Date Published : 2018-12-06
We refer to the Company’s announcements dated 23 August 2017, 10, 16 October 2017, 18, 22 December 2017, 19 February 2018, 5 March 2018, 5, 20 April 2018, 25 July 2018 and 1 August 2018 in relation to the Rights Issue with Warrants ("Announcements").
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, TA Securities wishes to announce that the Board has resolved to fix the following:
The Issue Price was determined and fixed by the Board after taking into consideration, amongst others, the following:-
(i) the historical share price movements of Mycron Shares for the past twelve (12) months;
(ii) the minimum amount to be raised from the Rights Issue with Warrants of approximately RM10.80 million; and
(iii) a premium of approximately 4.57% to the five-(5) day volume weighted-average market price ("5D-VWAMP") of Mycron Shares up to and including 5 December 2018, being the last trading day of the Mycron Shares immediately preceding the price-fixing date of 6 December 2018 ("Price-Fixing Date") of RM0.2869; and
(iii) a premium of approximately 3.78% to the theoretical ex-rights price ("TERP") of Mycron Shares of RM0.2891 calculated based on the 5D-VWAMP of Mycron Shares up to and including 5 December 2018, being the last trading day of the Mycron Shares immediately preceding the Price-Fixing Date of RM0.2869.
The Board had fixed the Exercise Price of the Warrants after taking into consideration the following:-
(i) a premium of approximately 109.13% from the 5D-VWAMP of Mycron Shares up to and including 5 December 2018, being the last trading day of Mycron Shares immediately preceding the Price-Fixing Date of RM0.2869; and
(ii) a premium of approximately 107.55% to the TERP of Mycron Shares of RM0.2891 calculated based on the 5D-VWAMP of Mycron Shares up to and including of 5 December 2018, being the last trading day immediately preceding the Price Fixing Date of RM0.2869.
At the Issue Price, the Rights Issue with Warrants will raise between approximately RM10.80 million and RM17.01 million based on the following scenarios, with the following intended utilisation: -
Proposed Utilisation | Expected time frame for utilisation of proceeds from the date of listing of the Rights Shares |
Minimum Scenario (RM’000) |
Maximum Scenario (RM’000) |
Capital expenditure(1) | Within 12 months | 10,100 | 10,100 |
Working capital(2) | Within 12 months | - | 6,213 |
Estimated expenses in relation to the Rights Issue with Warrants(3) | Within 1 month | 700 | 700 |
Total | 10,800 | 17,013 |