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NEW ISSUE OF SECURITIES (CHAPTER 6 OF LISTING REQUIREMENTS) : FUND RAISING JAKS RESOURCES BERHAD ("JRB" OR THE "COMPANY") RIGHTS ISSUE WITH WARRANTS

JAKS RESOURCES BERHAD

Type Announcement
Subject NEW ISSUE OF SECURITIES (CHAPTER 6 OF LISTING REQUIREMENTS)
FUND RAISING
Description
JAKS RESOURCES BERHAD ("JRB" OR THE "COMPANY")

RIGHTS ISSUE WITH WARRANTS

Unless otherwise stated, all capitalised terms set out herein shall have the same meanings as those set out in JRB’s announcements dated 22 May 2020, 13 July 2020, 21 July 2020, 27 August 2020, 9 September 2020, 24 September 2020, 9 October 2020, 13 October 2020, 26 October 2020 and 27 October 2020 in relation to the Rights Issue with Warrants.

 

On behalf of the Board, Kenanga IB wishes to announce that as at the close of acceptance, excess application and payment for the Rights Issue with Warrants as at 5.00 p.m. on Thursday, 12 November 2020, the total valid acceptances and the total valid excess applications for the Rights Issue with Warrants were 1,390,222,757 Rights Shares, which represents a subscription of 128.71% over the total number of 1,080,101,412 Rights Shares available for subscription under the Rights Issue with Warrants, the details of which are set out below:-

 

 

No. of Rights Shares

%

Total valid acceptances

1,047,585,317

96.99

Total valid excess applications

342,637,440

31.72

Total valid acceptances and total valid excess applications

1,390,222,757

128.71

Total Rights Shares available for subscription

1,080,101,412

100.00

Over-subscription

310,121,345

28.71

 

Successful applicants of the Rights Shares will be given the Warrants on the basis of 1 Warrant for every 2 Rights Shares successfully subscribed for.

 

Accordingly, approximately RM237.62 million is raised from the Rights Issue with Warrants.

 

It is the intention of the Board to allot the Excess Rights Shares with Warrants, if any, in a fair and equitable manner to the Entitled Shareholders and/ or their renouncees and/ or transferees (if applicable) who have applied for the Excess Rights Shares with Warrants in the following priority:-

 

i. firstly, to minimise the incidence of odd lots;

 

ii. secondly, for allocation to the Entitled Shareholders who have applied for the Excess Rights Shares with Warrants under the Excess Application, on a pro-rata basis and in board lot, calculated based on their respective shareholdings in the Company as at the Entitlement Date;

 

iii. thirdly, for allocation to the Entitled Shareholders who have applied for the Excess Rights Shares with Warrants under the Excess Application, on a pro-rata basis and in board lot, calculated based on the quantum of their respective Excess Rights Shares with Warrants applied for; and

 

iv. fourthly, for allocation to renouncees and/ or transferees (if applicable) who have applied for the Excess Rights Shares with Warrants under the Excess Application, on a pro-rata basis and in board lot, calculated based on the quantum of their respective Excess Rights Shares with Warrants applied for.

 

In the event there is any remaining balance of Excess Rights Shares with Warrants applied for by the Entitled Shareholders and/ or their renouncees and/ or transferees (if applicable), who have applied for the Excess Rights Shares with Warrants after carrying out steps (i) to (iv) as set out above, steps (ii) to (iv) will be repeated again in the same sequence to allocate the remaining balance of the Excess Rights Shares with Warrants to the Entitled Shareholders and/ or their renouncees and/ or transferees (if applicable) who have applied for the Excess Rights Shares with Warrants until such balance is fully allocated.

 

Nonetheless, the Board reserves the right to allot the Excess Rights Shares with Warrants applied for by the Entitled Shareholders and/ or their renouncees and/ or transferees (if applicable) in such manner as the Board deems fit, expedient and in the best interest of the Company, subject always to such allocation being made on a fair and equitable manner and that the intention of the Board as set out in (i), (ii), (iii) and (iv) above is achieved. The Board also reserves the rights, at its absolute discretion, to accept in full or in part any application for the Excess Rights Shares with Warrants without assigning any reason thereof.

 

The Rights Shares and the Warrants are expected to be listed on the Main Market of Bursa Securities on 26 November 2020.

 

This announcement is dated 18 November 2020.






Announcement Info

Company Name JAKS RESOURCES BERHAD
Stock Name JAKS
Date Announced 18 Nov 2020
Category General Announcement for PLC
Reference Number GA1-18112020-00052



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