BORNOIL - MULTIPLE PROPOSALS
| Company Name | BORNEO OIL BERHAD |
| Stock Name | BORNOIL |
| Date Announced | 24 Sept 2014 |
| Category | General Announcement |
| Reference No | MI-140924-58553 |
| Type | Announcement |
| Subject | MULTIPLE PROPOSALS |
| Description | BORNEO OIL BERHAD ("BORNOIL" OR THE "COMPANY") I. PAR VALUE REDUCTION VIA THE CANCELLATION OF RM0.90 OF THE PAR VALUE OF EVERY EXISTING ORDINARY SHARE OF RM1.00 EACH IN THE ISSUED AND PAID-UP SHARE CAPITAL OF BORNOIL PURSUANT TO SECTION 64 OF THE COMPANIES ACT, 1965 ("ACT") ("PAR VALUE REDUCTION"); II. PRIVATE PLACEMENT OF UP TO 20% OF THE ISSUED AND PAID-UP SHARE CAPITAL OF BORNOIL AT AN ISSUE PRICE TO BE DETERMINED LATER AFTER THE PAR VALUE REDUCTION ("PRIVATE PLACEMENT"); III. DIVERSIFICATION OF THE EXISTING CORE BUSINESSES OF BORNOIL AND ITS SUBSIDIARY COMPANIES ("BORNOIL GROUP" OR "GROUP") TO INCLUDE MINING AND ITS RELATED ACTIVITIES ("DIVERSIFICATION"); AND IV. AMENDMENTS TO THE MEMORANDUM AND ARTICLES OF ASSOCIATION OF BORNOIL ("AMENDMENTS") (COLLECTIVELY REFERRED TO AS THE "PROPOSALS") |
The terms used herein, unless the context otherwise stated, bear the same meaning as those defined in the earlier announcements in relation to the Proposals. We refer to the announcements made by RHB Investment Bank Berhad ("RHBIB"), on behalf of the Board of Directors of Bornoil ("Board"), on 8 May 2014, 16 May 2014, 24 June 2014, 25 July 2014 and 22 September 2014. On behalf of the Board, RHBIB wishes to announce that the sealed copy of the order obtained from the High Court of Malaya at Kuala Lumpur dated 22 September 2014 confirming the Par Value Reduction, has been lodged with the Registrar of Companies on 24 September 2014 and accordingly, the Par Value Reduction is deemed completed and has taken effect on 24 September 2014. Shareholders of Bornoil should note that the Par Value Reduction does not affect the number of or the rights attaching to the ordinary shares of Bornoil held by them. All the ordinary shares of Bornoil credited in the securities accounts of shareholders of the Company shall be unaffected except for the reduction in par value of each ordinary share of Bornoil from RM1.00 to RM0.10. Following the completion of the Par Value Reduction, the exercise price of the 53,458,666 outstanding Warrants 2008/ 2018 in Bornoil has been adjusted from RM1.00 to RM0.10, which will take effect from 9.00 a.m. on 25 September 2014, being the next market day following the effective date of the Par Value Reduction on 24 September 2014. A notice on the aforesaid adjustment will be despatched to the holders of Warrants 2008/ 2018 in due course. This announcement is dated 24 September 2014. | |
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