Suthichai Yoon, chairman of Nation Multimedia Group, stands by a chart while explaining the group
Nation Multimedia Group has won the approval of its shareholders for the recapitalisation plan to penetrate the digital TV business.
NMG held a meeting of shareholders yesterday to seek their approval for the issue of warrants and employee stock options (ESOP). The recapitalisation plan is meant primarily to finance the bidding for digital TV licences to be held this year by the National Broadcasting and Telecommunications Commission.
NMG's shareholders approved the plan to increase registered capital by Bt1.79 billion from Bt873.3 million currently by issuing 3,377.86 million ordinary shares at Bt0.53 each, of which 1,647. 74 million shares will be on rights basis to existing shareholders at the ratio of one new share for one existing share, at Bt1 each.
The company will also issue 1,647.74 million new warrants and certify the 82.38 million ESOPs allocated for NMG executives and employees.
The 1,647.74 million warrants will be provided to existing shareholders at the ratio of one free warrant for one capital increase ordinary share. The warrant can be exchanged for one share at Bt1. Meanwhile, the 82.38 million ESOPs to be provided to NMG executives and employees can be also exchanged for one share at Bt1.
The shareholders also approved the company's plan to issue Bt1.5-billion debentures to fund its debt repayment and for working capital.
NMG chairman Suthichai Yoon said that this year the Nation group would make a leap in growth on a sustainable basis. Its plan to bid for commercial terrestrial digital TV licences from the National Broadcasting and Telecommunications Commission (NBTC) is one of its primary targets this year and the licences will be a springboard for the group to jump to a new business frontier.
He added that the Nation group's DNA was ready to be its growth engine in the digital TV territory and make it a game-changer in the field.
He said that this year the group would focus more on producing digitised content by transforming all its rich content to serve all digital platforms.
The NBTC is expected to call bids for licences for 24 commercial digital TV channels this year.
Last week, the watchdog's board approved the final draft regulations for the planned e-auction of licences to operate commercial digital radio channels and terrestrial digital TV channels.
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Article source: http://www.thethailandlinks.com/2013/04/26/shareholders-bless-nmg-recapitalisation-plan-for-digital-tv-foray/
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