Resource Holding Management Limited Update re Proposed PUCF Rights Issue (7423K)

TIDMRHM

RNS Number : 7423K

Resource Holding Management Limited

04 January 2016

4 January 2016

Resource Holding Management Limited

("RHM" or the "Company")

Update re Proposed PUCF Rights Issue

Further to the announcements made by the Company dated 29 December 2015, 14 December 2015, 11 December 2015, 9 December 2015, 6 November 2015, 28 October 2015, 12 October 2015, 11 September 2015 and 10 August 2015 regarding the proposal by PUCF Founder (MSC) Berhad ("PUCF") to conduct, inter alia, a rights issue of three year 4% irredeemable convertible unsecured loan stock ("ICULS") with warrants (collectively the "Proposed PUCF Rights Issue"), the Board of RHM (AIM:RHM) notes the announcements made today by Public Investment Bank Berhad on behalf of PUCF (the "Announcements").

RHM's wholly-owned subsidiary, RedHot Media International Limited ("RMIL"), currently holds 443,168,402 ordinary shares in PUCF, which represents 41.58% of PUCF's issued share capital, and 36,215,840 warrants to subscribe for new PUCF shares.

Today's Announcements are in respect of the proposed timeline for the finalisation of the Proposed PUCF Rights Issue. The proposed timeline is for PUCF to publish its abridged prospectus on 21 January 2016 and completion of the PUCF Rights Issue in Malaysia is targeted for 24 February 2016.

Extracts from the Announcements are detailed below.

RHM will make further announcements in respect of the Proposed PUCF Rights Issue as appropriate.

For further information please contact:

 
Resource Holding Management Limited 
Cheong Chia Chieh                    Tel: [phone] 
 
Allenby Capital Limited (Nominated   Tel: +44 (0)203 
 Adviser and Broker)                  328 5656 
Nick Athanas / Alex Brearley 
 

The following are extracts from the Announcements:

 
       Important Relevant Dates for Renounceable Rights 
 
 
 
 
 
       Title / Description                                                                         :                Renounceable rights issue of up to RM83,901,476.75 nominal value of three 
                                                                                                                     (3)-year, 4%, irredeemable 
                                                                                                                     convertible unsecured loan stocks ("ICULS") at 100% of the nominal value of 
                                                                                                                     RM0.05 each ("Rights 
                                                                                                                     ICULS") on the basis of twenty eight (28) RM0.05 nominal value of the ICULS for 
                                                                                                                     every twenty 
                                                                                                                     (20) existing ordinary shares of RM0.10 each in PUCF held at 5.00 p.m. on 19 
                                                                                                                     January 2016 
                                                                                                                     together with up to 419,507,384 free new detachable warrants ("Warrants-B") on 
                                                                                                                     the basis of 
                                                                                                                     seven (7) Warrants-B for every twenty eight (28) Rights ICULS subscribed ("Rights 
                                                                                                                     Issue of 
                                                                                                                     ICULS with Warrants"). 
       Despatch Date                                                                               :         21/01/2016 
              Date for commencement of trading of the rights                                       :         20/01/2016 
              Date for cessation of trading of the rights                                          :         28/01/2016 
              Date for announcement of final subscription result and basis of allotment of         :         17/02/2016 
               excess Rights 
               Securities 
              Listing date of the Rights Securities                                                :         24/02/2016 
 
 
       Last date and time for                                      Date                             Time 
 
               Sale of provisional allotment of rights              :            27/01/2016  At                   05:00:00 PM 
              Transfer of provisional allotment of rights          :           02/02/2016           At          04:00:00 PM 
              Acceptance and payment                               :           05/02/2016           At          05:00:00 PM 
              Excess share application and payment                 :           05/02/2016           At          05:00:00 PM 
 
 
       Rights Securities will be listed and quoted as the existing securities of the same class: 
 
        No. 
 
         To specify the entitlement that the holders of the Rights Securities will not be entitled 
         to: 
 
         There are no existing securities of the same class which are listed. 
 
         The ICULS shall constitute direct, unconditional and unsecured obligations of PUCF and subject 
         to the provisions contained in the Trust Deed, must at all times rank pari passu, without 
         discrimination, preference or priority between themselves and must rank at least pari passu 
         with all present and future direct, unconditional, unsecured and unsubordinated debts and 
         obligations of PUCF except for those which are preferred by law. 
 
         The new PUCF Shares to be allotted and issued upon conversion of the ICULS and exercise of 
         the Warrants-B will rank pari passu in all respects with the existing PUCF Shares except that 
         such new PUCF Shares will not be entitled to any dividends, rights, allotments and/or distributions 
         declared, the entitlement date of which precedes the date of allotment and issuance of such 
         new PUCF Shares. 
 
       Remarks: 
       The last date and time for acceptance and payment as well as the last date and time for excess 
        application and payment is at 5.00 p.m. on 5 February 2016 or such later date and time as 
        the Board of Directors of PUCF may decide and announce not less than two (2) market days before 
        the stipulated date and time. 
 
        This announcement is dated 4 January 2016. 
 

This information is provided by RNS

The company news service from the London Stock Exchange

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January 04, 2016 08:20 ET (13:20 GMT)