AGV Group rights issue 53.4% subscribed, raises net proceeds of S$5.1m

CATALIST-LISTED AGV Group on Tuesday said it has raised net proceeds of S$5.1 million from its rights issue, which was 53.4 per cent subscribed.to raise net proceeds of between S$3.6 million and S$19.3 million. It had planned to issue up to 929.7 million new rights shares at 2.5 Singapore cents apiece, on the basis of five rights shares for every one share held by shareholders.

In a bourse filing on Tuesday, AGV Group said it received valid acceptances for 209.7 million rights shares, and valid excess applications for 286.8 million rights shares. Taken together, these represent 53.4 per cent of the total number of rights shares available for subscription under the rights issue.

Executive chairman of the group Chua Wei Kee had previously given an irrevocable undertaking to subscribe for the rights issue. He is entitled to 75 million rights shares and had applied for 125.2 million excess rights shares. However, to avoid the 30 per cent trigger point for a mandatory general offer, his application has been scaled down to 184.8 million rights shares, from 200.2 million rights shares.

This would result in Mr Chua holding 199.8 million shares, representing 29.95 per cent of the firm's enlarged issue share capital after the completion of the rights issue. The consideration for these alloted shares has been paid for by offsetting about S$4.2 million against monies owed to Mr Chua by the firm, with the remaining S$470,000 paid to the company in fresh funds, AGV Group said.

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