Innopac

Innopac : to lift trading halt at 2pm. Platinum Partners Value Arbitrage Fund (PPVAF) has agreed to invest $30.8m, to subscribe for 250m new shares (7.9% of enlarged share base) in Innopac at an issue price of $0.1232 a share, which represents a 11% discount to the last closing px of $0.139. PPVAF is a multi-strategy hedge fund established in the Cayman Islands, with AUM in excess of US$700m and is managed by Platinum Partners, a New York based invmt mgt group with >US$1b in AUM. Jett Capital, which was authorised by Innopac to identify potential investors for the co , will be paid an introduction fee equal to 3% of the aggregate subscription px payable in cash. The proceeds will be used for working capital and increase Innopac's ability to fund its growth and business expansion.