Media production company mm2 Asia has announced a one-for-one rights issue to shareholders, as it seeks to repay its $50 million 7% fixed rate notes, due on April 27.

For each existing mm2 Asia share, shareholders are entitled to subscribe for a new mm2 Asia rights share at 4.7 cents, which is a hefty discount of 60.83% to the closing price of 12 cents apiece on Feb 1.

The company has an existing share base of 1.16 billion shares. If fully subscribed, the rights issue will raise some $54.65 million in gross proceeds. An EGM will be called for shareholders to give their go-ahead.

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