Vallianz postpones EGM on proposed rights issue

VALLIANZ Holdings has postponed next Monday's extraordinary general meeting (EGM) in relation to its proposed one-for-one rights issue of up to 3.596 billion new shares with free detachable warrants.

This follows a notification by Swiber Holdings judicial managers on Thursday of Swiber's interest to participate in the exercise and its proposal to set off and settle the actual subscription amount payable to Vallianz for its pro rata entitlement of the rights cum warrants issue against any amount owing by Vallianz to Swiber.

Vallianz is 25.15 per cent owned by Swiber Holdings.

As the set-off and settlement agreement has not been agreed on to date and there is no assurance that it will, Vallianz said that it has decided to postpone the EGM to provide sufficient time for shareholders to consider the latest development.

A supplemental notice and a supplemental circular including the details of the revised time, date and venue and other relevant matters will be dispatched to shareholders as and when appropriate, it said.