Further to our announcement made on 3 February 2009, Talam wishes to inform that the status of the various credit facilities in default by the Company and its subsidiaries to the financial institutions as at 31 January 2009 are detailed in Table A attached which has been categorized into 6 groups.
The Company had earlier announced on 2 May 2008 that the Proposed Revised Regularisation Plan which was submitted to the Securities Commission (“SC”) on 25 October 2007 has been approved by SC vide SC’s letter dated 29 April 2008 (which was received on 30 April 2008) subject to terms and conditions imposed by the SC. Please refer to the detailed announcement made by RHB Investment Bank Berhad on 2 May 2008.
At the Extraordinary General Meeting of the Company held on 15 September 2008, the shareholders of the Company have approved the Proposed Revised Regularisation Plan. The Company has on 6 October 2008 submitted the petition for the proposed reduction of the share capital and share premium account of the Company to the High Court of Malaya (“Court”) and was granted order by the Court on 5 December 2008.
Bursa Malaysia Securities Berhad (“Bursa Securities”) had on 5 January 2009 granted its approval-in-principle for the following:-
(a) the admission of 1,287,010,000 Redeemable Convertible Preference Shares of RM0.20 each (“RCPS”) to the Official List of Bursa Securities and the listing of and quotation for the RCPS on the Main Board of Bursa Securities;
(b) the admission of 3 different classes of Redeemable Convertible Secured Loan Stocks (“RCSLS”), namely RCSLS-B, RCSLS-C and RCSLS-D of up to 89,622,905, 855,010,000 and 585,010,000 RCSLS of RM0.20 each respectively to the Official List of Bursa Securities and the listing of and quotation for the RCSLS on the Main Board of Bursa Securities; and
(c) the additional listing of and quotation for up to 3,068,292,905 new ordinary shares of RM0.20 each in Talam to be issued upon the conversion of the RCPS and the RCSLS-A, RCSLS-B, RCSLS-C and RCSLS-D on the Main Board of Bursa Securities.
On behalf of the Company, RHB Investment Bank Berhad had on 23 January 2009 made two (2) announcements to Bursa Securities in respect of the completion of the reduction in share capital and share premium account as well as the book closure date (“Book Closure Date”) for the share split involving the subdivision of every one (1) existing ordinary share of RM0.60 each in Talam (after the Capital Reduction) into three (3) ordinary shares of RM0.20 each in Talam, on the Book Closure Date. Please refer to the detailed announcements made by RHB Investment Bank Berhad on 23 January 2009.
The Company targeted to issue the RCPS, RCSLS and Settlement BaIDS to inter-alia, the lenders of the Company by the third week of February 2009. However, due to certain revisions to the Principal Terms and Conditions (PTCs) of the RCSLS and Settlement BAIDS (mainly arising from changes made to the Debt Settlement Agreements, Trust Deeds and BAIDS Agreements), the Company needs to seek the SC’s approval for the revision, prior to the issuance of the securities.
This announcement is dated 2 March 2009.