MINT’s Shareholders Approve a Capital Increase, W-7 Issuance and Dividend Omission

Minor International Public Company Limited (MINT) announced that the Annual General Meeting of Shareholders (AGM) No. 27/2020 on June 19, 2020, had approved the company to raise its capital through RO and the issuance of MINT-W7, while omitting a dividend payment.

 

In the meeting on June 19, 2020, the AGM approved the increase of the registered capital of the Company from 4,849,860,006 Baht to 5,887,815,947 Baht, by issuing up to 1,037,955,941 new ordinary shares, with a par value of 1 Baht for the following purposes: 1) to offer to the existing shareholders of the company in proportion to their respective shareholdings (Rights Offering), 2) to reserve for the exercise of the right to purchase ordinary shares under MINT’s warrants to purchase ordinary shares No.7 (MINT-W7), which will be issued to existing shareholders of the company in proportion to their respective shareholdings and 3) to reserve for the adjustment of the exercise ratio of MINT-W6 warrants.

 

Moreover, the AGM also approved the issuance of MINT’s warrants to purchase ordinary shares No.7 (MINT-W7) up to 313,831,156 units for allocation to existing shareholders of the company in proportion to their respective shareholdings at no offering price, (zero Baht) at the ratio of 17 ordinary shares to 1 unit of warrant (any fractions resulting from the calculation based on the allocation ratio set forth shall be rounded down), with a term of up to 3 years from the issuance date, having an exercise ratio of 1 unit of warrant per 1 ordinary share at an exercise price of a premium of not more than 10% to the market price (the “Exercise Price”), (the “MINT-W7 Warrants”). The market price refers to volume weighted average price of the company’s shares for 7 – 15 consecutive trading days prior to the date where the Exercise Price and details with regards to the issuance of the MINT-W7 Warrants are determined and approved the delegation as proposed.

 

In addition, due to the economic uncertainty resulted from the COVID-19 outbreak situation, the Board of Directors resolved to omit the dividend payment for the operating results of the year 2019, in order to preserve MINT’s liquidity and working capital.