In addition, Chinese state-owned enterprise Sinochem International Corp , which owns Halcyon Agri's major shareholder Sinochem International Overseas, plans to provide a corporate guarantee to support the issuance of up to US$200 million of perps.
The guarantee - which is subject to SIC shareholders' approval - will make the perps more marketable with institutional investors, Halcyon Agri said. This will give more certainty on the amount of proceeds that can be raised from the perps, as compared to the rights issue, as the latter's issue price"may not be attractive to investors", it added.
Two months ago, the company proposed a renounceable non-underwritten one-for-two rights issue of up to 797.5 million new shares at 22 Singapore cents apiece. The issue price was at a 36.2 per cent discount to the last transacted price of 34.5 cents per share for trades done on June 19. Since the rights issue was announced in late June, the stock's price had fallen about 20 per cent as at Friday.
"In light of the recent share price movements and in consideration of current market conditions, the company has been exploring various means of alternative equity fundraising options which are more suitable under the prevailing circumstances," said Halcyon Agri on Friday.For daily updates on weekdays and specially selected content for the weekend. Subscribe to
Source: News Formal (newsformal.com)
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Source: The Straits Times - 🏆 8. / 63 Read more »
Halcyon Agri proposes issue of guaranteed perpetual securities in place of rights issueNATURAL rubber supplier Halcyon Agri Corp on Sunday proposed the issuance of guaranteed perpetual securities as its latest fundraising option, rather than the earlier proposed rights issue. Read more at The Business Times.
Source: BusinessTimes - 🏆 15. / 51 Read more »
Halcyon Agri proposes issue of guaranteed perpetual securities in place of rights issueNATURAL rubber supplier Halcyon Agri Corp on Sunday proposed the issuance of guaranteed perpetual securities as its latest fundraising option, rather than the earlier proposed rights issue. Read more at The Business Times.
Source: BusinessTimes - 🏆 15. / 51 Read more »
Halcyon Agri proposes issue of guaranteed perpetual securities in place of rights issueNATURAL rubber supplier Halcyon Agri Corp on Sunday proposed the issuance of guaranteed perpetual securities as its latest fundraising option, rather than the earlier proposed rights issue. Read more at The Business Times.
Source: BusinessTimes - 🏆 15. / 51 Read more »
Halcyon Agri proposes issue of guaranteed perpetual securities in place of rights issueNATURAL rubber supplier Halcyon Agri Corp on Sunday proposed the issuance of guaranteed perpetual securities as its latest fundraising option, rather than the earlier proposed rights issue. Read more at The Business Times.
Source: BusinessTimes - 🏆 15. / 51 Read more »
Halcyon Agri proposes issue of guaranteed perpetual securities in place of rights issueSINGAPORE (THE BUSINESS TIMES) - Natural rubber supplier Halcyon Agri Corp on Sunday (Aug 30) proposed the issuance of guaranteed perpetual securities as its latest fundraising option, rather than the earlier proposed rights issue.. Read more at straitstimes.com.
Source: The Straits Times - 🏆 8. / 63 Read more »