Independent director resigns from Raffles Education; placement proceeds fully spent

A long-time independent director of Raffles Education has resigned from its board with effect from Dec 1.

Mr Christopher Lim Tien Lock, who has sat on the board of Raffles Education since Nov 2008, is relinquishing directorships in companies that are not related to Hotel Properties.

Mr Lim is group executive director of Hotel Properties, which owns and operates hotels and is also listed here.

Separately, Raffles Education said in another bourse filing on Thursday (Nov 30) that a net proceeds of S$28.2 million raised from a share placement in October have been fully used.

S$21.1 million of the money was used to repay loans and borrowings while S$7.1 million was used as general working capital.

On Sept 28, after the company's shares reached a 12-month high of S$0.335 on Sept 26, Raffles Education announced that it would place out 95 million new shares at S$0.30 apiece.