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VC9: Capital increase solution
Construction JSC No.9 (HOSE: VC9) announces the Board Resolution approved on 13/09/2011 as follows:
Appoving detailed plan of shares issue to increase charter capital to VND200 billion:
1. Issuer: Construction JSC No.9
2. Stock in the offering:
- Stock code: VC9
- Stock type: common
- Par value: VND 10,000
- Offering volume: 8,000,000 shares
- Total par value: VND80,000,000,000
3. Expected proceeds: VND 80,000,000,000
Subject of the issue: Outstanding sharehoders in the list to be recorded by the VSD. Treasury shares are not allotted the purchase rights.
4. Purpose for the fundraising:
- Supplementing working capital, reducing bank loan, thus, reducing financial expenses and increasing operational efficiency: VND50 billion
- Investing in building construction equipment for Block 102 construction in Bac An Khanh urban area and project of 45 floors CT4 invested by Vimeco JSC in Vimeco urban area, Pham Hung road, Cau Giay district, Hanoi city: VND30 billion.
5. Offering method:
Placement with outstanding shareholders
+ Offering volume: 8,000,000 shares
+ Exercise rate: 100:66.66 (Shareholders are entitled to buy 66.66 new shares for every 100 shares they own. The number of shares a shareholder can buy is rounded down to units digit)
+ Offering price: VND 10,000/ share
6. Rules on rights transfering:
Purchase rights can be transfered once only
7. Rule on transfer of shares in the issue :
Shares in the issue are common shares and are not under transfer restriction.
8. Capital structure before and after the issue:
|
Ownership rate |
Before increasing charter capital |
After increasing charter capital |
|
Number (share) |
Percentage (%) |
Number (share) |
Percentage (%) |
|
Vietnam Construction and Import-Export Joint Stock Corporation (Vinaconex., JSC) |
6,519,825 |
54.33 |
10,866,375 |
54.33 |
|
Other shareholders |
5,480,175 |
9,133,625 |
45.67 |
|
|
Total |
12,000,000 |
100 |
20,000,000 |
100 |
9. Dilution risk: Dilution risk could happen when the Company issues shares to increase charter capital with favourable price (Lower than market price of outstanding shares):
- Dilution risk of earning per share (EPS): Because of change in number of outstanding shares and speed of profit growth, EPS will have some changes
- Dilution risk of technical adjustment of stock price: Because of favourable price of shares in the issue, reference price in the ex-date will be technically adjusted
10. Odd shares and unsold shares will be distributed by the BOD to other subjects with price not lower than VND10,000 and with appropriate conditions
11. All distributed shares will be deposited and additionally listed on Hanoi Stock Exchange (Within one year since the end of the issue).
12. Amending the Company’s charter and business registration certificate.
HNX
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