Minh Phu Seafood Group Corporation (MINH PHU SEAFOOD CORP.) discloses the extraordinary shareholder meeting’s resolution of delisting MPC shares as follows:
Article 1: Approving of
delisting MPC shares:
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Company name: Minh
Phu Seafood Group Corporation
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Charter capital: 700,000,000,000
dongs (seven hundred billion dongs)
-
The delisted volume: 70,000,000
shares (seventy million shares)
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Stock type: common
share
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Code: MPC
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Exchange: Hochiminh
Stock Exchange (HOSE)
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Expected time for the delisting procedure: after this
meeting
-
Reason: restructuring
the company
Article 2: Solutions for
shareholders: the company planned to buy back shares.
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MINH PHU SEAFOOD CORP. has planned to buy back whole shares
of minority shareholders (owning fewer than 5% MPC shares). Total volume of
majority shareholders is 53,120,471 shares (75.89% of charter capital). Total
treasury share is 630,560 shares (0.9%). Total volume estimated to buy back is
16,248,969 shares (23.21% of issued shares).
-
Total estimated treasury share after the buy-back is maximum
16,879,529 shares (24.11% of issued shares).
-
The buy-back price: average closing price in last 3 months
is nearly at 26,000 dongs /share. Therefore, the buy-back price will be in
20,000 dongs – 30,000 dongs / share and be based on market price.
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Capital source: share premium and retained profit.
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Trading method: order matching & put through
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The principle of valuation: basing on the market price
and under the law
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Implement time: after getting SSC’s approval, finishing the
company’s disclosure obligation and implementing the transaction within 30 days
as of the first day of buying back shares. If the company cannot buy back
enough shares as the plan on time, the BOD is assigned to continuous buying back
shares under the Law.
Article 3: Approving of
cancellation of the share depository at VDC once the company is not reached
enough conditions of a public company.
Article 4: Authorizing the
BOD and Management Board to implement works approved as above.
Article 5: The resolution is
effective as of 04 Jan. 2014.
