COMBINE Will is looking to issue 11m new shares at a minimum offer price of $2.30 in conjunction with its proposed dual listing on the Korean Securities Dealers Automated Quotations (Kosdaq) mkt. The Co has also proposed to consolidate every 10 existing shares into one share. After the consolidation exercise, the 11m new shares will represent about 25% of the company's enlarged share capital.
According to mgtm, the rationale for the dual listing is to enhance shareholder value, widen its investor base and raise additional capital for growth. We understand that 33% of the net proceeds of HK$120m will be used as working capital, 29% will go towards facilities to support expansion, 21% to expand sales and marketing and 17% to enhance its R&D. The new offer price represents about 24% premium to its last traded price of $0.185.
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