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A-Sonic Aerospace plans bonus warrant issue

AIRCRAFT systems supplier A-Sonic Aerospace is proposing a bonus warrant issue of 20 bonus warrants for every one existing ordinary share, the group announced in a Singapore Exchange filing late on Tuesday night.

Among other things, each bonus warrant will, subject to the terms and conditions in a deed poll, entitle the warrant holder to subscribe for 5,000 new ordinary shares in the capital of the company at the exercise price of S$1.

The exercise price is at a 99.9 per cent discount to the last transacted price of S$0.196 per share on June 1, 2017, being the last transacted price immediately preceding the date of the announcement.

When fully exercised, the bonus warrants will yield S$0.234 million in gross proceeds, which will be used to fund expenses related to the proposed bonus warrant issue, which the directors believe will encourage trading liquidity.

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The company will be seeking specific approval from shareholders in a meeting to be convened.


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