MULTIPLE PROPOSALS I-POWER BERHAD ("I-POWER" OR THE "COMPANY") I. PROPOSED CAPITAL REDUCTION; II. PROPOSED CAPITAL REDEMPTION RESERVE REDUCTION; III. PROPOSED SHARE PREMIUM REDUCTION; IV. PROPOSED SHARE CONSOLIDATION; V. PROPOSED ACQUISITION; VI. PROPOSED EXEMPTION; VII. PROPOSED OFFER FOR SALE; VIII. PROPOSED PRIVATE PLACEMENT; IX. PROPOSED INCREASE IN AUTHORISED SHARE CAPITAL; X. PROPOSED CHANGE OF NAME; AND XI. PROPOSED AMENDMENTS (COLLECTIVELY REFERRED TO AS THE "PROPOSALS")
| I-POWER BERHAD |
| Type | Announcement |
| Subject | MULTIPLE PROPOSALS |
| Description | I-POWER BERHAD ("I-POWER" OR THE "COMPANY") I. PROPOSED CAPITAL REDUCTION; II. PROPOSED CAPITAL REDEMPTION RESERVE REDUCTION; III. PROPOSED SHARE PREMIUM REDUCTION; IV. PROPOSED SHARE CONSOLIDATION; V. PROPOSED ACQUISITION; VI. PROPOSED EXEMPTION; VII. PROPOSED OFFER FOR SALE; VIII. PROPOSED PRIVATE PLACEMENT; IX. PROPOSED INCREASE IN AUTHORISED SHARE CAPITAL; X. PROPOSED CHANGE OF NAME; AND XI. PROPOSED AMENDMENTS (COLLECTIVELY REFERRED TO AS THE "PROPOSALS") |
The terms used herein, unless the context otherwise stated, bear the same meaning as those defined in the earlier announcements in relation to the Proposals I dated 11 August 2011, 15 August 2011 and 22 September 2011. We refer to the announcement made by OSK Investment Bank Berhad ("OSK"), on behalf of the Board of Directors of I-Power ("Board") on 11 August 2011, 15 August 2011 and 22 September 2011 in relation to the Proposals I. On behalf of the Board, OSK wishes to announce that the Company had, on 6 January 2012, entered into a supplemental agreement with the Vendors amending the SSA ("Supplemental Agreement") to revise the terms of the Proposed Acquisition I and Proposed Offer for Sale I as follows:- i. Proposed acquisition by I-Power of the entire issued and paid-up share capital of Instacom Engineering Sdn Bhd ("Instacom") comprising 4,500,000 ordinary shares of RM1.00 each for a total purchase consideration of RM102,000,000 to be satisfied entirely by the issuance of 510,000,000 new Consolidated Shares at an issue price of RM0.20 per Consolidated Share after the Proposed Share Consolidation ("Proposed Acquisition"); and ii. Proposed offer for sale of up to 51,000,000 Consideration Shares held by the Vendors to eligible investors to be identified pursuant to the Proposed Acquisition ("Proposed Offer for Sale") (the Proposed Capital Reduction, the Proposed CRR Reduction, the Proposed Share Premium Reduction, the Proposed Share Consolidation, the Proposed Acquisition, the Proposed Exemption, the Proposed Offer for Sale, the Proposed Private Placement, the Proposed Increase in Authorised Share Capital, the Proposed Change of Name and the Proposed Amendments shall collectively be referred to as the "Proposals"). Further details on the Proposals are attached below. | |
Announcement Info
| Company Name | I-POWER BERHAD (ACE Market) |
| Stock Name | IPOWER |
| Date Announced | 6 Jan 2012 |
| Category | General Announcement |
| Reference No | OI-120106-61591 |