​General requirements for new issue of securities

​
6.10​The facts are as follows:
​​​
​
  • On 31 July 2014, PLC A obtained a general mandate from its shareholders under paragraph 6.03(1) of the Main LR to issue shares at any time until the conclusion of its next annual general meeting provided that the aggregate number of shares to be issued does not exceed 10% of its issued and paid-up capital for the time being.
​
  • ​The nominal value of PLC A's issued and paid-up capital as at 31 July 2014 was RM95 million.
​
  • ​On 1 September 2014, the nominal value of PLC A's issued and paid-up capital increased to RM100 million shares pursuant to a private placement exercise of 5 million shares of RM1.00 each issued under the general mandate.
​
  • ​On 31 December 2014, PLC A issued another 50 million shares of RM1.00 each pursuant to a rights issue exercise which has been approved under a specific shareholders' approval.
​
  • ​PLC A intends to undertake another private placement exercise by 30 June 2015.
​​What is the maximum amount of shares that PLC A can issue for the private placement exercise under the general mandate?
​​
​

​As at 30 June 2015, the nominal value of PLC A's issued and paid-up capital is RM150 million. Therefore, the maximum amount that PLC A can issue under the general mandate is 15 million shares of RM1.00 each. Since PLC A has issued 5 million shares under the general mandate in the preceding 12 months, the maximum number of shares that can be issued under the general mandate as at 30 June 2015 is 10 million shares.

​​