Cordlife

Cordlife: To lift trading halt at 8.30am. Proposes private placement of an aggregate placement of up to 26.84m new shares at $1.25 each, comprising: i) placement of 17.8m shares via a placement agent, UOB and ii) direct subscription by investors (1 fund and 4 individuals) of 9.04m shares. ~73% of the net proceeds of $32.1m will be used to further, fund and supports its operations in connection with the group’s enlarged geographical footprint, which includes additional strategic investments and JVs. The remainder will be used for working capital. Taking into account the new placement shares and new shares issued as part payment relating to Cordlife’s recent acquisition of a 19.9% stake in Msia’s StemLife, Cordlife would have an enlarged share base of 267.3m Meanwhile, the co notes there appears to be some confusion on an announcement last week in relation to CEO Jeremy Yee stepping down from the board of directors of Cordlife’s 10% owned China Cord Blood Corp listed in the US. The Board clarifies that Jeremy is not stepping down from the board of Cordlife.