Spackman Entertainment proposes to place out 38.1m new shares at S$0.161 apiece
SPACKMAN Entertainment Group on Thursday said it has entered into an agreement with UOB Kay Hian to be its placement agent, as the company sought to place out up to 38.1 million new shares at S$0.161 apiece.
The estimated net proceeds from the proposed placement after deducting expenses incurred is expected to amount to about S$5.95 million.
Spackman said that it intends to use the net proceeds for its working capital requirements and new business investments and acquisitions, in the respective proportions of 30 per cent and 70 per cent.
At S$0.161, the share price represents a discount of 9.75 per cent to the volume-weighted average price of S$0.1784 for each share, based on the trades done on the Singapore Exchange (SGX) on Feb 28 - the last full market day prior to the signing of the placement agreement.
The placement shares, when allotted and issued in full, will represent roughly 9.55 per cent of the issued share capital of the company as at April 28, 2016, and the date of this announcement, and about 8.72 per cent of the enlarged issued and paid-up share capital upon completion.
Under the deal, a placement commission of 3 per cent of the gross proceeds raised is payable to UOB Kay Hian, the group said in a filing to the SGX.
KEYWORDS IN THIS ARTICLE
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
Syngenta to withdraw China IPO application on weak market: sources
Chinese firms’ fundraisings in limbo as IPOs scrutinised at home and abroad
China’s Huawei continues rebound with strongest earnings growth since 2019
Hatten Land gets notice of default, letter of demand for RM14 million, appoints financial adviser
ComfortDelGro wins contracts to run buses in Manchester
Sam Bankman-Fried, at sentencing, acknowledges FTX customers have suffered