RE: Joining the dots29 Aug 2021 15:17
Originally, the two directors of the DOID subsidiary would absorb the issuance of convertible notes or convertible notes to be issued by Northstar Tambang Persada. More specifically, Northstar Tambang Persada as the holder of 37.86 percent DOID has signed an agreement with a shell company controlled by the directors of the company's two subsidiaries, namely Souls Humanity Pte Ltd on January 1, 2021 regarding the absorption of the convertible bonds. “If the convertible bonds are converted into shares, Souls Humanity Pte Ltd will own 44 percent of Northstar Tambang Persada. So that it indirectly controls 16.7 percent of the company's shares," wrote DOID management in an information disclosure on the Indonesia Stock Exchange (IDX) website, Friday (22/1/2021). In addition, the company understands that the class A and class B shareholders of the parent company have signed an agreement with Souls Humanity Pte Ltd. In the agreement there are two options, buy to Souls Humanity or sell at the appropriate price to each owner of class A and B shares of DOID's parent company. It should be noted that the exercise price of the buy and sell options refers to the value of the company's shares traded to the public. As a result, if the choice is implemented, Souls Humanity Pte Ltd will control 37.9 percent of Northstar Tambang Persada. The next impact, Soul Humanity Pte Ltd through Northstar Tambang Persada has the right to nominate three directors and three commissioners.