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MARCO Polo Marine will hold an extraordinary general meeting on Dec 14 to seek shareholders' approval for issuing new securities that are key to the oil and gas company's restructuring plan.
The company is proposing to issue 2.1 billion shares at 2.8 Singapore cents each to nine investors, including founders of Singapore-listed Super Group and Soilbuild, as part of a capital injection into the company. Following the placements of shares, control of the company will shift to Apricot Capital, the private investment firm of Super Group's Teo family.
A further 1 billion shares at 3.5 Singapore cents each will be placed with the company's creditors.
Marco Polo Marine has sought debt restructuring under two schemes of arrangement in Singapore for the holding company and its key shipyard subsidiary, and for its Batam-based subsidiary under Indonesia's Penundaan Kewajiban Pembayaran Utang (PKPU) regime.
The proposals tabled for the group of companies are pleading for 69 per cent, 71 per cent and 95 per cent debt forgiveness from its bank lenders, noteholders and for its contingent liabilities, respectively.
They also offered a part-settlement of these liabilities with an equity swap.
The company is also proposing to issue 269.2 million free warrants on the basis of eight warrants for every 10 common shares held to existing shareholders, who are being diluted through the schemes. Each warrant has an exercise price of 3.5 Singapore cents.
Another 57.1 million shares at 3.5 Singapore cents apiece will be issued to RSM Corporate Advisory as consideration for professional fees.