F J Benjamin plans rights cum warrant issue to raise up to S$39m; narrows Q1 losses

FASHION retailer F J Benjamin Holdings (FJB) announced on Monday a rights cum warrants issue to raise up to S$39 million.

About S$12.0 million will be raised through the issue of 341.2 million new shares at S$0.035 each on the basis of three rights shares for every five existing shares. It is also proposing to issue two free warrants for each rights share, or a total of 682.5 million warrants. The warrants, with a three-year exercise period, will have an exercise price of S$0.04 per warrant. If fully exercised, it will raise another S$27 million.

The rights are priced at a discount of 22.2 per cent to FJB's last traded price of S$0.045 per share on October 17, 2017 being the last full trading day of the shares immediately preceding this announcement; and 15.15 per cent to the theoretical ex-rights price of $0.04125 per share.

FJ Benjmain also unveiled that it has narrowed its losses in the fiscal first quarter ended September 30, 2017 to S$942,000 from a net loss of S$3.6 million a year ago.