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Vietnam Industrial Investments Ltd announces internal restructure

Friday, 29 Nov 2013 03:38am EST 

Vietnam Industrial Investments Ltd:Says proposed to internally restructure its group by shareholders transferring 100 percent of the shares they hold in the company (VII) to its wholly owned subsidiary, Structure Steel Engineering Pte Ltd (SSE).Says VII will distribute all of its shares in SSE to VII shareholders by way of an Australian scheme of arrangement (Scheme).Says VII shareholders will be offered SSE shares in direct proportion to their respective shareholdings in VII.Says VII shareholders will have the same percentage shareholdings in the same assets held prior to the Scheme.Says upon implementation of the Scheme, SSE will become the parent company of the VII group of companies.Says VII will be delisted from Australian Securities Exchange (ASX).Says the Scheme will be subject to the approval of VII shareholders and the Federal Court of Australia.Says a majority of the Independent Directors of VII recommend that shareholders vote in favor of the Scheme and approve the Scheme at the Scheme Meeting.Says this is because VII's shares are thinly traded on the ASX and has been difficult to raise further capital with Corbyns International Limited holding 81.75 pct of issued share capital, as well as significant costs and administrative time by remaining listing. 

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