MICROLINK SOLUTIONS BERHAD
|Description||Partial Redemption of 22,093,044 Redeemable Preference Shares for a Total Redemption Price of RM22,093,044.00|
The Board of Directors (â€œBoardâ€) of Microlink Solutions Berhad (â€œMicrolinkâ€ or â€œthe Companyâ€) wishes to announce that the Company has on 28 June 2019 and 19 July 2019 redeemed 2,281,044 and 19,182,000 respectively Redeemable Preference Shares (â€œRPSâ€) for the total redemption sum of RM22,093,044.00 at the issue price of RM1.00 each (â€œRedemptionâ€) in accordance with the provision of Article 4A of the Companyâ€™s Articles of Association (â€œA&Aâ€).
A Redemption Notice had been despatched to the sole RPS holder in accordance with Article 4A of the Companyâ€™s A&A, on the Company’s intention to make a partial redemption of RPS held by such holder, and specifying the date and the number of RPS to be redeemed.
The source for the Redemption was derived from internally generated funds.
Subsequent to the Redemption, the number of the remaining RPS shall be correspondingly reduced to 3,100,000.
The Redemption will reduce the RPS paid-up from RM251,930.44 comprising 25,193,044 RPS to RM31,000.00 comprising 3,100,000 RPS.
The Redemption is not expected to have any material impact on the net assets per share, gearing of the Microlink Group for the financial year ending 31 March 2020 and is not subject to the shareholdersâ€™ approval of the Company and other authorities. The Redemption is expected to result in interests saving (for the remaining period until the maturity date on 23 December 2019) of RM921,006.23 and thus reducing the liabilities of the Company accordingly.
The Board of Microlink, after having considered all aspects of the Redemption, is of the opinion that the Redemption is in the best interest of the Company and the Group.
This announcement is dated 19 July 2019.