(For consistency, the abbreviations used throughout this announcement shall have the same meanings as defined in the announcement dated 16 December 2020 in relation to the Private Placement, where applicable, unless stated otherwise or defined herein.)
The Board of Directors of Vsolar (Board) wishes to inform that as at 11 January 2023, the Company has yet to fully utilise the proceeds raised from the Private Placement and the Board requires additional time to utilise the balance proceeds amounting to approximately RM9.130 million for the working capital on the solar photovoltaic (PV) solutions projects (Solar PV Projects) (Extension of Time).
The Board has resolved to extend the time frame for the utilisation of the said proceeds for another twelve (12) months period from 12 January 2023 to 11 January 2024 (Revised Time Frame) to provide additional time for the Group to utilise the balance of proceeds on the Solar PV Projects. The details of the Revised Time Frame are as follows:
| Description |
Proposed Utilisation
RM'000
|
Actual Utilisation
RM'000
|
Reallocation
RM'000
|
Balance Unutulised Proceeds
RM'000
|
Timeframe for Utilisation from the Receipt of Proceeds from the Date of Listing, i.e. 11 January 2021 |
Intended Time Frame for Utilisation |
Proposed Revised Time Frame |
| Working capital for Solar PV Projects |
8,823
|
- |
307 |
9,130 |
Within 24 months |
11 January 2023 |
11 January 2024 |
| Estimated expenses |
445 |
(138) |
(307) |
- |
Immediate |
- |
- |
| Total |
9,268 |
(138) |
- |
9,130 |
- |
- |
- |
The Revised Time Frame does not require the approval of any regulatory authorities or the shareholders of Vsolar.
The Board, having considered all aspects of the proposed Extension of Time, is of the opinion that it will not have material adverse effect on the financial performance of the Group and is in the best interest of the Group.
The Company shall continue to be vigilant and prudent in managing the remaining proceeds raised from the Private Placement and will continue to disclose the status of the utilisation in the Company's quarterly results and annual reports until it is fully utilised.
This announcement is dated 11 January 2023.