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V.S INDUSTRY BHD VS (6963)

3.100 0.030 (0.98 %)

High: 3.100     Low: 3.020     Vol: 2,992,400 Average Vol: 57,989

last updated: 17-Oct-2017 4:56 PM
Company: V.S INDUSTRY BHD
Date Announced: 23-Dec-2010
Subject: SUBSCRIPTION OF UP TO 185,311,501 RIGHTS SHARES OF V.S. INTERNATIONAL GROUP LIMITED ("VSIGL") BY VSI PURSUANT TO THE RIGHTS ISSUE UNDERTAKEN BY VSIGL ("SUBSCRIPTION")
Content: The Board of Directors of VSI ("Board") wishes to announce that VSIGL, the associate company of VSI and also a listed company on the Hong Kong Stock Exchange, had on 22 December 2010 announced that VSIGL is undertaking a rights issue of up to 297,672,000 new ordinary shares of HKD0.05 each in VSIGL ("Rights Shares") on the basis of one (1) Rights Share for every three (3) ordinary shares of HKD0.05 each in VSIGL ("VSIGL Shares") together with up to 148,836,000 new free detachable warrants ("Warrants") on the basis of one (1) Warrant for every two (2) Rights Shares subscribed ("Rights Issue"). As at 1 December 2010, VSIGL has 26,040,000 outstanding Employee Share Option Scheme ("ESOS") options. Each ESOS option carries the right to subscribe for one (1) new VSIGL Share during the three (3) years period of the ESOS expiring on 31 July 2013. Based on the total issued and paid-up share capital of VSIGL as at 1 December 2010 of HKD43,348,800 comprising 866,976,000 VSIGL Shares and assuming full exercise of the ESOS options, the maximum number of new VSIGL Shares to be issued pursuant to the Rights Issue will be up to 297,672,000 VSIGL Shares. However, assuming there are no exercise of the ESOS options, the number of new VSIGL Shares to be issued pursuant to the Rights Issue will be 288,992,000 VSIGL Shares. Following the Rights Issue, VSI has provided its irrevocable undertaking vide a letter dated 22 December 2010 to subscribe for its Rights Shares entitlement and excess Rights Shares. Further details on the Subscription are set out in the attachment below.
Attachment: VSI Subscription .pdf
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