Incredible Holdings appoints independent financial adviser for proposed placement, to issue new circular

CATALIST-LISTED company Incredible Holdings will be issuing a new circular for a proposed placement of shares and warrants to include the appointment of an independent financial adviser for the exercise and other details.

In a statement to the Singapore Exchange on Saturday (Jun 11), Incredible Holdings said it has appointed Novus Corporate Finance as the independent financial adviser to provide guidance to the directors and the audit committee on the proposed placement of about 14.1 billion subscription shares and 21.1 billion warrants.

The audit committee and directors will be advised on whether the transaction contemplated is on normal commercial terms and not prejudicial to the interests of the company and its minority shareholders.

A circular containing the opinions of the independent financial adviser and the audit committee will be issued in due course, Incredible Holdings stated. Shareholders, the company said, are to disregard the notice and circular issued on Jun 3.

The placement by Incredible Holdings to Mission Well and 2 individuals Zhou Qilin and Zheng Zeli aims to raise funds to repay the promissory notes to Mission Well and Zheng. The 3 placees will abstain from voting on all the resolutions tabled.

As the company will be issuing the updated circular, the extraordinary general meeting to vote on the placement will not proceed as originally scheduled to take place on Jun 25 but deferred to another date to be advised.

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Incredible Holdings’ core business is the distribution of equipment and consumable materials for the electronics industry and switchgear design and assembly services in Singapore and trading of luxury goods in Hong Kong.

The counter closed flat at S$0.002 last Friday.