ARTICLE ENTITLED - "White Knight" to inject RM300 million into L&M, spearhead new activities
| L&M CORPORATION (M) BHD |
| Type | Reply to query |
| Reply to Query Letter by KLSE reference ID | PY-000816-62562 |
| Subject | ARTICLE ENTITLED - "White Knight" to inject RM300 million into L&M, spearhead new activities |
Contents :
We refer to your letter dated 16 August 2000 regarding the above article appearing in The Edge Online, Wednesday, 16 August 2000 and in particular, the underlined sentences, which are reproduced as follows:-
(i) "L & M Corporation Bhd's debt restructuring scheme is likely to see the emergence of a white knight who will inject some RM300 million worth of properties into the ailing engineering services group,....."
"....the "white knight" will become the new controlling shareholder in L&M after its debt restructuring exercise."
- In this respect, the Board of Directors of L&M Corp wish to advise that the Company is in the midst of finalising the details of the proposed debt and corporate restructuring scheme pursuant to Section 176 of the Companies Act, 1965 ("Proposed Scheme"). The Proposed Scheme involves, inter-alia, the injection of companies in the construction and hotel industries into the Group. Financial due diligence reviews and valuations on the said companies are presently being conducted. However, the Directors are not aware of and therefore are unable to comment on the injection of "RM300 million worth of properties" into L&M Corp.
- A brief outline of the Proposed Scheme was previously announced on 29 May 2000. A full announcement will be made to the KLSE upon the finalisation of the Proposed Scheme.
(ii) "L&M is expected to seek an extension of its restraining order under Section 176(10) of the Companies Act, 1965, which expires at the end of this month, ........"
- The restraining order ("RO") granted by the Hight Court of Malaya ("Court") will expire on 26 August 2000. Currently, L&M Corp's solicitors are in the process of preparing the application for extension of time for the RO with the Court. The relevant announcement will be made once the application for the said extension has been filed.
Query Letter Contents :
We refer to the above article appearing on The Edge Online, Wednesday, 16August 2000, a copy of which is enclosed for your reference.
In particular, we would like to draw your attention to the underlined
sentences, which are reproduced as follows:-
''L&M Corporation Bhd's debt restructuring scheme is likely to see the
emergence of a white knight, who will inject some RM300 million worth of
properties into the ailing engineering services group,...''
''...the "white knight" will become the new controlling shareholder in L&M
after its debt restructuring exercise.''
''L&M is expected to seek an extension of its restraining order under Section
176(10) of the Companies Act, which expires at the end of this month,...''
In accordance with the Exchange's Corporate Disclosure Policy, you are
requested to furnish the Exchange with an announcement for public release
confirming or denying the above reported article and in particular the
underlined sentences after due and diligent enquiry with all the directors,
substantial shareholders and all such other persons reasonably familiar with
the matters about which the disclosure is to be made in this respect. In the
event you deny the above sentences or any other part of the above reported
article, you are required to set forth facts sufficient to clarify any
misleading aspects of the same. In the event you confirm the above sentences or
any other part of the above reported article, you are required to set forth
facts sufficient to support the same.
Please furnish the Exchange with your reply within one (1) market day from the
date hereof.
Yours faithfully
KUALA LUMPUR STOCK EXCHANGE
Tan Yew Eng
Senior Manager, Listing Operations
ASL/LPY
c.c. Securities Commission
Announcement Info
| Company Name | L&M CORPORATION (M) BHD |
| Stock Name | L&MCORP |
| Date Announced | 17 Aug 2000 |
| Category | General Announcement |
| Reference No | CS-000817-51117 |
