Looks like the Sellers is in big trouble, no more "selling" bullets for them...
SAAG is going to discontinue the Rights Issue.
Announcement
SAAG CONSOLIDATED (M) BERHAD (“SAAG” OR “THE COMPANY”)
(I) EXCHANGEABLE BONDS ISSUE
(II) RIGHTS ISSUE
We refer to the announcements made on behalf of SAAG by AmInvestment Bank Berhad (a member of the AmInvestment Bank Group) (“AmInvestment Bank”) on 29 September 2008 and 10 July 2009 in relation to the above matter.
AmInvestment Bank, on behalf of the Company, wishes to announce that the Company has decided not to proceed with the Rights Issue based on the terms approved by the shareholders at the Company’s Extraordinary General Meeting held on 23 June 2008. Considering the Group’s expansion plans and working capital requirements for current and potential projects, the Company is of the view that the fund raising exercise via the Rights Issue as mentioned above will need to be re-evaluated. The Company is presently evaluating various capital raising options and will make the necessary announcement in due course, if required.
The discontinuance of the Rights Issue will not have an impact on the Exchangeable Bonds Issue as the proposals are not inter-conditional.
This announcement is dated 23 April 2010.
SAAG net assets remains at 0.24 per share (unchanged) since no one dare to acquire the share approved for issuance in the 9th and 10th tranche, because SAAG can't go down anymore.
Only idiots will sell now...
SAAG
Apr 26 2010, 12:32 PM
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