RH Petrogas

RH Petrogas: Converts US$61.5m of outstanding debt to shares at $0.492, 1-mth VWAP from 18 May. Co has also appointed CLSA and Maybank Kim Eng to place up to 262.3m shares with 87.4 warrants to raise gross proceeds of $132.0m. This will be done at the min issue price of $0.36 per placement share and the warrants at $0.43 exercise price. The actual price will be determined through a bookbuilding process. Co is of the view that this will expand its free float and promote trading and liquidity of its shares. Co currently trades at 35.2x P/E