CORPORATE ANNOUNCEMENTS
General Announcement for PLC
Reference No: GA1-02062015-00043
 
Company Name : ECM LIBRA FINANCIAL GROUP BERHAD
Stock Name : ECM
Date Announced : 02/06/2015
Type : Announcement
Subject : OTHERS
Description :
  1. PROPOSED DISTRIBUTION OF UP TO RM320.10 MILLION BY WAY OF PROPOSED CAPITAL REDUCTION AND PROPOSED SPECIAL DIVIDEND

  2. PROPOSED SHARE SPLIT AND PROPOSED SHARE CONSOLIDATION

  3. PROPOSED AMENDMENT OF THE COMPANYS MEMORANDUM AND ARTICLES OF ASSOCIATION
Announcement Details/Table Section :

Reference is made to the announcement dated 1 June 2015 in relation to the abovementioned Proposals, the definitions of which apply throughout this announcement.

On behalf of the board of directors of ECM Libra Financial Group Berhad ("ECMLFG" or the "Company"), the Company wishes to clarify that the Proposed Capital Reduction of equivalent to approximately RM234.74 million (based on the Company's current issued and paid-up share capital less treasury shares) or equivalent to RM0.88 per ECMLFG Share shall be by way of cash distribution or a combination of cash and the Proposed Distribution-in-specie.

In respect of the source of funds for the proposed distribution, we wish to highlight the group's latest audited position as at 31 January 2015:

(i) Cash reserves: RM152.5 million;

(ii) Loan assets: RM72.0 million; and

(iii) Investments in unit trusts and shares: RM193.4 million.

The cash to be raised from the above source of funds can only be determined later based on the actual loan amount to be retired and the market values of the securities.


This announcement is dated 2 June 2015.

 

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