Taliworks mulls share spilt, free warrants

KUALA LUMPUR: Taliworks Corp Bhd plans to undertake a proposed share split and a proposed free warrants issue, subject to approval from both Bursa Malaysia Securities Bhd and its shareholders.
Both the proposed exercises are expected to be completed by the fourth quarter of 2015.
Taliworks executive director Lim Yew Boon said the proposed share split is expected to enhance the marketability and trading liquidity of Taliworks' shares.
"It will also encourage ownership of Taliworks shares by a broader group of shareholders by increasing the number of the group's shares in the market as well as improving retail participation," he said in a statement yesterday.
The proposed share split involves the subdivision of every two existing shares of 50 sen each in Taliworks, held by the entitled shareholders of the group on an entitlement date to be determined and announced later into five ordinary shares of 20 sen each.
The actual number of shares to be issued upon implementation of the proposed share split would depend on the issued and paid-up share capital of Taliworks as at the entitlement date, after taking into consideration any shares to be issued prior to the entitlement date following the exercise of up to 1.3 million options granted but unexercised under the company's existing employee share option scheme (ESOS) and the proposed issuance of up to 43.99 million new shares of 50 sen each in Taliworks.
The proposed share split is expected to be implemented after the completion of the private placement.
The proposed free warrants issue meanwhile will involve the issuance of up to 241.93 million warrants on the basis of one warrant for every five existing Taliworks shares held by the entitled shareholders, following the completion of the proposed share split, exercisable at any time within three years commencing on and including the date of issuance of warrants.
The exercise price of the warrants will be fixed at a premium of at least 15% over the theoretical ex price of Taliworks' shares before the entitlement date and shall in no event be lower than the par value of the shares.