Vallianz: Proposed 1:1 rights issue of up to 5.9m new Shares, at price of $0.05. Co. is expected to raise proceeds from a minimum to maximum subscription scenario of $11.4m to $29.3m, in which 90% will be used for vessel acquisition and remainder for working capital. Based on yesterday’s closing price of 8.5c, theoretical ex rights price would be at 6.75c….
Swiber which owns 28.9% of Vallianz has undertaken to subscribe for the new Shares up to 49.1% ownership in the min subscription scenario. Co has obtained waiver for obligatory acquistion offer for Vallianz even if ownership exceed 30% of enlarged share cap.