Otto Marine: Co has proposed to undertake a renounceable rights issue to raise gross proceeds of approximately $75.6m, which will see the issuance of up to 945,214,500 rights Shares at an Issue Price of $0.08/rights share, on the basis of one 1 Rights Share for every 2 existing Shares.
Based on yesterday’s closing price, weighted average price assuming successful full subscription of rights would be at $0.123.
($0.144 x 2) + ($0.08 x 1) = $0.368
$0.368 / 3 = $0.123
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