Singapore

DIRECTORS of LCD Global Investments have put an earlier proposal for a rights issue of convertible bonds on the back burner, after a cash offer from Aspial Corp and Fragrance Group turned the rights issue unfavourable to shareholders.

The decision to cancel the rights issue was made "in light of the offer being a significant intervening event and to allow the higher offer price of 33 Singapore cents per offer share to be made available to shareholders", the board of directors said on Wednesday.