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Ideal Jacobs aborts cash call
by Cals Wed 20 Aug 2014, 01:02
| Ideal Jacobs aborts cash call |
| Business & Markets 2014 |
| Written by theedgemalaysia.com |
| Tuesday, 19 August 2014 19:32 KUALA LUMPUR (Aug 19): Ideal Jacobs (M) Corp Bhd's board decided to abort its proposed rights issue, as it intends to undertake a proposed reverse takeover (RTO) exercise. Ideal Jacobs yesterday signed a master restructuring agreement with non-listed CMOG Group Sdn Bhd, to undertake the RTO and assume the listing status of Ideal Jacobs. Under the deal, the entire issued share capital of Ideal Jacobs would be exchanged for new shares in CMOG, which is a special purpose vehicle, and it will subsequently focus on O&G operations. The master restructuring agreement involves the exchange of the entire issued and paid-up capital of Ideal Jacobs comprising up to 138 million shares for a similar number of new CMOG shares, and 69 million free warrants in the latter. |
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