KUALA LUMPUR (Dec 30): SILVER BIRD GROUP BHD [] has called off its proposed placement exercise and a subscription commitment of up to RM100 million with GEM Global Yield Fund.
It said on Friday it had to abort the proposals as Bursa Malaysia Securities Bhd rejected its waiver from complying with all the requirements to undertake back-to-back placements.
To recap, Silver Bird had on March 15 proposed to place 10% of its paid-up share capital and also a non-binding term sheet in relation to a subscription commitment of up to RM100 million with the fund
The non-binding term sheet was also subjected to further negotiations as well as the entry into a definitive documentation between the relevant parties.
However, Bursa Securities considered certain aspects of the proposed Issuance to be back-to-back placements.
Silver Bird said as the company did not meet all the requirements in undertaking back-to-back placements, it had sought Bursa Securities' approval for a waiver from having to comply with all the requirements to undertake back-to-back placements.
'However, Bursa Securities had rejected the company's said waiver application. Accordingly, the company is unable to proceed with the implementation of the proposed issuance. Thus, the board of Silver Bird has decided to abort the proposed issuance,' it said.
It said on Friday it had to abort the proposals as Bursa Malaysia Securities Bhd rejected its waiver from complying with all the requirements to undertake back-to-back placements.
To recap, Silver Bird had on March 15 proposed to place 10% of its paid-up share capital and also a non-binding term sheet in relation to a subscription commitment of up to RM100 million with the fund
The non-binding term sheet was also subjected to further negotiations as well as the entry into a definitive documentation between the relevant parties.
However, Bursa Securities considered certain aspects of the proposed Issuance to be back-to-back placements.
Silver Bird said as the company did not meet all the requirements in undertaking back-to-back placements, it had sought Bursa Securities' approval for a waiver from having to comply with all the requirements to undertake back-to-back placements.
'However, Bursa Securities had rejected the company's said waiver application. Accordingly, the company is unable to proceed with the implementation of the proposed issuance. Thus, the board of Silver Bird has decided to abort the proposed issuance,' it said.
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