Turbulent market conditions when the fundraising plan was launched last September prompted the company to take the unusual route of allowing investors to put up a 25-percent downpayment for their rights offer shares.Stock rights offers are typically priced at a discount to the prevailing market value.
SPNEC revealed on Thursday that 60 percent of the stock rights offer shares were fully paid last September while owners of the 40 percent availed themselves of the instalment plan. “We are grateful to our public shareholders for believing in the value of our company’s shares. With the improved market conditions this year, we hope this will bring forth a positive feedback loop, by enabling the completion of our SRO, and in turn enabling our share swap, private placements and project developments,” Leviste said in a statement on Thursday.Under the share swap, SPNEC will issue 24.
Source: Energy Industry News (energyindustrynews.net)
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