Asian Pay Television Trust rights issue 1.3 times subscribed

PAY TV firm Asian Pay Television Trust's (APTT) trustee-manager on Monday said it has received 474.7 million valid acceptances and excess applications for its proposed 1-for-4 rights issue, 1.3 times the total number of 361.3 million rights units offered.

This includes acceptances and excess applications by undertaking unitholders for all 361.3 million rights units available under the rights issue, according to the irrevocable undertakings.

Valid acceptances made up 23.2 per cent or 83.7 million units of the total number of rights units available under the issue, while excess applications took up 108.2 per cent or 391 million units.

The renounceable non-underwritten rights issue was proposed to raise gross proceeds of about S$46.2 million. The rights units were to be issued at 12.8 Singapore cents each, on the basis of one rights unit for every four existing units held by unitholders.

Some S$45 million of the net proceeds would be used to pare APTT's offshore debt, enabling the trust to save about S$2.9 million in annual interest cost and strengthen its financial position. The remaining S$0.1 million of the net proceeds would be used for working capital, the trustee-manager added.

The trustee-manager on Monday said the rights units are expected to be issued on June 25, and listed and quoted with effect from 9am on June 26.

APTT units closed at 12.8 Singapore cents on Monday, down 0.1 cent or 0.8 per cent.