The Board resolution dated June 24, 2021, the BOD of Truong Thanh Furniture Corporation approved the private placement of shares in 2021 as follows:
1. Approving the private placement plan in 2021:
- Stock name: Truong Thanh Furniture Corporation
- Stock type: preferred share
- Par value: 10,000 dongs/share
- Issuance form: private placement
- Issuance purpose: to supplement working capital, debt restructuring.
- Number of shares issued: 311,198,302 shares
- Number of shares expected to be issued: 59,465,763 shares
- Offering price: VND10,000/share
- Total proceeds from the offering (estimated): 594,657,630,000 VND
- Dividend level: 12%/year
- These shares will be restricted in 01 year from the issue date.
- Time of implementation: after being approved by the State Securities Commission of Vietnam (SSC).
2. Approving the debt swap stock issuance plan:
- Stock name: Truong Thanh Furniture Corporation
- Stock name: Truong Thanh Furniture Corporation
- Stock type: preferred share
- Par value: 10,000 dongs/share
- Issuance form: private placement
- Issuance purpose: to swap existing debt
- Number of shares issued: 311,198,302 shares
- Number of shares expected to be issued to swap: 40,534,237 shares
- Creditor: Bui Hong Minh
- Value of swap debt: 405,342,370,000 VND
- Number of shares expected to be swapped to the creditor: All issued shares were exchanged for one creditor who is Mr. Bui Hong Minh.
- Swap ratio: debt swap ratio: VND10,000 : 01 share (10,000 VND of debt is exchanged for 01 preferred share)
- Value of the company's remaining debt to Mr. Bui Hong Minh after successful debt swap: 0 VND
- Distribution plan: direct distribution to creditors
- Dividend level: 6.5%/year
- Preferential dividend period: from the date of issue until all preferred shares are converted into common shares.
- Transfer restriction: preferred shares will be restricted in 01 year from the issue date.
- Time of implementation: after being approved by the State Securities Commission of Vietnam (SSC)