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Far 3 Reconstruction Event Essay

1074 words - 5 pages

Reconstruction Events
Restructuring is a significant modification made to the debt, operations or structure of a company. This type of corporate action is usually made when there are significant problems in a company, which are causing some form of financial harm and putting the overall business in jeopardy. The hope is that through restructuring, a company can eliminate financial harm and improve the business
The company have been undergoing recon structuring because the company suffered huge loss from credit crisis in the US. In order to keep the company continuous their operations, the company need to experience internal recon structuring,
The company proposed share capital reduction ...view middle of the document...

However, the amount of share premium to be used for the Proposed Share Premium Reduction would be reduced by RM0.45 for each new ordinary share issued arising from the said exercise of warrants in which case the share premium amount intended for such utilisation shall be reduced accordingly;

The company also proposed amendments to the Company’s Memorandum of Association to facilitate the Proposed Capital Reconstruction and proposed renounceable rights issue of up to a maximum of 2,674,683,194 new ordinary shares of RM0.10 each in PMI (“Rights Shares”) (assuming that all of the existing warrants of PMI are exercised prior to the implementation of the Proposed Par Value Reduction) on the basis of three (3) Rights Share for every two (2) existing ordinary shares of RM0.10 each held in PMI (after the Proposed Capital Reconstruction) at an indicative issue price of RM0.10 per Rights Share.

It is expected that the unaudited accumulated losses of the Company as at 31 December 2005 amounting to approximately RM1,339.703 million would be completely written-off upon completion of the Proposed Capital Reconstruction.

Table 1: Summary of the Proposed Par Value Reduction
Based on the existing share capital of PMI of RM1,239,662,112 as at 28 February 2006
(“Existing Share Capital”)
No. of PMI Ordinary Shares
Par Value
(RM)
Value
(RM)

Existing Share Capital 2,479,324,224 0.50 1,239,662,112
After the Proposed Par Value Reduction 2,479,324,224 0.05 123,966,211

Events That Could Possibly Lead to Company’s restructuring

Pan Malaysian Industries had announced that it is considered as a PN17 Company pursuant to Paragraph 2.1(a) of PN17 because of the financial problem. In order to survive, the company need to restructure their capital. Pan Malaysia Holdings Bhd has seen net income shrink from a gain of 1.4M MYR to a loss of 39.3M MYR despite relatively flat revenues. A key factor has been an increase in the percentage of sales devoted to the cost of goods sold from 38.19% to 41.35%.

With the credit crisis started by the...

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