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Delta Electronics Shareholders Approve Cyntec Share Swap (2009/12/18) |
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December 18th, 2009 - Delta Electronics today held a special shareholders' meeting, which announced the approval of Delta's issue of new capital to swap for outstanding shares of its subsidiary, Cyntec Co., Ltd. The exchange ratio between Delta and Cyntec shares is 1 for 1.07, meaning 1.07 Cyntec shares can swap for 1 Delta share on the base day of the exchange. After the exchange, Cyntec will become Delta's 100% owned subsidiary.
In addition, the shareholders approved a proposal for a capital increase through an issuance of 120,530,079 new shares at a face value of NT$10 per share for a total of NT$1,205,300,790 to Cyntec shareholders. After the share swap is complete, Delta Electronics' additional paid-up capital is estimated to be NT$23,740,540,350 with the number of shares issued estimated to be 2,374,540,035.
The share swap will combine Delta Electronics' leading position in power management solutions and Cyntec's extensive deployment in passive components. The cooperation will improve the management of operations, enhance overall business performance, as well as provide more diverse and total solutions to customers. |
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