NOVA MSC BERHAD
1 Aug 2008
|Subject||NOVA MSC BERHAD (“NOVAMSC” OR THE “COMPANY”)
PROPOSED PRIVATE PLACEMENT OF UP TO 77,202,950 NEW ORDINARY SHARES OF RM0.10 EACH IN NOVAMSC (“PROPOSED PRIVATE PLACEMENT”)
|Contents||The abbreviations used herein shall, unless the context otherwise stated, bear the same meaning as those defined in the previous announcement made on 28 March 2008.
We refer to the above-captioned and the earlier announcements made on 28 March 2008, 8 May 2008 and 29 May 2008 in relation the Proposed Private Placement.
On behalf of the Board of Directors of NOVAMSC, OSK Investment Bank Berhad (“OSK”) wishes to announce that the Securities Commission (“SC”) had vide its letter dated 31 July 2008 approved the Proposed Private Placement, subject to the following terms and conditions:-
(i) Private placement of up to 77,202,950 new ordinary shares of RM0.10 each (“Placement Shares”), representing up to 20% of the issued and paid-up share capital of NOVAMSC; and
(ii) Listing of and quotation for the new Placement Shares to be issued pursuant to the Proposed Private Placement on the MESDAQ Market of Bursa Malaysia Securities Berhad.
(i) NOVAMSC/OSK to disclose in its Circular to Shareholders and introductory documents to potential placees the following:-
(a) Commentary on the past three (3) years’ financial results and the current financial status of the Company;
(b) Commentary on the financial status of the Company upon completion of the Proposed Private Placement; and
(c) Commentary on the future plan of the Company to improve its financial position.
(ii) In the event that the Company becomes an Affected Listed Company under Guidance Note No.3/2006 of the Listing Requirements of Bursa Malaysia Securities Berhad for the MESDAQ Market (“GN3 Date”) prior to implementation of the Proposed Private Placement, NOVAMSC/OSK is to ensure that no allotment of the Placement Shares is made on or after the GN3 Date. OSK is to confirm in writing to the SC that NOVAMSC is not an Affected Listed Company on the allotment date of any tranche of the Placement Shares;
(iii) NOVAMSC/ OSK to fully comply with the relevant provisions in the SC’s Guidelines on the offering of Equity and Equity-linked Securities for the MESDAQ Market, in implementing the Proposed Private Placement; and
(iv) NOVAMSC/ OSK to inform the SC upon completion of the Proposed Private Placement.
This announcement is dated 1 August 2008.
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