Eratat: To lift trading halt at 9am today. Co. announced proposed subscription (Private Placement) of 63m new shares at $0.2135 /share and proposed grant of options to subscribe for additional 18.9 new shares at price of $0.30. Subscription has been taken up by Best Increase Limited (50m shares and 15m options) and individual Khoo Boo Kok (13m shares and 3.9m options)....
Best Increase Limited (BIL) will hold 13.1% and Khoo Boo Kok (KBK) will hold 3.6% of enlarged share capital assuming options fully exercised. Net proceed raised of $13m was to raise working capital….
The new shares priced at $0.2135, represents a discount of 9.99% to the weighted average price of $0.2372 on 25th Jan11. Based on the audited consolidated balance sheet of the Co. as at 31Mar10, assuming that the Subscription Options are not exercised, and 63m New Shares issued, total number of Shares of the Co will increase to 477,912,514 Shares and the NTA/share will be increased by 12.5% from Rmb1.29 to Rmb1.45 / share.....
If Options exercised, NTA will increased by 17.8% to RMB1.52 per Share. We note that Weighted Average of the new addition of discounted shares could see share price new value at $0.2341. (excluding exercise of options)
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