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TET: Board Resolution on share auction
Northern Textiles and Garments JSC (HNX: TET) (Textaco) announces Board Resolution approved on 24/08/2011 as follows:
Approving the sale of 800,000 shares of Truong Ha JSC’s equity held by Northern Textiles and Garments JSC, detailed:
1. Seling method: full-package auction. The auction is successful when all shares are sold to only 01 investor.
2. Initial price: VND32,500 per share.
3. Lowest bid volume: 800,000 shares
4. Highest bid volume: 800,000 shares
5. Bid price: each participant gives only 01 bid price
6. Tick size of one share: VND100
7. Ineligible participants:
- Shareholders, authorized representatives holding more than 35% of total common shares of TEXTACO and their connected persons
- Institutions stipulated by Term 1a and 1b, Article 118, Business Law 2005 and Connected persons and institutions of Directors and General Manager
- Directors, General Manager, Deputy General Manager, Chief Accountant of TEXTACO and their connected persons and institutions
- Members of Auction Board
- Intermediary financial institutions who calculate the value of Truong Ha JSC as the base for the share auction and individuals of these institutions participating in the evaluation.
- Advisory organization for the share auction and individuals of this organization participating in the consultancy
8. Representatives of TEXTACO in the auction board:
- Mr. Nguyen Nhu Lam – Chair of the Board of TEXTACO and Chair of the Board of Truong Ha JSC
- Ms. Nguyen Thi Bich Mui – Director and Chief Accountant of TEXTACO
- Ms. Nguyen Duc Ha – Deputy General Manager of TEXTACO and Chief Accountant of Truong Ha JSC.
HNX
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