KUALA LUMPUR: MALAYSIAN AE MODELS HOLDINGS [] Bhd has called off its proposed rights issue and restricted issue of new warrants due to the delay in the implementation.
It said on Monday, Oct 10 following the decision to scrap the proposals, 'the board is currently considering other options to raise funds, where required, for its future cashflow requirements'.
Malaysian AE had earlier proposed a renounceable rights issue of 35.55 million new warrants to all shareholders on the basis of one new warrant for every three existing shares held.
It had also proposed a rights issue of 10.244 million new warrants to the holders of the 2005/2010 warrants which expired in September 2010 on the basis of one new warrant for every three 2005/2010 warrants held on the expiry date.
'The board has after careful deliberation, decided to abort the abovementioned proposals,' as the 2005/2010 warrants had expired more than a year ago.
'The board believes that given the delay in the implementation of the proposals, it may no longer be an attractive exercise for shareholders and/or warrant holders, particularly under the current environment of global economic uncertainty and weak market sentiment,' it said.
It said on Monday, Oct 10 following the decision to scrap the proposals, 'the board is currently considering other options to raise funds, where required, for its future cashflow requirements'.
Malaysian AE had earlier proposed a renounceable rights issue of 35.55 million new warrants to all shareholders on the basis of one new warrant for every three existing shares held.
It had also proposed a rights issue of 10.244 million new warrants to the holders of the 2005/2010 warrants which expired in September 2010 on the basis of one new warrant for every three 2005/2010 warrants held on the expiry date.
'The board has after careful deliberation, decided to abort the abovementioned proposals,' as the 2005/2010 warrants had expired more than a year ago.
'The board believes that given the delay in the implementation of the proposals, it may no longer be an attractive exercise for shareholders and/or warrant holders, particularly under the current environment of global economic uncertainty and weak market sentiment,' it said.
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