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Jubilee Industries Holdings gets listing and quotation notice for rights-cum-warrants issue

CATALIST-LISTED Jubilee Industries Holdings Ltd has received the listing and quotation notice for the rights-cum-warrants issue proposed in October.

The precision manufacturer said on Thursday that it got the notice from the Singapore Exchange Securities on Dec 26.

Its renounceable non-underwritten rights-cum-warrants issue will see up to about 336.28 million new ordinary shares on offer at 4.5 Singapore cents apiece.

The rights shares come with up to the same number of detachable warrants, on the basis of one rights share with one warrant for every two existing ordinary shares in the capital of the company held by shareholders.

The estimated net proceeds of roughly S$15.03 million will go towards general working capital, merger and acquisition activities and machine capacity expansion, Jubilee had previously said.

Jubilee's parent company, Accrelist, also agreed in November to offset the company's outstanding loan of S$10.9 million against the cost of its S$9.8 million entitlement under the issue.

The remaining S$1.1 million - exclusive of accrued interest - that Jubilee still owes may be offset by Accrelist's subscription for the excess rights shares with warrants, if none of the other entitled shareholders chooses to subscribe, Jubilee also said.

The listing and quotation notice is subject to compliance with listing requirements and is not an indication of the merits of the rights-cum-warrants issue, the rights shares, the warrants, warrants shares, the company, its subsidiaries, and their securities.

Jubilee ended the trading day up 0.2 Singapore cent, or 4.88 per cent, to 4.3 Singapore cents, on a volume of almost 3.84 million shares, before the latest announcement.