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MULTIPLE PROPOSALS VORTEX CONSOLIDATED BERHAD ("VORTEX" OR "COMPANY") (I) PRIVATE PLACEMENT; (II) SHARE CONSOLIDATION; (III) RIGHTS ISSUE; AND (IV) AMENDMENT. (COLLECTIVELY REFERRED TO AS "CORPORATE EXERCISES")

VORTEX CONSOLIDATED BERHAD

Type Announcement
Subject MULTIPLE PROPOSALS
Description
VORTEX CONSOLIDATED BERHAD ("VORTEX" OR "COMPANY")

(I)	PRIVATE PLACEMENT;
(II)	SHARE CONSOLIDATION;
(III)	RIGHTS ISSUE; AND
(IV)	AMENDMENT. 

(COLLECTIVELY REFERRED TO AS "CORPORATE EXERCISES")

We refer to the announcements made on 19 October 2020, 20 October 2020, 26 October 2020, 9 December 2020, 21 December 2020, 28 December 2020, 7 January 2021, 15 January 2021, 18 January 2021, 3 February 2021, 4 February 2021, 16 March 2021 and 30 March 2021 in relation to the Corporate Exercises (“Announcements”). Unless otherwise defined, the definitions set out in the Announcements shall apply herein.

On behalf of Vortex, TA Securities wishes to announce that as at the close of acceptance, excess application and payment for the Rights Issue at 5.00 p.m. on 14 April 2021 (“Closing Date”), the Company has received valid acceptances and excess applications for a total of 345,168,116 Rights Shares, representing a subscription rate of 103.76% over the total number of Rights Shares available for subscription under the Rights Issue, resulting in an over-subscription rate of 3.76%.

The details of valid acceptances and excess applications received as at the Closing Date for the Rights Issue are as follows:

 

No. of Rights Shares

Percentage of total Rights Shares available for subscription (%)

Total valid acceptances

174,608,812

52.49

Total valid excess applications

170,559,304

51.27

Total valid acceptances and excess applications

345,168,116

103.76

Total Rights Shares available for subscription

332,652,376

100.00

Over-subscription

12,515,740

3.76

The successful applicants for the Rights Shares will be given Warrants C on the basis of 4 Warrants C for every 5 Rights Shares subscribed for.

The Board has applied the following basis in allocating the excess Rights Shares with Warrants C, in accordance with the AP dated 30 March 2021:

(i) firstly, to minimise the incidence of odd lots;

(ii) secondly, for allocation to Entitled Shareholders who have applied for excess Rights Shares with Warrants C, on a pro-rata basis and in board lots, calculated based on their respective shareholdings in the Company as at the Entitlement Date;

(iii) thirdly, for allocation to Entitled Shareholders who have applied for excess Rights Shares with Warrants C, on a pro-rata basis and in board lots, calculated based on the quantum of their respective applications for excess Rights Shares with Warrants C; and

(iv) lastly, for allocation to renouncee(s)/transferee(s) (if applicable) who has/have applied for the excess Rights Shares with Warrants C, on a pro-rata basis and in board lots, calculated based on the quantum of their respective applications for excess Rights Shares with Warrants C.

If there is any remaining excess Rights Shares with Warrants C after steps (i) to (iv) have been carried out, steps (ii) to (iv) will be repeated until all remaining excess Rights Shares with Warrants C have been allocated.

Nevertheless, the Board reserves the right to allot any excess Rights Shares with Warrants C applied for via the electronic Rights Subscription Form or under Part I(B) of the Rights Subscription Form in such manner as it deems fit and expedient and in the best interest of the Company, subject always to such allocation being made on a fair and equitable basis and the intention of the Board as set out in (i) to (iv) above are achieved. The Board reserves the right to accept any excess Rights Shares with Warrants C application, in full or in part, without assigning any reason.

The Rights Shares with Warrants C are expected to be listed and quoted on the ACE Market of Bursa Securities on 28 April 2021.

This announcement is dated 21 April 2021.






Announcement Info

Company Name VORTEX CONSOLIDATED BERHAD
Stock Name VC
Date Announced 21 Apr 2021
Category General Announcement for PLC
Reference Number GA1-21042021-00028




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