are currently not in compliance with the public shareholding spread requirement of 20% as required by Bursa Malaysia Securities Berhad ("Bursa Securities").
(By way of background, on 1 June 2005, Bursa Securities had imposed a lower public shareholding spread level of 20%, for compliance with the public shareholding spread requirements under the Listing Requirements.)
As set forth in section 6 of the offer document dated 19 November 2010 in respect of the Unconditional Take-Over Offer, we note that Honam does not intend to maintain the listing status of Titan, and Honam does not intend to take any step to address any shortfall in the public shareholding spread requirement in the event Honam receives acceptances under the Unconditional Take-Over Offer which would exceed the public shareholding limit.
On this basis, we are not considering any action to enable Titan to comply with the public shareholding spread requirement.
This announcement is dated 26 November 2010.
Attachments: Honam_Press Release 261110.pdf
Company Name: TITAN CHEMICALS CORP. BHD.
Stock Name: TITAN
Date Announced: 26/11/2010
Announcement Detail:
Type: Announcement
Subject: TITAN CHEMICALS CORP. BHD. ("TITAN" OR "THE COMPANY")
UNCONDITIONAL TAKE-OVER OFFER BY RHB INVESTMENT BANK BERHAD ON BEHALF OF HONAM PETROCHEMICAL CORPORATION ("HONAM") TO ACQUIRE ALL THE REMAINING 478,187,612 ORDINARY SHARES OF RM1.00 EACH IN TITAN NOT ALREADY OWNED BY HONAM ("OFFER SHARES"), REPRESENTING 27.68% OF THE ISSUED AND PAID-UP SHARE CAPITAL OF TITAN (EXCLUDING ALL THE TREASURY SHARES HELD BY TITAN), FOR A CASH CONSIDERATION OF RM2.35 FOR EACH OFFER SHARE ("UNCONDITIONAL TAKE-OVER OFFER"): PUBLIC SHAREHOLDING SPREAD
Contents: We refer to our announcements dated 1 November 2010, 4 November 2010, 9 November 2010, 10 November 2010 and 19 November 2010 in relation to the Unconditional Take-Over Offer.
We wish to announce that, on 26 November 2010, we received a press notice from RHB Investment Bank Berhad on behalf of Honam informing us of the position and level of acceptances as regards the Unconditional Take-Over Offer as of 25 November 2010. This press notice is attached for reference.
In connection with the press notice and pursuant to paragraph 8.02(1) of the Listing Requirements of Bursa Malaysia Securities Berhad ("Listing Requirements"), we also wish to announce that, the public shareholding spread of Titan constitutes 18.15% (including 1.40% of Titan's shares for which acceptances have been received and are subject to verification) of its total issued and paid-up share capital of 1,727,791,500 shares (excluding 24,908,500 treasury shares) as of such date.
Consequently, we are currently not in compliance with the public shareholding spread requirement of 20% as required by Bursa Malaysia Securities Berhad ("Bursa Securities").
(By way of background, on 1 June 2005, Bursa Securities had imposed a lower public shareholding spread level of 20%, for compliance with the public shareholding spread requirements under the Listing Requirements.)
As set forth in section 6 of the offer document dated 19 November 2010 in respect of the Unconditional Take-Over Offer, we note that Honam does not intend to maintain the listing status of Titan, and Honam does not intend to take any step to address any shortfall in the public shareholding spread requirement in the event Honam receives acceptances under the Unconditional Take-Over Offer which would exceed the public shareholding limit.
On this basis, we are not considering any action to enable Titan to comply with the public shareholding spread requirement.
This announcement is dated 26 November 2010.
Attachments: Honam_Press Release 261110.pdf
EONCAP - General Announcement
Announcement Type: General Announcement
Submitting Merchant Bank: MIMB INVESTMENT BANK BERHAD
Company Name: EON CAPITAL BERHAD
Stock Name: EONCAP
Date Announced: 26/11/2010
Announcement Detail:
Type: Announcement
Subject: EON CAPITAL BERHAD ("EONCAP" OR THE "COMPANY")
- Offer from Hong Leong Bank Berhad ("HLBB") to acquire the Entire Assets and Liabilities of EONCAP ("Offer")
Contents: We refer to our announcement dated 19 August 2010 in relation to the above matter, wherein HLBB had extended the deadline for EONCAP to accept the Offer to 30 November 2010.
On behalf of EONCAP, MIMB Investment Bank Berhad wishes to announce that EONCAP has on 26 November 2010 received HLBB's letter dated 26 November 2010, to further extend the deadline to 30 April 2011 for EONCAP to accept the Offer on the same terms and conditions as set out in the letter of offer dated 1 April 2010 and as amended in the subsequent letters issued by HLBB in relation to the Offer.
This announcement is dated 26 November 2010.
Submitting Merchant Bank: MIMB INVESTMENT BANK BERHAD
Company Name: EON CAPITAL BERHAD
Stock Name: EONCAP
Date Announced: 26/11/2010
Announcement Detail:
Type: Announcement
Subject: EON CAPITAL BERHAD ("EONCAP" OR THE "COMPANY")
- Offer from Hong Leong Bank Berhad ("HLBB") to acquire the Entire Assets and Liabilities of EONCAP ("Offer")
Contents: We refer to our announcement dated 19 August 2010 in relation to the above matter, wherein HLBB had extended the deadline for EONCAP to accept the Offer to 30 November 2010.
On behalf of EONCAP, MIMB Investment Bank Berhad wishes to announce that EONCAP has on 26 November 2010 received HLBB's letter dated 26 November 2010, to further extend the deadline to 30 April 2011 for EONCAP to accept the Offer on the same terms and conditions as set out in the letter of offer dated 1 April 2010 and as amended in the subsequent letters issued by HLBB in relation to the Offer.
This announcement is dated 26 November 2010.
VASTALX - General Announcement
Announcement Type: General Announcement
Company Name: VASTALUX ENERGY BERHAD
Stock Name: VASTALX
Date Announced: 26/11/2010
Announcement Detail:
Type: Announcement
Subject: VASTALUX ENERGY BERHAD ("VEB" OR "THE COMPANY"):
ANNOUNCEMENT TO PRACTICE NOTE 17 OF BURSA MALAYSIA SECURITIES BERHAD ("BURSA SECURITIES") MAIN MARKET LISTING REQUIREMENTS ("MAIN MARKET LR" )(FIRST ANNOUNCEMENT)
Contents: The Board of Directors of VEB wishes to announce that it is an affected listed issuer pursuant to paragraph 8.04 and paragraph 2.1(e) of Practice Note 17 ("PN17") of the Main Market LR.
Details of the announcement is as per the attachment.
Attachments: announcement (PN17).pdf
Company Name: VASTALUX ENERGY BERHAD
Stock Name: VASTALX
Date Announced: 26/11/2010
Announcement Detail:
Type: Announcement
Subject: VASTALUX ENERGY BERHAD ("VEB" OR "THE COMPANY"):
ANNOUNCEMENT TO PRACTICE NOTE 17 OF BURSA MALAYSIA SECURITIES BERHAD ("BURSA SECURITIES") MAIN MARKET LISTING REQUIREMENTS ("MAIN MARKET LR" )(FIRST ANNOUNCEMENT)
Contents: The Board of Directors of VEB wishes to announce that it is an affected listed issuer pursuant to paragraph 8.04 and paragraph 2.1(e) of Practice Note 17 ("PN17") of the Main Market LR.
Details of the announcement is as per the attachment.
Attachments: announcement (PN17).pdf
VASTALX - General Announcement
Announcement Type: General Announcement
Company Name: VASTALUX ENERGY BERHAD
Stock Name: VASTALX
Date Announced: 26/11/2010
Announcement Detail:
Type: Announcement
Subject: Vastalux Energy Berhad ("the Company")
Notice of Meeting of Unsecured Scheme Creditors Class 2 Summoned Pursuant To An Order Of The High Court Of Malaya Of Vastalux Sdn. Bhd. ("VSB")
Contents: Further to the Company's announcement dated 1 November, 2010, we wish to inform that a Meeting of Unsecured Scheme Creditors Class 2 summoned pursuant to an Order of the High Court of Malaya of VSB, a subsidiary of the Company will be held at Kelab Golf Sultan Abdul Aziz Shah, No. 1, Rumah Kelab, Jalan Kelab Golf 13/6, 40100 Shah Alam, Selangor Darul Ehsan on Friday, 3 December, 2010 at 10.00 a.m. A copy of the Notice as advertised in the New Straits Times and Berita Harian today is attached herewith.
This announcement is dated 25 November, 2010.
Attachments: VEB CREDITORS+MEETING_5[1].docx
VSB mesyurat_5[1].docx
Company Name: VASTALUX ENERGY BERHAD
Stock Name: VASTALX
Date Announced: 26/11/2010
Announcement Detail:
Type: Announcement
Subject: Vastalux Energy Berhad ("the Company")
Notice of Meeting of Unsecured Scheme Creditors Class 2 Summoned Pursuant To An Order Of The High Court Of Malaya Of Vastalux Sdn. Bhd. ("VSB")
Contents: Further to the Company's announcement dated 1 November, 2010, we wish to inform that a Meeting of Unsecured Scheme Creditors Class 2 summoned pursuant to an Order of the High Court of Malaya of VSB, a subsidiary of the Company will be held at Kelab Golf Sultan Abdul Aziz Shah, No. 1, Rumah Kelab, Jalan Kelab Golf 13/6, 40100 Shah Alam, Selangor Darul Ehsan on Friday, 3 December, 2010 at 10.00 a.m. A copy of the Notice as advertised in the New Straits Times and Berita Harian today is attached herewith.
This announcement is dated 25 November, 2010.
Attachments: VEB CREDITORS+MEETING_5[1].docx
VSB mesyurat_5[1].docx
VASTALX - General Announcement
Announcement Type: General Announcement
Company Name: VASTALUX ENERGY BERHAD
Stock Name: VASTALX
Date Announced: 26/11/2010
Announcement Detail:
Type: Announcement
Subject: VASTALUX ENERGY BERHAD ("VEB" OR THE "COMPANY")
EXPLANATORY STATEMENT TO SCHEME CREDITORS (PURSUANT TO SECTION 177 OF THE COMPANIES ACT, 1965 ("ACT")) IN CONNECTION WITH THE PROPOSED DEBT RESTRUCTURING SCHEME (UNDER SECTION 176 OF THE ACT,) BETWEEN VASTALUX SDN BHD ("VSB"), A WHOLLY-OWNED SUBSIDIARY COMPANY OF VEB, AND THE SCHEME CREDITORS
Contents: Further to the Company's announcements dated 11 October 2010, 12 October 2010, 19 October 2010, 1 November 2010 and 6 November 2010 , the Company has proposed a modification to the PDRS for the Unsecured Scheme Creditors Class 2 ("Revised PDRS").
Details of the announcement can be found in the attachment.
Attachments: Announcement on Revised ES_VEB's Comments_v2.doc
Company Name: VASTALUX ENERGY BERHAD
Stock Name: VASTALX
Date Announced: 26/11/2010
Announcement Detail:
Type: Announcement
Subject: VASTALUX ENERGY BERHAD ("VEB" OR THE "COMPANY")
EXPLANATORY STATEMENT TO SCHEME CREDITORS (PURSUANT TO SECTION 177 OF THE COMPANIES ACT, 1965 ("ACT")) IN CONNECTION WITH THE PROPOSED DEBT RESTRUCTURING SCHEME (UNDER SECTION 176 OF THE ACT,) BETWEEN VASTALUX SDN BHD ("VSB"), A WHOLLY-OWNED SUBSIDIARY COMPANY OF VEB, AND THE SCHEME CREDITORS
Contents: Further to the Company's announcements dated 11 October 2010, 12 October 2010, 19 October 2010, 1 November 2010 and 6 November 2010 , the Company has proposed a modification to the PDRS for the Unsecured Scheme Creditors Class 2 ("Revised PDRS").
Details of the announcement can be found in the attachment.
Attachments: Announcement on Revised ES_VEB's Comments_v2.doc
SELOGA - General Announcement
Announcement Type: General Announcement
Company Name: SELOGA HOLDINGS BERHAD
Stock Name: SELOGA
Date Announced: 26/11/2010
Announcement Detail:
Type: Announcement
Subject: SELOGA HOLDINGS BERHAD ("SELOGA" OR THE "COMPANY")
-CALLING OF EXTRAORDINARY GENERAL MEETING OF SELOGA PURSUANT TO SECTION 145(1) OF THE COMPANIES ACT, 1965 ("THE ACT") TO CONSIDER THE REMOVAL OF DIRECTORS PURSUANT TO SECTION 128 OF THE ACT
Contents: The Board of Directors of Seloga wishes to announce that the Company had received a letter dated 25 November 2010 signed jointly by Usaha Citra Sdn. Bhd. and Zulkefli Bin Zaidi, being two (2) shareholders of the Company holding 25,545,092 shares and 249,800 shares respectively in the capital of the Company which collectively representing 21% of the Company's share capital informing the Company that they are exercising their rights pursuant to Section 145(1) of the Act to call for a general meeting of the Company to be convened to consider the passing of the following ordinary resolutions:-
Ordinary Resolution 1
"That Dato' Samsudin bin Abu Hassan be and is hereby removed as director of the Company with immediate effect."
Ordinary Resolution 2
"That Dato' Lim Git Hooi @ Robert Lim be and is hereby removed as director of the Company with immediate effect."
Ordinary Resolution 3
"That Dato' Syed Md. Amin bin Syed Jan Aljeffri be and is hereby removed as director of the Company with immediate effect."
Ordinary Resolution 4
"That Mr. Derek John Fernandez be and is hereby removed as director of the Company with immediate effect."
Company Name: SELOGA HOLDINGS BERHAD
Stock Name: SELOGA
Date Announced: 26/11/2010
Announcement Detail:
Type: Announcement
Subject: SELOGA HOLDINGS BERHAD ("SELOGA" OR THE "COMPANY")
-CALLING OF EXTRAORDINARY GENERAL MEETING OF SELOGA PURSUANT TO SECTION 145(1) OF THE COMPANIES ACT, 1965 ("THE ACT") TO CONSIDER THE REMOVAL OF DIRECTORS PURSUANT TO SECTION 128 OF THE ACT
Contents: The Board of Directors of Seloga wishes to announce that the Company had received a letter dated 25 November 2010 signed jointly by Usaha Citra Sdn. Bhd. and Zulkefli Bin Zaidi, being two (2) shareholders of the Company holding 25,545,092 shares and 249,800 shares respectively in the capital of the Company which collectively representing 21% of the Company's share capital informing the Company that they are exercising their rights pursuant to Section 145(1) of the Act to call for a general meeting of the Company to be convened to consider the passing of the following ordinary resolutions:-
Ordinary Resolution 1
"That Dato' Samsudin bin Abu Hassan be and is hereby removed as director of the Company with immediate effect."
Ordinary Resolution 2
"That Dato' Lim Git Hooi @ Robert Lim be and is hereby removed as director of the Company with immediate effect."
Ordinary Resolution 3
"That Dato' Syed Md. Amin bin Syed Jan Aljeffri be and is hereby removed as director of the Company with immediate effect."
Ordinary Resolution 4
"That Mr. Derek John Fernandez be and is hereby removed as director of the Company with immediate effect."
RCECAP - General Announcement
Announcement Type: General Announcement
Company Name: RCE CAPITAL BERHAD
Stock Name: RCECAP
Date Announced: 26/11/2010
Announcement Detail:
Type: Announcement
Subject: RCE CAPITAL BERHAD ("RCE" OR "COMPANY")
- Disclosure pursuant to Chapter 9 of Bursa Malaysia Securities Berhad's Main Market Listing Requirements
Contents: The Company wishes to inform that Koperasi Wawasan Pekerja-Pekerja Berhad ("KOWAJA") has on 26 November 2010 advised that they will not be making any further loan disbursements from 1 December 2010 onwards. KOWAJA is currently the largest borrower of RCE Marketing Sdn Bhd ("RCEM"), a wholly-owned subsidiary of RCEM, and provides personal loans to its members (who are primarily in the civil service) via an on-lending arrangement in relation to the funds borrowed from RCEM.
Following enquiries made by RCEM, KOWAJA has informed that they have been requested to submit a plan to Suruhanjaya Koperasi Malaysia ("SKM") for complete endorsement of KOWAJA's compliance with SKM's applicable guidelines. Until such endorsement, KOWAJA will temporarily cease disbursement of loans from 1 December 2010 onwards.
At the same time, KOWAJA has given its assurance that all loans disbursed up to 30 November 2010 will continue to be serviced via the regular collection mechanism. RCEM has also not observed any disruptions in the same. Meanwhile, KOWAJA is working closely with SKM towards an expedient resolution of the temporary disruption in their operations.
As such, the Company does not expect the above to have any material financial impact to the group in relation to the current financial year ending 31 March 2011 and on its ability to meet interest and principal payments in respect of its existing debt obligations.
However, if KOWAJA's loan disbursements are curtailed in a prolonged manner, there may be some impact on the group's future profitability in the longer-term.
We will keep the market informed as and when there are further material developments on the above.
This announcement is dated 26 November 2010.
Company Name: RCE CAPITAL BERHAD
Stock Name: RCECAP
Date Announced: 26/11/2010
Announcement Detail:
Type: Announcement
Subject: RCE CAPITAL BERHAD ("RCE" OR "COMPANY")
- Disclosure pursuant to Chapter 9 of Bursa Malaysia Securities Berhad's Main Market Listing Requirements
Contents: The Company wishes to inform that Koperasi Wawasan Pekerja-Pekerja Berhad ("KOWAJA") has on 26 November 2010 advised that they will not be making any further loan disbursements from 1 December 2010 onwards. KOWAJA is currently the largest borrower of RCE Marketing Sdn Bhd ("RCEM"), a wholly-owned subsidiary of RCEM, and provides personal loans to its members (who are primarily in the civil service) via an on-lending arrangement in relation to the funds borrowed from RCEM.
Following enquiries made by RCEM, KOWAJA has informed that they have been requested to submit a plan to Suruhanjaya Koperasi Malaysia ("SKM") for complete endorsement of KOWAJA's compliance with SKM's applicable guidelines. Until such endorsement, KOWAJA will temporarily cease disbursement of loans from 1 December 2010 onwards.
At the same time, KOWAJA has given its assurance that all loans disbursed up to 30 November 2010 will continue to be serviced via the regular collection mechanism. RCEM has also not observed any disruptions in the same. Meanwhile, KOWAJA is working closely with SKM towards an expedient resolution of the temporary disruption in their operations.
As such, the Company does not expect the above to have any material financial impact to the group in relation to the current financial year ending 31 March 2011 and on its ability to meet interest and principal payments in respect of its existing debt obligations.
However, if KOWAJA's loan disbursements are curtailed in a prolonged manner, there may be some impact on the group's future profitability in the longer-term.
We will keep the market informed as and when there are further material developments on the above.
This announcement is dated 26 November 2010.
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