Heeton

Heeton: Group proposed a bonus issue of 44.8m new shares attached with warrants on the basis of 1-for-5. The warrants has an exercise price of $0.70, and is at a 4.5% premium to its last closing price of $0.67. The gross proceeds of $31m from the exercise of warrants will be used for general working purposes & repayment of existing loans. As at 31 Mar, Heeton had $5.5m in cash and $166m in short-term loans. The group has a net gearing of 1.33x.