(Unless otherwise stated or redefined, all abbreviations and definitions used herein
shall have the same meanings as those used in the Company’s announcements dated 21
April 2020, 28 May 2020, 30 June 2020, 14 July 2020, 16 July 2020 and 17 July 2020
in relation to the Proposals
Reference is made to the announcement on the additional listing application for new SHIB
Shares to be issued pursuant to the Proposals set out in the announcement dated 16 July
2020 (“ALA”).
After assessing the current market conditions and the Company’s funding requirements,
the Board proposes to revise the Proposals as follows:
|
No |
Proposals |
Revised Proposals |
|
(i) |
Proposed Creditors Debt Settlement |
|
|
(ii) |
Proposed private placement of up to 172,817,600 new Shares, representing approximately 15.13% of the Company’s total number of issued Shares (excluding treasury shares, if any) |
Proposed private placement of up to 236,461,500 new Shares (“Placement Shares”), representing approximately 20.00% of the Company’s total number of issued Shares (excluding treasury shares, if any) (“Proposed Private Placement”).
|
The Board has resolved to increase the issue size of the
Proposed Private Placement which shall now involve the issuance of up to 236,461,500
Placement Shares, representing approximately 20.00% of the Company’s total number of
issued shares after taking into account inter-alia the demand for SHIB Shares.
The Proposed Private Placement will be undertaken in accordance with the 20% General
Mandate. The Company had obtained the New Shareholders’ Mandate from its shareholders at
its 14th AGM convened on 6 July 2020, to authorise the Board to allot and issue new
ordinary shares in SHIB not exceeding 20% of the total issued shares of the Company.
In view of the above revision, SHIB will withdraw the ALA submitted on 16 July 2020 and
resubmit a revised ALA to Bursa Securities.
Further details of the Proposals are set out in the attached announcement.
This announcement is dated 3 August 2020.