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Devonshire Capital KANNALTEC BERHAD ("Kannaltec") Devonshire Capital Sdn Bhd has been appointed by Kannaltec as consultant to act on behalf of Kannaltec in connection with the listing of Kannaltec on Mesdaq Market of the Bursa Securities on 4 May 2005. Kannaltec is principally an investment holding company with three wholly owned subsidiaries, namely Kannal Technologies Sdn Bhd ("KTSB"), Kannal Softech Sdn Bhd ("KSSB") and CDC Control (M) Sdn Bhd ("CDC"), specialising in the provision of maritime carriage monitoring solutions for the maritime industry. CDC is a wholly owned subsidiary of KTSB. Particulars of the Flotation Exercise are as follows: Kannaltec was incorporated in Malaysia under the Act on 2 December 2003 as a private limited company. It was converted to a public limited company under the name of Kannaltec Berhad on 4 March 2004. The authorised share capital of Kannaltec is RM100,000 comprising 100,000 ordinary shares of RM1.00 each, of which 2 ordinary shares of RM1.00 each have been issued and fully paid-up. Kannaltec has entered into conditional sales and purchase agreements on 9 June 2004 with the vendors to acquire KTSB's and KSSB's entire issued and paid-up share capital for a total purchase consideration of RM2,808,159 to be satisfied by the issuance of 28,081,590 new ordinary shares of RM0.10 each in Kannaltec, credited as fully paid-up and issued at par. The purchase consideration of RM2,808,159 was arrived at after taking into consideration the audited NTA of KTSB and KSSB as at 31 March 2004. Prior to the acquisitions, Kannaltec has undertaken a share split, whereby every existing 1 ordinary share of RM1.00 held in Kannaltec was subdivided into 10 new ordinary shares of RM0.10 each in Kannaltec. Upon completion of the share split on 14 February 2005, the issued and paid-up share capital of Kannaltec changed from RM2 comprising 2 ordinary shares of RM1.00 each in Kannaltec to RM2 comprising 20 ordinary shares of RM0.10 each in Kannaltec. The acquisitions were completed on 14 February 2005. Following the completion of the acquisitions, Kannaltec completed a rights issue of 62,668,390 new ordinary shares of RM0.10 each in Kannaltec at an issue price of RM0.17 per share, paid in full upon acceptance, on the basis of approximately 2 new ordinary shares of RM0.10 each in Kannaltec for every 1 existing share held after the acquisitions as mentioned above. The rights issue was completed on 31 March 2005. Upon completion of the rights issue, the issued and paid-up share capital of Kannaltec increased from RM2,808,161 to RM9,075,000 comprising 90,750,000 ordinary shares of RM0.10 each in Kannaltec. The public issue of Kannaltec compromises 30,250,000 new Kannaltec shares representing 25% of the enlarged issued and paid-up share capital of Kannaltec at an issue price of RM0.17 per ordinary share. Upon completion of the public issue, the entire enlarged issued and paid-up capital of Kannaltec increased from RM9,075,000 to RM12,100,000 comprising 121,000,000 ordinary shares of RM0.10 each in Kannaltec. |
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