AirAsia: were all parties at the EGM equally informed? (2)
" ..... that the Company and the Subscriber have entered into a third supplemental letter dated 27 September 2016 in respect of the Subscription Agreement to extend the Cut-off Date of 27 September 2016 for a further period of sixty (60) days and expiring on 26 November 2016, or such longer period as the Parties may mutually agree in writing."
The first announcement about this share placement was on April 1st, 2016, about half a year ago.
Basically what the founders of AirAsia have received is a free call option on 559 Million AirAsia shares.
With AirAsia not paying any dividend (in other words no loss by buying the shares later) and the Cut-off Date being extended several times (saving interest charges, at least a few Million RM per month), it looks like a rather sweet deal for the founders of AirAsia.
I wrote before about this placement.
AIRASIA (5099) - AirAsia: were all parties at the EGM equally informed? (2)