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- AWC also proposed the establishment of an employees’ share option scheme (ESOS) of up to 15% of its share base.
KUALA LUMPUR (Nov 4): AWC Bhd (KL:AWC) has proposed a bonus issue of warrants on the basis of one free warrant for every four shares held in the building facilities manager.
The proposed exercise involves the issuance of up to 84.84 million warrants, with a five-year tenure, according to a bourse filing on Monday. AWC currently has 339.36 million shares in circulation and no outstanding warrants.
The proposed bonus warrants could enable AWC to raise up to RM78.9 million if fully exercised at an assumed exercise price of 93 sen, which is at a 23.9% premium to AWC’s five-day volume-weighted average price up to and including Oct 31 of 75.08 sen.
Proceeds will be used to fund the company’s working capital. The final exercise price of the proposed warrants will be determined later.
AWC also proposed the establishment of an employees’ share option scheme (ESOS) of up to 15% of its share base.
The proposed bonus warrants and ESOS will also require shareholders’ approval at an extraordinary general meeting to be held later.
The company also plans to seek approval from its shareholders for the share buy-back authority of up to 10% of its share base.
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