INTIMATION OF APPROVAL BY THE RIGHTS ISSUE COMMITTEE FOR ISSUANCE OF FIRST & FINALREMINDER CUM FORFEITURE NOTICE.
FUSION · price
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Awaiting price reaction for this filing.
Fusion Finance's Rights Issue Committee has approved sending a First & Final Reminder cum Forfeiture Notice to shareholders who failed to pay the amount due on partly paid-up shares allotted under the company's rights issue. This is a final call notice, meaning allottees who do not pay by the deadline will have their share allotments forfeited. The move indicates that the company is now moving to recover unpaid amounts or cancel the allotment of defaulting allottees as the final step in the rights issue process.
For shareholders who received the rights allotment and haven't paid, their shares stand to be cancelled and forfeited, resulting in a loss of their investment in those partly paid-up shares. For existing shareholders on the rolls, the forfeiture will reduce share capital marginally but may signal weak subscription response in the rights issue, which is mildly negative for sentiment.