WE Holdings

WE Holdings: Announced a rights cum warrants issue to repay bank borrowings, fund the growth and expansion of resources business in Myanmar, and improve the working capital of the Company. Estimated net proceeds of approx $922.8k in a minimum subscription scenario, and $10.1m in a maximum subscription scenario. Renouncable non-underwritten rights cum warrants issue of up to 678m new ordinary shares at an issue price of $0.015/rights share, attached with free detachable warrants on the basis of one rights share with one warrant for every one existing share in the Company. Each warrant carries the right to subscribe for one new ordinary share in the capital of the Company at an exercise price of $0.030 for each warrant share. Company last month announced a jv partnership with prominent Myanmar businessman, His Excellency Nay Win Tun, and is looking towards transforming its business to focus on resources such as petroleum and oil and gas in the region. On last close, Company has market cap of $80m, 678m shares outstanding; As of latest results ending Sept 2012 (1HFY13), WE Holdings had cash of US$5m, total debt of US$16.6m; gearing at 1HFY13 at 538%, vs FY12 gearing of 338%.