SGX queries Capital World on dilutive impact of loans

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SGX queries Capital World on dilutive impact of loans.

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THE Singapore Exchange has queried Catalist-listed Capital World on the sustainability of entering a cycle of loans with increasing interest rates and high arranger fees.

Both the CLA and CBSA have the same arranger, Prosper Network Co, SGX noted in its query. The CLA has a S$385,000 arranger fee while the CBSA had a S$900,000 arranger fee, both in cash. SGX noted that Capital World's cash balance stands at S$1 million as at end-June."This seems to be a cycle of convertible bonds/loans with increasing interest rates which will have a very dilutive effect, and high arranger fees which are to be paid in cash to the arranger.

The company also said that the total cost of the Oct 3 CLA is lower than the CBSA, due to the absence of facility share fees that the CBSA had. Capital World added that terminating the CBSA provides more time to improve cash flow from operations.

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