|Subject||NEW ISSUE OF SECURITIES (CHAPTER 6 OF LISTING REQUIREMENTS)
AIRASIA X BERHAD (AAX OR THE COMPANY) PROPOSED RIGHTS ISSUE WITH WARRANTS
(Unless otherwise stated, the definitions used herein shall have the same meanings as set out in AAX’s announcement dated 30 January 2015 (“Announcement”))
We refer to the Announcement and the announcements dated 13 February 2015, 27 February 2015, 4 March 2015, 5 March 2015, 27 March 2015, 22 April 2015 and 24 April 2015.
On behalf of the Board, CIMB wishes to announce that in respect of the Proposed Rights Issue with Warrants, the Board has determined the following:
(i) that the Issue Price has been fixed at RM0.22 per Rights Share at an entitlement basis of 3 Rights Shares for every 4 existing AAX Shares held by the Entitled Shareholders as at 5.00 p.m. on 15 May 2015 (“Entitlement Date”); and
(ii) that the exercise price of the Warrants has been fixed at RM0.46 for each Warrant at an entitlement basis of 1 Warrant for every 2 Rights Shares subscribed for by the Entitled Shareholders.
The Issue Price of RM0.22 per Rights Share represents a discount of 50% to the 5-Market Day VWAMP of AAX Shares up to and including 28 April 2015 of RM0.44, being the last trading day of AAX Shares prior to the date of this announcement. The Issue Price also represents a discount of approximately 37% to the TERP of AAX Shares of RM0.35 based on the 5-Market Day VWAMP of AAX Shares up to and including 28 April 2015. The exercise price of RM0.46 for each Warrant represents a premium of approximately 30% over the TERP of AAX Share.
Based on the existing issued and paid-up share capital of the Company as at the date of this announcement, the Proposed Rights Issue with Warrants will involve the issuance of 1,777,777,790 Rights Shares to raise gross proceeds of up to RM391,111,114 and the issuance of 888,888,895 Warrants. Assuming the full exercise of the Warrants during its tenure, the Warrants will raise a potential gross proceeds of up to RM408,888,892. However, the final gross proceeds to be raised from the Rights Issue with Warrants will be dependent on the issued and paid-up share capital of the Company on the Entitlement Date.
In connection with the issuance of the Warrants, the Company had also on today, entered into the Deed Poll constituting the terms and conditions of the Warrants to be issued in conjunction with the Proposed Rights Issue with Warrants (the “Deed Poll”).
AAX had also on 29 April 2015 entered into an underwriting agreement with CIMB (as Managing Underwriter and Joint Underwriter), MIDF Amanah Investment Bank Berhad (as Joint Underwriter) and Kenanga Investment Bank Berhad (as Joint Underwriter) (the “Underwriting Agreement”) for the underwriting of an aggregate of 872,524,264 Right Shares, representing approximately 49.08% of the total issue size of the Rights Issue with Warrants (the “Underwritten Rights Shares”). The Underwritten Rights Shares represent the remaining Rights Shares not undertaken to be subscribed for by the Undertaking Shareholders which was announced on 24 April 2015. The aforesaid joint underwriters shall underwrite the Underwritten Rights Shares which are not taken up after the application of excess Rights Shares at the Issue Price.
A copy of the Deed Poll and the Underwriting Agreement will be made available for inspection at the registered office of AAX at B-13-15, Level 13, Menara Prima Tower B, Jalan PJU 1/39, Dataran Prima, 47301 Petaling Jaya, Selangor Darul Ehsan, during normal business hours from Mondays to Fridays (except on public holidays) for a period of 3 months from the date of this announcement.
This announcement is dated 29 April 2015.
|Company Name||AIRASIA X BERHAD|
|Date Announced||29 Apr 2015|
|Category||General Announcement for PLC|