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Equation Summit issues redeemable convertible bonds, undertakes capital reduction exercise
EQUATION Summit proposed to issue four redeemable convertible bonds with an aggregate principal value of S$12 million to investors, it announced on Tuesday. The agreement was entered into on Dec 23.
The company also proposed to undertake a capital reduction exercise by reducing and cancelling the share capital of the company, which is unrepresented by available assets, to the extent of S$135.6 million as at Sept 30.
Besides that, it also proposed to consolidate every 50 existing shares as at book closure date into one consolidated share, with fractional entitlements to be disregarded.
The company has also entered into a non-binding letter of intent to sell four of its entities - Equation Recycling, Equation Energy, Citrine System and Citrine Solution - to Bronze Holdings.
Equation Summit has also filed a request for lifting of trading halt on its shares.