LifeBrandz proposes 50:1 share consolidation and rights issue

Singapore

LIFEBRANDZ is proposing to undertake a 50-to-1 share consolidation, followed by a rights issue that it will use to repay advances from two shareholders.

LifeBrandz said last Friday that its board believes a share consolidation will reduce the volatility of its share price and reduce fluctuations in the company's market capitalisation. LifeBrandz shares fell 0.1 cent or 12.5 per cent to S$0.007 last Friday.

Subject to the completion of the share consolidation, LifeBrandz also intends to undertake a renounceable non-underwritten rights issue of up to 305.8 million new shares at an issue price of S$0.028 for each rights shar…