PRKCORP (8346) - Perak Corp shareholders to vote on Tenaga offer for Integrax stake
KUALA LUMPUR: Perak Corp Bhd is unable to accede to Integrax deputy chairman Amin Halim Rasip’s request to modify the existing resolution of Friday’s EGM or to add a new one.
In a filing with Bursa Malaysia on Thursday, it said the request did not comply with the company’s articles of association (AA).
“The proposed modification and proposed addition of resolution would tantamount to a new business and subject always to the provisions of Section 151 of the Companies Act 1965, under Article 58 of the AA, (whereby) for a business to be transacted at an EGM. due notice to the shareholders of the company must be given at least 14 days before the meeting,” Perak Corp said.
Shareholders will vote on Friday on Perak Corp’s proposed disposal of its entire equity interest (15.74%) in Integrax, held via unit Taipan Merit Sdn Bhd, to Tenaga Nasional Bhd for RM3.25 a share or a total of about RM154mil.
Perak Corp confirmed that it had received a letter of demand from Amin asking it to invite and procure offers of “no less favourable terms and price” than recommended by M&A Securities Sdn Bhd.
M&A Securities, the independent adviser appointed by the Integrax board, had advised that Tenaga’s revised offer of RM3.25 was “not fair but reasonable”. This was based on the updated value of Integrax shares of RM3.60 to RM3.66 and the possible deterioration of the trading liquidity of Integrax shares if Tenaga’s shareholdings were to increase later.
According to Perak Corp, Amin has asked it to modify the resolution so that the sale price to Tenaga becomes “no less than RM3.66 per Integrax share” and that other parties are also invited to come forward with “a superior offer” or an offer of at least RM3.66 per share.
Perak Corp said it was currently seeking legal advice on the letter of demand and would take appropriate steps to address the issue.
It also clarified that neither the company nor its directors had received any writ of summon. In his press statement on Wednesday, Amin said he had begun “legal action” against Perak Corp and its directors.
http://www.thestar.com.my
KUALA LUMPUR: Perak Corp Bhd is unable to accede to Integrax deputy chairman Amin Halim Rasip’s request to modify the existing resolution of Friday’s EGM or to add a new one.
In a filing with Bursa Malaysia on Thursday, it said the request did not comply with the company’s articles of association (AA).
“The proposed modification and proposed addition of resolution would tantamount to a new business and subject always to the provisions of Section 151 of the Companies Act 1965, under Article 58 of the AA, (whereby) for a business to be transacted at an EGM. due notice to the shareholders of the company must be given at least 14 days before the meeting,” Perak Corp said.
Shareholders will vote on Friday on Perak Corp’s proposed disposal of its entire equity interest (15.74%) in Integrax, held via unit Taipan Merit Sdn Bhd, to Tenaga Nasional Bhd for RM3.25 a share or a total of about RM154mil.
Perak Corp confirmed that it had received a letter of demand from Amin asking it to invite and procure offers of “no less favourable terms and price” than recommended by M&A Securities Sdn Bhd.
M&A Securities, the independent adviser appointed by the Integrax board, had advised that Tenaga’s revised offer of RM3.25 was “not fair but reasonable”. This was based on the updated value of Integrax shares of RM3.60 to RM3.66 and the possible deterioration of the trading liquidity of Integrax shares if Tenaga’s shareholdings were to increase later.
According to Perak Corp, Amin has asked it to modify the resolution so that the sale price to Tenaga becomes “no less than RM3.66 per Integrax share” and that other parties are also invited to come forward with “a superior offer” or an offer of at least RM3.66 per share.
Perak Corp said it was currently seeking legal advice on the letter of demand and would take appropriate steps to address the issue.
It also clarified that neither the company nor its directors had received any writ of summon. In his press statement on Wednesday, Amin said he had begun “legal action” against Perak Corp and its directors.
http://www.thestar.com.my
