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Devonshire Capital DVM TECHNOLOGY BERHAD ("DVM") Devonshire Capital Sdn Bhd has been appointed by DVM as consultant to act on behalf of DVM in connection with the listing of DVM on Mesdaq Board of the KLSE on the 2 January 2004. DVM is principally an investment holding company with three wholly owned subsidiaries, namely ET Communications Sdn Bhd ("ETC"), Adtel Systems Sdn Bhd ("Adtel") and NGC Systems Sdn Bhd ("NGC"). Adtel and NGC are wholly owned subsidiaries of ETC. The Group's core activities include development of next generation communication software applications, provision of specialized system integration solutions, development of open sourced software and other related professional services. Particulars of the Flotation Exercise are as follows: DVM was incorporated in Malaysia under the Act on 25 March 2003 as a public limited company. The authorized share capital of DVM is RM100,000 comprising 1,000,000 ordnary shares of RM1.00 each, of which 20 ordinary shares of RM1.00 each have been issued and fully paid-up. DVM has entered into conditional sales and purchase agreements on 28 March 2003 with the vendors to acquire ETC's entire issued and paid-up share capital for a total purchase consideration of RM7,349,570 to be satisfied by the issuance of 73,495,700 new DVM shares, credited as fully paid-up and issued at par. DVM has a proposed right issue of 46,504,280 new shares at par on the basis of approximately 633 new shares for every 1,000 shares held which result in the increase of issued and paid-up share capital to RM12,000,000 comprising 120,000,000 shares. The proposed public issue of DVM compromises 40,000,000 new DVM shares representing 25.00% of the enlarged issued and paid-up share capital of DVM at a proposed issue price of RM0.40 per ordinary share. The entire enlarged issued and paid-up capital of DVM after the proposed right issue and proposed public issue comprising 160,000,000 DVM shares on MESDAQ. |
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