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Vallianz tables equity swop for S$3.1m trade debt

CATALIST-LISTED offshore support vessel owner-operator Vallianz Holdings has entered into letters of agreement on Wednesday with its trade creditors to swop payables of almost S$3.15 million for shares in the company.

Vallianz said that the equity swop arrangement priced the settlement shares for the trade payables totalling over 196.6 million shares at 1.6 Singapore cents apiece.  That is 60 per cent above the listed company’s volume weighted average price of one Singapore cent for trades done in its stock on Wednesday.

The settlement shares represent about 1.19 per cent of the company’s issued share capital as at Wednesday, and about 1.18 per cent of its enlarged share capital after the allotment and issuance of these shares.

Vallianz added that the proposed issuance of the settlement shares will set off almost all of S$3,146,441.11 of trade payables, with a small balance of S$25.11 still payable by the company.  

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The proposed new share subscription and settlement of trade payables will turn effective on the fifth business day after Vallianz approves the approval-in-principle from the Singapore Exchange for the listing and quotation of the settlement shares.  

Vallianz closed unchanged at one Singapore cent on Wednesday.