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PVA: General Mandate 2010
PetroVietnam Nghe An Construction JSC has disclosed the General Mandate dated 12/5/2010 results from a ballot. The following resolutions were approved:
1. Adjusted seasoned issue plan to increase charter capital:
- Current charter capital: VND 100 bil
- Volume of shares to be issued: 50,000,000 shares
- Par value: VND 10,000 /share
- Total par value of shares to be issued: VND 500 bil
- Charter capital after the issuance: VND 600 bil
- Total volume of outstanding shares after the issuance: 60,000,000 shares
2. Method of placement:
- Placement to outstanding shareholders by share purchase rights method:
+ Volume of shares to be issued: 32,000,000 shares
+ Par value: VND 10,000/share
+ Total par value of shares to be issued: VND 320 bil
+ Right allotment rate: 1 share: 1 right
+ Exercise rate: 1 : 3.2 (Shareholders are entitled to buy 3.2 new shares for every 01 right they own).
- Placement to employees:
+ Volume of shares to be issued: 500,000 shares
+ Par value: VND 10,000/share
+ Total par value of shares to be issued: VND 5 bil
+ No transfer restriction.
+ Shares shall be distributed equally to employees who have signed permanent labor contract with the company and named in employees list as of 31/03/2010.
- Placement to strategic shareholders for further expansion of operation and implementation of the company’s strategic directions:
+ Volume of shares to be issued: 17, 500,000 shares
+ Total par value of shares to be issued: VND 175,000,000,000
+ List of strategic shareholders:
- Vietnam Investment Partners Ltc. Company: 5,000,000 shares
- VIP LLC (In British): 1,000,000 shares
- Petrovietnam Securities JSC: 1,800,000 shares
- PDIC Real estate Investment and Development Co., Ltd : 2,200,000 shares
+ Assigned the BOD to find other strategic partners for distribution of the remaining 7,500,000 shares at offering price not lower than VND 12,000/share
+ All strategic partners are under transfer restriction in pursuant to regulations on private placement.
3. Offering price:
- To outstanding shareholders: VND 10,000/share
- To employees: VND 10,000/share
- To strategic partners: VND 12,000/share
4. Plan of using the proceeds:
- Capital contribution: VND 251,806 mil
+ Acquisition of PVIT shares: VND 71,645 mil
+ Acquisition of 12-9 Petro Cement JS Company: VND 180,161 mil
- Real estate: VND 139,800 mil
+ Hoang Mai Industrial zone: VND 41,800 mil
+ Truong Thi Residental house: VND 51,000 mil
+ Thai Hoa Commercial center: VND 47,000 mil
- Industrial project (Canh sat Stone querry): VND 9,700 mil
- Acquisition of equipment: VND 32,683 mil
- Increase working capital: VND 101,011 mil
5. The number of shares shareholder can buy is rounded down to unit digit.
6. Exercise date: to be finished within Quarter 3/2010
7. Listing of additional issued shares in HNX.
8. Authorized the BOD to:
- Define criteria to select strategic partners
- The odd shares and shares unsold will be offered to strategic shareholders in terms of price and subject of the offering to strategic partners (VND 12,000/ share)
- Amendment of the company’s charter in pursuant to the new charter.
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