Hot stock: LHN up 24.3% to all-time high of 46 S cents after fundraising announcement

SHARES of LHN rose to an all-time high on Friday morning after the Catalist-listed property group announced plans to raise S$2.2 million through a private placement.

As at 9.40am, the counter had climbed 9 Singapore cents or 24.3 per cent to reach a historical peak of 46 cents after some 12.5 million shares changed hands. It later eased to 43.5 cents, up 6.5 cents or 17.6 per cent, by the midday trading break, before ending the day at 42.5 cents, up 14.87 per cent.

No married deals were recorded in early trade, according to ShareInvestor data.

LHN had on Friday morning announced it is placing out 6.5 million new shares at 33.51 Singapore cents each under its general mandate.

Assuming that all the shares are fully placed out, LHN is expecting net proceeds of S$2.1 million. It intends to use the funds for general working capital purposes.

This will include renovation of the group's properties as well as operating expenses, LHN said in its filing before markets opened.