Jubilee

Jubilee: said it will raise approx $15m via a proposed placement of new shares to fund its strategic diversification into investing activities (in quoted and unquoted equities) in addition to its current precision plastics core business. Jubilee will place out 97.5m new shares (41.5% of enlarged share base) at approx 15.4cts each to 17 corporate and individual investors. Following completion of the proposed placement, SCE Enterprise, a subsidiary of Serial System, will emerge as the largest sh/h, having raise its stake to 13.6% from 10%. The second largest sh/h will be Mr Toh Soon Huat, the former CEO of Novena Holdings (renamed Viking Offshore and Marine), whose stake in the enlarged share base will rise to 10.8% from 9%. Mr Toh is expected to be appointed as the sole Executive Director of Jubilee. Jubilee’s former Chairman, Mr Chua Kim Guan will hold 10.7%, down from 18.3%. The proposed placement and proposed business diversification are subject to approval from Jubilee sh/h at an EGM to be convened. Jubilee shares are +21.3% at $0.205.