rights issue

First Sponsor plans rights and bonus issues to raise up to $399 mil

SINGAPORE (Mar 25): First Sponsor Group is undertaking a rights issue of securities with detachable warrants as well as a bonus issue to raise up to $399.3 million for expansion.

This comes after the property developer aborted plans for a rights issue involving warrants exercisable into perpetual convertible capital securities which are, in turn, convertible into ordinary shares.

In its Monday filing, First Sponsor plans to issue up to 113.7 million free detachable warrants and 79.6 million bonus warrants.

Raffles Education scraps $27.4 mil rights issue in view of recent market conditions, share price falls

SINGAPORE (Mar 6): Raffles Education Corp is cancelling its proposed 2-for-10 rights issue, which would have allowed the group to raise up to about $27.4 million in net proceeds after raising 275.9 million new shares at the issue price of 10 cents per share.  

Citing “recent market conditions”, the group also notes that its current share price is currently below the 10-cent issue price of the rights shares.

Prior to the midday trading break, shares in the group were down by 2 cents or 18.2% in the year to date (YTD) at 8.8 cents.

Raffles United proposes $12 mil rights issue; another shareholder called up by CAD

SINGAPORE (Jan 10): Raffles United Holdings is seeking to raise up to $11.7 million by proposing to undertake a renounceable, non-underwritten rights issue of up to 234 million new rights shares at 5 cents each.

This represents a discount of about 39% to the counter’s closing price on Jan 8, the last trading day prior to the announcement.

Assuming full subscription, the net proceeds are estimated to be $11.6 million after deducting about $0.1 million for professional fees and related expenses.

LifeBrandz 1Q losses widen on business expansion; undertakes rights issue

SINGAPORE (Dec 16): Lifebrandz reported losses for 1Q ended Oct widened to $1.06 million from $0.53 million a year ago on higher total expenses as a result of business expansion.

Revenue more than doubled to $1.14 million mainly due to revenue contribution from subsidiary, e-Holidays Co, which accounted for approximately 73% of the group revenue.

Revenue from the F&B segment was contributed by two F&B outlets, which are Mulligans Pattaya and Hashida Sushi.

TEE International proposes rights issue to raise up to $18.9 mil

SINGAPORE (Nov 29): TEE International is undertaking a rights issue of up to 190.7 million new shares at 10 cents each to raise $19.1 million.

The issue price represents a discount of 45.4% to the last transacted price of 18.3 cents on Nov 28 – the last market day before the announcement.

The right issue will be on the basis of 38 rights shares for every 100 existing shares held by the shareholders.

OUE C-REIT rights issue for OUE Downtown offices acquisition ‘unabashedly’ dilutive

SINGAPORE (Sept 11): OUE Commercial REIT (OUE C-REIT) shocked the market on Tuesday morning by announcing an unabashedly dilutive rights issue, one not seen among the S-REITs since Sabana Shariah Compliant Industrial REIT’s announcement in Dec 2016.

The rights issue comes as part of OUE C-REIT's plans to fund its acquisition of the office portion of OUE Downtown from its sponsor, OUE Limited, for $908 million.

Nam Cheong says worst is now over with expected O&M recovery and restructuring initiatives

SINGAPORE (Sept 11): Malaysia-based offshore support vessel (OSV) builder Nam Cheong expects to implement its sanctioned schemes of arrangement by this year, which would signal the “crossing of a key obstacle” in its ongoing restructuring exercise to strengthen its financial position as well as enable the group to operate as a going concern.

The group is also anticipating the gradual recovery of the O&M sector, as vessel selling prices and charter rates are expected to gain momentum from the current downturn over the next few years.

A vote of confidence for Moya

SINGAPORE (June 5): RHB is maintaining its “buy” call on Moya Holdings with a target price of 14 cents.

In a Monday report, analyst Jarick Seet says, “With lower financing costs, concession extensions and recovery of non-revenue water (NRW) to provide strong organic growth – coupled with additional accretive acquisitions in the pipeline to further boost NPAT – we remain positive on Moya and maintain ‘buy’.”

SGX seeks feedback for changes in continuous disclosure requirements

SINGAPORE (Dec 7): The Singapore Exchange has proposed changes in three broad areas involving continuous disclosure requirements.

Listed companies undertaking a rights issue must now include a directors’ statement on why issuing new shares to raise funds is in its best interest of its shareholders.

Besides stating upfront principal terms of the rights issue, any discount given in the issue price of the new shares will also have to be justified.

Manulife US REIT gets go-ahead for acquisition of 10 Exchange Place and rights issue

SINGAPORE (Sept 19): Unitholders of Manulife US REIT have given their approval for the REIT manager to proceed with the acquisition of 10 Exchange Place as well as a rights issue to partly fund the property.

At an EGM on Tuesday, unitholders holding 242.2 million units or 94.31% of the total units issued voted to pass resolution 1 which called for the approval to purchase the iconic office property located on the Hudson River waterfront in New Jersey for US$313.2 million. Meanwhile, unitholders holding 14.6 million shares or a 5.69% stake voted against the resolution.

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