Trendlines Group inks conditional subscription agreement for S$20.3m

THE Trendlines Group 42T inked a conditional subscription agreement with FEA Innovations, Palm Tree, Avztim and the company's controlling shareholder Librae Holdings to subscribe for a total of S$20.3 million in new ordinary shares, Trendlines announced on Wednesday (Jan 19).

Librae Holdings will subscribe for S$11.9 million, FEA Innovations and Palm Tree for S$3.4 million each, and Avztim for S$1.6 million. Together, subscription shares are expected to represent about 17.59 per cent of the enlarged share capital.

Shares are allocated at a price of S$0.12 for each ordinary share. This is a 15 per cent premium to the weighted average share price based on the trades done on the Singapore Exchange on Wednesday (Jan 19), when the subscription agreements were signed, the Israel-based incubator said.

The subscription will be completed in eight equal tranches based on the number of shares allocated to each subscriber. The first instalment will be five business days after the date of listing approval or the date of the approval by the shareholders of the company. The subsequent payment will be on April 1, then every three months, ending with Oct 1, 2023.

Assuming all tranches are issued, the estimated net proceeds after deducting fees and expenses is approximately S$20.1 million, Trendlines said. Some 70 per cent of which will be used for direct and indirect investments into new, prospective or existing portfolio companies of the group; the remaining 30 per cent will go to working capital.

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