Apex Development Public Company Limited (BKK:APX) On Path to Growth
Apex laying out the foundation for a strong and stable growth. Apex announced reduction of Par value of 0.50 Baht/share to write-off accumulated loss. Shareholders need not be concerned as share volume remains the same and trading in Stock Market can be conducted as normal. At the same time, increase of paid-up capital 3:1 (RO) for the existing Shareholders’ acquisition as well as Warrant 2:1. Appointment of Dr. Sathit Limpongpan as consultant to the company.
Mr. Pongphan Sampawakoop, Chief Executive Officer of Apex Development Public Company Limited (APX) announced that the Board of Directors’ Meeting No. 5/2017 in July have approved the proposed agenda for our next Shareholders’ Meeting for the reduction of registered capital from the original registered capital of 2,999,850,000 Baht to the new registered capital of 1,499,925,000 Baht, which is derived from the reduction of par value from 1.00 Baht per share to 0.50 Baht per share to write-off discount on share capital and accumulated loss of the company. This will result in the reduction of registered capital from 2,999,850,000 Baht to 1,499,925,000 Baht with the same share volume at 2,999,850,000 shares.
At the same time, the Board of Directors has approved the proposed agenda for our next Shareholders’ Meeting for the increase of paid-up capital for the company in the amount of 749,962,500 Baht after the completion of the reduction of the registered capital to 1,499,925,000 Baht which will result in a new registered capital of 2,249,887,500 Baht, whereby the new issuance of ordinary shares of 1,499,925,000 shares valued at 0.50 Baht per share will be used as funding to expand new projects of the company. The shares will allocated into 2 parts, whereby 999,950,000 shares will be issued to existing shareholders (RO) in the ratio of 3 shares to 1 newly-issued shares . The remaining 499,975 shares will be reserved for the issuance of Warrant to purchase ordinary shares of the company (APX-W1) for the existing shareholders of the company that have made a reservation to purchase the increased ordinary shares of the paid-up capital (RO) at the ratio of 2 ordinary shares of the new paid-up capital (RO) to 1 Warrant which is valid for 3 years. The Warrant right ratio is 1 to 1 at the price specified at 1 Baht per share, and can be exercised at the end of June and December of every year.
Apart from this, the Board of Directors has approved the appointment of Dr. Sathit Limpongpan, the former Permanent Secretary of the Ministry of Finance as the consultant for the company beginning from the 1st of July, 2017 onwards.
“The reduction of the registered capital by reduction of par value on this occasion is implemented with the objective of writing-off accumulated loss. Shareholders need no worry because no decrease in the share volume, and trading of APX shares can be conducted normally in the SET. As for the increase of paid-up capital, this is for the financial preparation to ensure that the company has sufficient cash-flow for our new projects expansion as planned. And Apex Development PCL is honored to have Dr. Sathit Limpongpan, a professional with vision and vast array of international network connections to join the company as our consultant. We are confident that the company’s current operation plan comprising of many good projects will achieve sustainable success, and result in good return for our shareholders and customers of Apex Development PCL.”
The company has scheduled the date for the Extraordinary General Meeting of Shareholders No. 1/2017 on Friday the 11th of August, 2017, at 14:00 hour, at Ambassador Hotel. The record date for the Share Registration Book in accordance to section 225 of the SEC Act. is scheduled on the 21st of July, 2017, and the Closing Date of the Share Registration Book is scheduled on the 24th of July, 2017, at 12:00 hour, for the right to participate and vote at the Extraordinary General Meeting of Shareholders No. 1/2017.
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