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Vallianz issues shares to offset S$3.13m in trade payables
CATALIST listed Vallianz Holdings on Thursday said it has agreed to a share subscription with certain unnamed trade creditors to fully offset S$3.13 million in trade payables.
The trade creditors will subscribe all in to 156 million in settlement shares of the marine company at S$0.02 apiece. The issue price reflected a premium of 16.3 per cent to the volume-weighted average price for trades done on June 19, 2017 - the day that the agreement was signed.
The settlement shares represent over 3 per cent of the company's share capital.