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