Lifebrandz abandons proposed placement of 167m new shares
LIFEBRANDZ Ltd on Tuesday morning said that the proposed placement of 167 million new ordinary shares has been terminated by mutual agreement of the parties involved.
The financially beleaguered firm had on Nov 15 conditionally agreed to issue to Australia-incorporated Pramana Capital Pty Ltd 167 million new shares for S$501,000, or 0.3 Singapore cent per share - representing a premium of 20 per cent to the shares' average price of 0.25 Singapore cent on Nov 15.
With Tuesday's announcement, the placement agreement will no longer have any effect; and the parties shall have no further obligations or claims against each other, it said in a filing to the bourse operator.
The termination of the placement agreement is not expected to have any material effect on the company's performance for the financial year ending July 31, 2017.
KEYWORDS IN THIS ARTICLE
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
TikTok suspends new app’s reward programme amid EU concerns
Hong Kong spot crypto ETFs to start trading next week
Cordlife substantial shareholder Nanjing Xinjiekou still mulling over offer to buy over remaining shares
Nvidia agrees to acquire Israeli AI software provider Run:ai
HSBC says growing Chinese wealth fuels client investments in US
Unilever's India quarterly profit disappoints