Took a quick look.
Mirach Energy with 931 mil shares at 15.8cts is capitalised at $147 mil. 103.4 mil shares were issued today at 12.42cts. Rather just keep an eye. Not cheap enough for me!
9 months report for fy ended 30 Sept 2013.
Revenues of US$4.8 mil compared to US$715K
Loss of US$3.16 mil compared to loss of US$3.68 mil
Loss was mainly due to finance costs of US$4.6 mil..... note A3 below.
Cash of US$7.3 mil
Available for sale financial assets of US$3 mil
Amount due from associate of US$18.1 mil
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Note A3
This relates to a one-off interest expense incurred upon the redemption of the principal amount of
S$16.9 million pursuant to the 3-year Senior Convertible Bonds ("the Bonds"), which was issued in
2011 and which would be due in 2014. The Company redeemed the Bonds on 26 July 2013 after
deducting all interest which had been paid by the Company. The expense incurred for the above
said redemption was paid for with the proceeds from the issue of 152 million placement shares as
announced on 17 July 2013 (“Placement”) and the first tranche of the convertible loans made
available to the Company as announced on 13 September 2013 (“Convertible Loans”). The
Convertible Loans including the interests payable will be converted to ordinary shares of the
Company pursuant to the terms of the Convertible Loans.
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Note B2
Pursuant to the Convertible Loan Agreement dated 5 July 2013 (“CL Agreement”) and
shareholders’ approval obtained on 9 October 2013, the lenders have granted a convertible loan
of up to S$36 million (“CL”), at a flat interest rate of seven per cent. (which is equivalent to a total
interest of S$2.52 million, to be paid fully with the issue of ordinary equity shares).
The convertible loan will be drawndown in equal proportion of six tranches to be drawn down
within two years from the date of the CL Agreement. Both the principal and Interests shall be
converted into fully paid ordinary shares of up to 310,144,926 of the Company at a
conversion
price of S$0.1242 per conversion share. Under the terms of the CL Agreement, the lenders shall
make available to the Company, an aggregate minimum loan amount of S$18 million ("Minimum
Loan") in the one year from the date of the CL Agreement. The lenders shall have the option of
a further aggregate amount of up to S$18 million ("Upsize Loan"), to the Company within 24
months from the date of the first drawdown of the CL (the "Maturity Date"). The net deposit of
approximately S$5.99 million (equivalent to USD4.74 million) from the CL is accounted as an
equity reserve in this quarter, before conversion into shares.
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(B) Outstanding Convertible Loan
As at 9 October 2013, the Company received approval for an aggregate principal amount of up
to S$36 million (the “Loan”), and taking into account a flat interest of 7% (“Interest”) calculated
and payable on each drawdown of the Loan, the Company may issue up to 310,144,926 shares
at a conversion price of S$0.1242 per conversion share. Please refer to the announcements
dated 26 June 2013, 8 July 2013 and 13 September 2013 for further details.
As at 11 November 2013, the total number of outstanding unissued shares is 103,381,642,
pursuant to two tranches of drawdown of outstanding convertible loan of S$6 million. infopub.sgx.com/FileOpen/Announcement_3Q_2013.ashx?App=Announcement&FileID=263589--------------
ANNOUNCEMENT IN RELATION TO THE CONVERTIBLE LOAN
The board of directors (the "Board") of Mirach Energy Limited (the "Company") refers to the
announcements dated 26 June 2013, 8 July 2013, 13 September 2013, 9 October 2013 and 23
October 2013 in relation to the Convertible Loan granted by the Lenders.
The Board wishes to announce that the Company has on 24 December 2013, received notice of
conversion from each of Tan Ah Ee, Goh Yeo Hwa, Tan Thiam Chye, Ho Siow Poh, Lim Yi
Shenn and Tan Chin Tuan in relation to the Convertible Loan. The aggregate amount of the
Convertible Loan and Interests to be converted is S$12,840,000 to be converted into
103,381,644 fully paid ordinary shares in the capital of the Company (the “Conversion Shares
and Interest Shares”) based on the conversion price of S$0.1242 per ordinary share.
The Conversion Shares and Interest Shares are expected to be allotted and delivered to the
central depository on 26 December 2013 and issued thereafter.
BY ORDER OF THE BOARD
Chan Shut Li, William
Executive Chairman and CEO
24 December 2013
infopub.sgx.com/FileOpen/Mirach_Announcement_Conversion_241213.ashx?App=Announcement&FileID=268856
