Mycron Steel Berhad | A pioneer in Cold Rolled Coils (CRC) and Steel Pipes

BURSA ANNOUNCEMENTS

NEW ISSUE OF SECURITIES

Date Published : 2018-02-19

SUBJECT : NEW ISSUE OF SECURITIES (CHAPTER 6 OF LISTING REQUIREMENTS) FUND RAISING


PROPOSED RIGHTS ISSUE WITH WARRANTS PROPOSED ACQUISITION (COLLECTIVELY REFERRED TO AS "PROPOSALS")


Reference is made to the Company’s announcements dated 23 August 2017, 10 October 2017, 16 October 2017, 18 December 2017 and 22 December 2017 in relation to the Proposed Rights Issue with Warrants (“Announcement(s)”). Unless otherwise stated, the abbreviations and definitions used throughout this announcement shall have the same meaning as those previously defined in the Announcements.

On behalf of the Board of Directors of Mycron, TA Securities wishes to announce that Bursa Securities has, vide its letter dated 15 February 2018, approved the following: -

  1. Admission to the Official List and listing of up to 28,354,546 Warrants to be issued pursuant to the Proposed Rights Issue with Warrants;
  2. Listing of up to 56,709,091 new Mycron Shares to be issued pursuant to the Proposed Rights Issue with Warrants; and
  3. Listing of up to 28,354,546 new Mycron Shares to be issued pursuant to the exercise of Warrants,

subject to the following conditions: -

  1. Mycron and TA Securities must fully comply with the relevant provisions under the Main Market Listing Requirements of Bursa Securities pertaining to the implementation of the Proposed Rights Issue with Warrants and the proposed acquisition of a piece of leasehold land together with buildings erected thereon by Melewar Steel Tube Sdn Bhd, a wholly-owned subsidiary of Mycron from Melewar Industrial Group Berhad for a total purchase consideration of RM26.0 million (“Proposed Acquisition”);
  2. Mycron and TA Securities to inform Bursa Securities upon completion of the Proposed Rights Issue with Warrants and the Proposed Acquisition;
  3. Mycron to furnish Bursa Securities with a written confirmation of its compliance with the terms and conditions of Bursa Securities’ approval once the Proposed Rights Issue with Warrants and the Proposed Acquisition are completed;
  4. Mycron to furnish Bursa Securities with a certified true copy of the resolutions passed by shareholders at extraordinary general meeting for the Proposed Rights Issue with Warrants and the Proposed Acquisition; and
  5. Payment of additional listing fees pertaining to the exercise of Warrants, if relevant. In this respect, Mycron is required to furnish Bursa Securities on a quarterly basis a summary of the total number of shares listed pursuant to the exercise of Warrants respectively as at the end of each quarter together with a detail computation of the listing fees payable.

The admission and listing and quotation of the Rights Shares and Warrants to be issued pursuant to the Proposed Rights Issue with Warrants will take place two (2) market days after the receipt of the application for quotation of the Rights Shares and Warrants by Bursa Securities as specified under Part C of Annexure PN28-B (where applicable) together with the following supporting documents: -


  1. Confirmation from TA Securities that there are at least 100 holders holding not less than one (1) board lot of Warrants respectively;
  2. Information on the actual issue size, issue date and expiry date of the Warrants;
  3. An undertaking from TA Securities that an announcement on the profile of the Warrants will be made via Bursa LINK – Listing Information and Profile prior to the listing and quotation of the Warrants. TA Securities must also make an announcement on any subsequent revisions/amendments to the profile of the Warrants (including any revisions arising from adjustments); and
  4. A copy of the Deed Poll together with a letter of compliance pursuant to paragraph 2.12 of the Main Market Listing Requirements of Bursa Securities and a checklist showing compliance with Appendix 6F of the Main Market Listing Requirements of Bursa Securities.

In the event the new Mycron Shares to be issued pursuant to the exercise of Warrants will be listed and quoted as the existing securities of the same class, quotation of the new ordinary shares will commence on the next market day after the following: -


  1. Submission of the share certificate together with a covering letter containing the summary of the corporate proposal to Bursa Malaysia Depository Sdn Bhd (“Bursa Depository”) before 10 a.m. on the market day prior to the listing date;
  2. Receipt of confirmation from Bursa Depository that the additional new shares are ready for crediting into the respective account holders; and
  3. An announcement in accordance to Paragraph 13.2 of Practice Note 28 (“PN28”) is submitted via Bursa Link before 3 p.m. on the market day prior to the listing date.

In the event the new Mycron Shares to be issued pursuant to the exercise of Warrants will be separately quoted from the existing securities i.e. “A” shares, Mycron is required to submit an application for quotation of the new securities to Bursa Securities as specified under Part C of Annexure PN28-B.

This announcement is dated 19 February 2018.