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Stocks With Momentum: RTO of Bina Goodyear falls through
by Cals Thu 06 Nov 2014, 18:44
Stocks With Momentum: RTO of Bina Goodyear falls through
KUALA LUMPUR: The proposed reverse takeover exercise (RTO) of Bina Goodyear Bhd ([You must be registered and logged in to see this image.] Financial Dashboard) has fallen through.
In a filing with Bursa Malaysia yesterday, Bina Goodyear said Trinity Group Sdn Bhd had “considered and decided” not to resume negotiation on the proposed RTO.
The RTO was part of Bina Goodyear’s regularisation plan, which included proposals for a capital restructuring exercise, a share exchange to be carried out between the company and a special purpose vehicle company, and a rights issue. Bina Goodyear in early September signed a heads of agreement with Trinity Group to facilitate the new regularisation plan.
In a separate filing with the exchange last month, Bina Goodyear declared that its external auditor had issued a disclaimer opinion on its financial statements for the year ended June 30.
This article first appeared in The Edge Financial Daily, on November 6, 2014.
KUALA LUMPUR: The proposed reverse takeover exercise (RTO) of Bina Goodyear Bhd ([You must be registered and logged in to see this image.] Financial Dashboard) has fallen through.
In a filing with Bursa Malaysia yesterday, Bina Goodyear said Trinity Group Sdn Bhd had “considered and decided” not to resume negotiation on the proposed RTO.
The RTO was part of Bina Goodyear’s regularisation plan, which included proposals for a capital restructuring exercise, a share exchange to be carried out between the company and a special purpose vehicle company, and a rights issue. Bina Goodyear in early September signed a heads of agreement with Trinity Group to facilitate the new regularisation plan.
In a separate filing with the exchange last month, Bina Goodyear declared that its external auditor had issued a disclaimer opinion on its financial statements for the year ended June 30.
This article first appeared in The Edge Financial Daily, on November 6, 2014.
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