Tuesday, 02/12/2014 11:28

FIT: Board Resolution on the share issue to increase charter capital in 2015


On 24 Nov. 2014, F.I.T Investment Joint Stock Company announced the share issue to increase charter capital in 2015 as follows:

1. Carrying out the stock offering to the public to increase charter capital in 2015 based on General Mandate 2014 No. 01/2014/NQ-DHDCD/FIT dated 26 April 2014 as follows:

- Interim dividend payment 2014 by share

+ Number of shares to be issued: 7,499,999 shares

+ Exercise rate: 100:15 (shareholder who holds 20 shares receive 3 new shares)

+ Method of rounding and handling fractional shares: Number of the shares which is paid in advance to outstanding shareholders in 2014 is rounded down to unit digit. The decimal (if any) will be distributed to other subjects by Board of Directors reasonably with selling price of VND 10,000/share. The proceeds from sale of fractional shares will be delivered to shareholders owning the fractional shares

For example, shareholder A named in the list on record date owns 124 shares with the exercise rate of 100:15; number of shares whose dividend is paid in advance to shareholder A in 2014 is (124x15):100 = 18.6 shares. Based on the rounding principle, the shareholder actually receives 18 shares and VND 6,000 in cash for 0.6 fractional shares. This number of fractional shares will be distributed to other subjects by Board of Directors with selling price of VND 10,000/ share

+ Exercise source: Profit after tax of the first 9 months of 2014

- Offering shares to outstanding shareholders:

+ Number of shares to be issued: 29,999,996 shares

+ Exercise rate: 100:60 (shareholder owning 100 shares is allowed to purchase 60 new shares)

+ Offering price: VND 10,000/share

+ Handling fractional shares and shares refused to buy

For fractional shares (if any) arising from the right exercise, in order not to exceed the issuing volume, number of additionally issued shares is rounded down to unit digit

Number of shares is refused to buy a proportion or the whole by outstanding shareholders, authorize Board of Directors to redistribute to other subjects with selling price equal to the price sold to outstanding shareholders, ensuring the success of the share issue and highest benefits to the Company and shareholders

+ Shareholders have rights to transfer the right of purchasing shares to other persons based on mutual negotiations and are only entitled to one-time transfer (not transfer to third person) 

- Offering to employees

+ Total number of shares to be issued: 2,500,000 shares, split into 2 times:

 First time: 1,712,499 shares (*)

Second time: 787,501 shares (**)

+ Offering price: VND 10,000/ share

+ Criteria and list of shareholders who are allowed to buy shares are decided by Board of Directors

2. Expected exercise time: Q.IV in 2014 – Q.I in 2015

3. Approve the detailed plan for using the proceeds

- Number of increased charter capital: VND 399 999 950 000, in which

Interim dividend payment in cash: VND 74 999 990 000 (based on par value)

Offering to outstanding shareholders: VND 299 999 960 000 (based on par value)

+ Offering to employees (first time): VND 17 124 990 000 (based on par value)

+ Offering to employees (second time): VND 7 875 010 000 (based on par value)

- Total proceedings: VND 324 999 960 000, in which:

From outstanding shareholder: VND 299 999 960 000

From employees: VND 25 000 000 000

+ From employees (first time): VND 17 124 990 000

+ From employees (second time): VND 7 875 010 000 (*)

Detailed use of the proceeds:

Purpose

Amount (VND)

Invest in subsidiaries, joint-ventures, associated companies

205 567 895 000

- Invest in Can Tho Agricultural Techniques Joint Stock Company

205 567 895 000

Supplement working capital to the Company

119 432 055 000

Total

324 999 960 000

 

* Investment plan of Can Tho Agricultural Techniques Joint Stock Company:

Plan

Amount (VND)

Invest in member companies (TSP, WFC, TSS)

1 012 405 180 000

Supplement working capital

200 000 000 000

Total

1 212 405 180 000

 

Accordingly, FIT expects to invest more capital of VND 788 063 367 000 in Can Tho Agricultural Techniques Joint Stock Company, VND 205 567 895 000 of which is from the proceeds, the residual amount of VND 582 495 472 000 will be mobilized from other sources by FIT

4. General Directors and related persons take responsibility for performing the resolution.

HNX

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>   NDN: Notice of transaction of share purchase rights of connected institution (State Capital Investment Coporation) (28/11/2014)

>   VCB: Information on additional issuance of stock (28/11/2014)

>   SHI: The record date for additional issuance and the 2014 dividend payment (27/11/2014)

>   OPC: Result share issue for capital increase (27/11/2014)

>   SEC: Report on capital using for the 2nd phase (27/11/2014)

>   NNC: NNC to issue new shares to increase its charter capital (26/11/2014)

>   C47: The record date for additional issuance (26/11/2014)

>   PAN: PAN to issue 1,200,000 ESOP shares (26/11/2014)

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