We refer the Company’s announcements dated 27 October 2021, 29 October 2021 and 2 November 2021 in relation to the Extension of time for the utilisation of proceeds raised (“Announcements”). Unless otherwise defined, the definitions set out in the Announcements shall apply herein.
By way of background, on 24 February 2021, Dolphin announced that it had issued 135,607,860 shares at an issue price of RM0.0719 per share pursuant to its Corporate Exercise, Private Placement which announced on 26 January 2021. Pursuant to the Private Placement, Dolphin has allocated, amongst others, RM1.15 million of the proceeds raised to defray the set up costs for a new distribution company within 9 months from the date of listing of the Private Placement on 25 February 2021 i.e. by 25 November 2021 and subsequently it had been extended to another 12 months to 25 November 2022, within 21 months from the date of listing of the Private Placement on 25 February 2021.
The Board of Directors of Dolphin (“Board”) wishes to announce that as at 22 December 2022, Dolphin has yet to utilise the said proceeds. Pursuant thereto, the Board wishes to announce that it had resolved to extend the timeframe for the utilisation of the said proceeds for another 12 months from 26 November 2022 to 25 November 2023 as further detailed below:
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Purpose
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Proposed Utilisation
RM
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Actual Utilisation as at 22 December 2022
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Balance unutilised as at 22 December 2022
RM
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Announced revised timeframe for utilisation (from the date of listing of the Private Placement on 25 February 2021)
|
Additional timeframe
|
Revised timeframe for utilisation (from the date of listing of the Private Placement on 25 February 2021)
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Details/Reasons for extension of time
|
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Set up costs for a new distribution company
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1,150,000
|
Nil
|
1,150,000
|
Within 21 months
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12 months
|
Within 33 months
|
The management of Dolphin is still in discussions on the collaboration for the distribution of Uncle Don’s brand of chili & tomato sauce to retailers and restaurants and require more time to finalise this business proposal as well as to plan for the distribution and marketing office.
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This announcement is dated 23 December 2022