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PVC: Results of Annual General Meeting of Shareholders 2010
Drilling Mud Corporation has disclosed the results of its Annual General Meeting of Shareholders held on 30/6/2010. The following resolutions were approved:
1. Agree on the private placement plan of unsold shares (303,059 shares) for Petrovietnam Fertilizer and Chemicals Corporation and Plan of using the proceeds.
2. Agree on placement plan to employees to increase charter capital: Total volume of shares to be issued: 977,064 shares, equivalent to 5% of charter capital and Plan of using the proceeds.
3. Agree on placement plan to outstanding shareholders to increase charter capital and Plan of using the proceeds.
4. Authorized the BOD to make decision of unsold shares
5. Agree on the listing of newly issued shares
6. Amendment of company’s charter
7. Details of Placement plan as follows:
- Total volume of shares to be issued: 15,761,775 shares
- Total par value of shares to be issued: VND 157,617,750,000
- New charter capital after the issuance: VND 350 bil
- Timeline: Quarter III/2010
a. Phase 1: Private placement to Petrovietnam Fertilizer and Chemicals Corporation:
- Current charter capital: VND 192,382,250,000
- Volume of share to be issued: 303,059 shares
- Par value: VND 10,000/ share
- Offering price: VND 15,000/ share
- Total par value of shares to be issued: VND 3,030,590,000
- Share transfer restriction within 01 year from the completion date of the private placement.
b. Phase 2: Seasoned issue to employees and outstanding shareholders:
- Charter capital after Phase 1: VND 195,412,840,000
- Volume of share to be issued: 15,458,716 shares
- Total par value of shares to be issued: VND 154,587,160,000
- Subjects of the issue: Employees and outstanding shareholders, in which:
+ Issue to employees (5% of charter capital):
- Volume of share to be issued: 977,064 shares
- Total par value: VND 9,770,640,000
- Offering price: VND 10,000/ share
- Transfer of share purchase rights: The staff are not allowed to transfer share purchase rights
- Unsold shares will be distributed to other subjects with price not lower than that offered to the staff.
+ Issue to outstanding shareholders:
- Volume of share to be issued: 14,481,652 shares
- Total par value: VND 144,816,520,000
- Exercise rate: 1 : 0.74 (Shareholders are entitled to buy 74 new shares for every 100 shares they owned).
- Offering price: VND 10,000/ share
- Number of shares to be issued is round down to unit digit.
8. Total expected proceeds after the issuance: VND 157.617 bil
9. Plan of using the proceeds:
- Proceeds from private placement: Capital contribution to CNG Vietnam: VND 3.03 bil
- Proceeds from placement to employees and outstanding shareholders
+ Capital contribution: VND 42.895 bil
+ Industrial project: VND 48.21 bil
+ Acquisition of equipment: VND 35 bil
+ Supplement to working capital: VND 28.486 bil.
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