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FINANCIAL CHRONICLE™ » CORPORATE CHRONICLE™ » MAL Rights Issue.Voting Shareholder to Pay Higher Price.Is it Correct?

MAL Rights Issue.Voting Shareholder to Pay Higher Price.Is it Correct?

3 posters

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kam2011


Senior Manager - Equity Analytics
Senior Manager - Equity Analytics

04-Jul-2011 RIGHTS ISSUES - MAL (Voting & Non - voting)

MALWATTE VALLEY PLANTATION PLC
Company ID: - MAL (Voting)
Date of Initial Announcement: - 14-Jun-2011
Proportion: - Two (02) voting shares for every ten (10) voting shares held
Two (02) Non-voting shares for every ten (10) voting shares held
Issue Price: - Rs.6.75/-
Qty Offered: - 49,518,032
General Meeting & Provisional Allotment: - 04-Aug-2011
XR: - 05-Aug-2011
Dispatch of Provisional Letter of Allotment: - 11-Aug-2011
Rights Trading Commences on:-17-Aug-2011
Renunciation: - 24-Aug-2011
Last Date of Acceptance & Payment: - 25-Aug-2011


MALWATTE VALLEY PLANTATION PLC
Company ID: - MAL (Non-Voting)
Date of Initial Announcement: - 14-Jun-2011
Proportion: - Two (02) Non-voting shares for every ten (10) Non-voting shares held
Two (02) voting shares for every ten (10) Non-voting shares held
Issue Price: - Rs.5.50/-
Qty Offered: - 49,518,032
General Meeting & Provisional Allotment: - 04-Aug-2011
XR: - 05-Aug-2011
Dispatch of Provisional Letter of Allotment: - 11-Aug-2011
Rights Trading Commences on:-17-Aug-2011
Renunciation: - 24-Aug-2011
Last Date of Acceptance & Payment: - 25-Aug-2011
Pl. read above.
According to this announcement published in CSE web site Voting Shareholder should pay for both Voting and Non Voting Rights at a rate of Rs. 6.75 each. And Non Voting Shareholder should pay for both(Voting and Non Voting Rights) only Rs. 5.50. Is it correct? Can they do that?

kam2011


Senior Manager - Equity Analytics
Senior Manager - Equity Analytics

Any one has idea. Is it correct pl.

early


Manager - Equity Analytics
Manager - Equity Analytics

I think the CSE.daily is more clearer. I have extracted the following from the CSE.daily report of today:
"Malwatte Valley Plantations PLCVoting Shares For every (10) Ten Voting
Shares held, (2) Two Voting Shares and (2) Two Non-Voting Shares
04-08-2011 05-08-2011 11-08-2011 24-08-2011 25-08-2011 17-08-2011
(Issue Price : Voting Rs: 6.75 To be utilized for diversification into the leisure sector)Malwatte Valley Plantations PLC Non-Voting Shares For every (10) Ten Non-
Voting Shares held,(2) Two Voting Shares and (2) Two Non-Voting Shares
04-08-2011 05-08-2011 11-082011 24-08-2011 25-08-2011 17-08-2011
(Issue Price : Non-Voting Rs: 5.50 To be utilized for diversification into the leisure sector)RIGHTS ISSUES ARE SUBJECT TO SHAREHOLDER APPROVAL AT A GENERAL MEETING"
I think what is meant is non-voting shares to be issued at 5.50 and voting shares to be issued at 6.75.




Rajaraam


Vice President - Equity Analytics
Vice President - Equity Analytics

How ever it is not clear. May be this one reason for MAL X is selling at same price as MAL N.

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