Bursa Announcements

Date : 24 May 2004

PALETTE MULTIMEDIA BHD ("PALETTE" OR "COMPANY") · PROPOSED RATIFICATION FOR A DISCOUNT OF TEN PERCENT (10%) FROM THE FIVE (5)-DAY WEIGHTED AVERAGE MARKET PRICE FOR THE ISSUE PRICE OF THE NEW SHARES OF PALETTE PURSUANT TO A PRIVATE PLACEMENT ("PROPOSED RATIFICATION"); AND · PROPOSED RENEWAL OF SHAREHOLDERS’ MANDATE FOR RECURRENT RELATED PARTY TRANSACTIONS OF A REVENUE OR TRADING NATURE ("PROPOSED RENEWAL OF MANDATE")

PALETTE MULTIMEDIA BERHAD

Type

Announcement
SubjectPALETTE MULTIMEDIA BHD ("PALETTE" OR "COMPANY")

· PROPOSED RATIFICATION FOR A DISCOUNT OF TEN PERCENT (10%) FROM THE FIVE (5)-DAY WEIGHTED AVERAGE MARKET PRICE FOR THE ISSUE PRICE OF THE NEW SHARES OF PALETTE PURSUANT TO A PRIVATE PLACEMENT ("PROPOSED RATIFICATION"); AND

· PROPOSED RENEWAL OF SHAREHOLDERS’ MANDATE FOR RECURRENT RELATED PARTY TRANSACTIONS OF A REVENUE OR TRADING NATURE ("PROPOSED RENEWAL OF MANDATE")

Contents :

Pursuant to the announcement dated 12 January 2004 it was stated that Bursa Malaysia Securities Berhad also approved Palette’s application to price the new ordinary shares of RM0.25 each in Palette to be issued pursuant to the private placement at a discount of ten percent (10%) from the five (5)-day weighted average market price of the shares of Palette prior to the private placement. However, Palette is to seek subsequent ratification of its shareholders for the discount at the next Annual General Meeting (“AGM”) of the Company. In view of the above, the Company intends to seek the Proposed Ratification in the forthcoming AGM.


In addition, at the Extraordinary General Meeting of Palette held on 23 May 2003, the Company has obtained shareholders’ approval for a mandate for the Company to enter into recurrent related party transactions of a revenue or trading nature. The shareholders’ mandate will continue to be in force until the conclusion of the forthcoming AGM unless it is renewed. As such, the Board of Directors wishes to announce that the Company proposes to seek its shareholders’ approval for the Proposed Renewal of Mandate at the forthcoming AGM.

A Circular to Shareholders containing information of the Proposed Ratification and Proposed Renewal of Mandate together with the Company’s 2003 Annual Report will be despatched to the shareholders of the Company in due course.



Announcement Info

Company NamePALETTE MULTIMEDIA BERHAD (MESDAQ Market) 
Stock Name PALETTE    
Date Announced24 May 2004  
CategoryGeneral Announcement
Reference NoMM-040524-55360

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