The Company has submitted the Postal Ballot Results.
BONLON · price
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Awaiting price reaction for this filing.
Bonlon Industries Ltd has declared the results of its Postal Ballot on May 12, 2025 (voting ended May 8, 2025). Two resolutions were passed by shareholders. Resolution 1 (Ordinary) approved an increase in the company's authorized share capital and the consequent amendment to the Capital Clause (Clause V) of the Memorandum of Association, with 99.96% of polled votes in favour (54,64,735 in favour vs. 4,046 against). Resolution 2 (Special) approved the preferential allotment of up to 2,00,60,000 fully convertible warrants to persons belonging to the Promoter/Promoter Group and Non-Promoter Public Category, with 99.25% of polled non-promoter votes in favour (53,857 vs. 4,082 against). The promoter group's 89,26,124 votes were treated as invalid for Resolution 2 as they are interested parties. The company had 3,631 shareholders on the record date of April 4, 2025.
The authorized capital increase paves the way for the preferential warrant issue, which could lead to significant equity dilution and capital infusion once warrants are converted. Shareholders should note that the promoter group is one of the allottees, and warrants issued to related parties typically come at a discount to market price, potentially affecting existing shareholders' value.