Yellow Pages plans $21m placement

GLOBAL Yellow Pages said yesterday it plans to place up to 300 million new shares to raise as much as $20.8 million.

These shares will be placed at 7 cents, representing a 23.7 per cent discount to the volume-weighted average price of 9.17 cents per share based on trades done on March 5. The counter was last traded at 9.2 cents per share.

The shares would be placed out to a subsidiary of a Chinese group that runs a chain of restaurants.