Grand Banks Yachts: To place 136.1m new shares at $0.33 each for approx $44.9m to Investindustrial Asian Dev Hldgs, an investment fund. Upon completion new shares make up approx 58.7% of the enlarged share capital of the co and a mandatory general offer will have to be made. This agreement is subject to shareholders approval.
The offer price is a 9.6% discount to last traded price on 4 Aug at $0.365 but counter has been thinly traded. Completion of placement is conditional on SGX and shareholders approval.
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