10 Oct 2018

OTHERS – Amended Announcements

Author: admin | Filed under: Announcement

OTHERS MESB BERHAD – EXTENSION OF TIME FOR THE UTILISATION OF PROCEEDS ARISING FROM THE PRIVATE PLACEMENT

Amended Announcements
Please refer to the earlier announcement reference number: GA1-05102018-00087

 

Type Announcement
Subject OTHERS
Description MESB BERHAD – EXTENSION OF TIME FOR THE UTILISATION OF PROCEEDS ARISING FROM THE PRIVATE PLACEMENT
Reference is made to the announcements of MESB Berhad (“the Company” or “MESB”) dated 9 October 2017 and 5 October 2018 in relation to the completion of the private placement of 12,600,000 new ordinary shares of RM0.73 each in MESB (“Placement Shares”) to independent third party investors (“Private Placement”).

In relation to the announcement dated 5 October 2018, the additional and amended information is and highlighted below:-

Details on the Intended/Extended Timeframe

Purpose Proposed Utilisation (RM’000) Variance (ii) (RM’000) Actual Utilisation (RM’000) Balance unutilised as at 4 October 2018 (RM’000)

Intended timeframe for utilisation

Extended timeframe for utilisation
Working capital 2,498 +32(ii) (2,530) –

Within 6 months from  the completion of the Private Placement

 –
Business expansion 6,500 – (5,565) 935(i)

Within 12 months from  the completion of the Private Placement

 Within 12 months from 8 October 2018 to 9 October 2019
Expenses related to the Private Placement 200 (32)(ii) (168) –

Within 1 month from  the completion of the Private Placement

 –
Total 9,198 – (8,263) 935

(i)  the balance proceeds is expected to be fully utilised within the extended timeframe.

(ii) As stated in the Circular to Shareholders dated 12 September 2017 in relation to Private Placement, if the actual expenses relating to the Private Placement are lower than the estimated amount i.e. RM200,000, the excess will be utilised for working capital purposes. The actual expenses for the Private Placement was RM168,000 and the excess of RM32,000 has been fully utilised for working capital on 21 September 2018.

The Board after having considered the existing progress of Group’s business expansion in the new product line, has decided to extend the time frame for the utilisation of the balance proceeds of RM935,000.

Accordingly, the Board wish to announce that it had on 5 October 2018 approved an extension of time of 12 months until 9 October 2019 for the utilisation of the aforesaid balance proceeds.

The extension of time for the utilisation of the balance of the proceeds is not subjected to shareholders’ or regulatory’ approvals.

This announcement is dated 10 October 2018

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