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S99: Board Resolution
Song Da No 9.09 JSC has announced the Board Resolution approved on 23/7/2010 as follows:
1. Operating results of Quarter II and Plan of Quarter III:
* Results of Quarter I/2010
- Production: VND 29.320 billion
- Profit : VND2.871 billion (57.42% of plan)
* Plan of Quarter III/2010
- Production: VND 53.530 billion
- Investment: VND 24.2 billion
- Revenue: VND 34.463 billion
- Payables to the State: VND 2.932 billion
- Profit: VND 5.625 billion
- Investment plan:
+ Construction: continuing the construction at Son la Hydropower plant, Lai Chau Hydropower plant, South Quang nam Road,
+ Carrying out Vinh ho, Ngoc Khanh, Tan Van projects.
2. Approving the establishment of its subsidiary:
- Name of the subsidiary: Song Da - HongLinh JSC
- Abbreviation: Songda-Honglinh - S99, JSC
- Address: Xuan Vien, Nghi Xua District, Ha Tinh Province
- Charter capital: VND 20 billion
- Ownership structure:
+ Song Da No 9.09 JSC: 51%
+ Vien Loc JSC: 20%
+ Other Shareholders: 29%
- Duration of the Company: 50 years
- Start date for the operation: Quarter III and IV / 2010
3. Seasoned issue plan to increase charter capital to VND170 billion
* Stock type: Common stock
* Par value: VND10,000/share
* Number of shares to be issued: 9,000,000 shares
* Expected exercise date: Quarter III and Quarter IV/2010
* Expected proceeds: VND 72 billion
* Use of proceeds: Investment in the Company’s equipment: VND20 billion; Supplement to working capital: VND52 billion.
Offering method:
Phase1:
- Dividend payment by share:
Exercise rate:18% (Shareholders are entitiled to receive 18 new shares for every 100 shares they own).
Offering volume: 1,440,000 shares.
Resources for the issue: retained earnings 2009.
- Bonus share issue to outstanding shareholders:
Exercise rate: 7% (Shareholders are entitiled to receive 7 new shares for every 100 shares they own).
Offering volume: 560,000 shares.
Resources for the issue: retained earnings 2009 and Investment and Development fund as of 31/12/2009.
Phase 2:
- Offering to outstanding shareholders:
Offering volume: 600,000 shares
Exercise rate: 10:6 (Shareholders are entitiled to buy 6 new shares for every 10 shares they own).
Offering price: VND10,000/share
- Offering to the Company’s staff:
Offering volume: 400,000 shares
Offering price: VND12,000/share
- Offering to the Company’s customers:
Offering volume: 400,000 shares
Offering price: VND12,000/share
4. Adjustment of some targets for 2010.
5. Adjustment of the Company’s Financial and accounting plan for 2010.
hnx
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