SILKWAVE INC (00471) Proposes 1-for-3 Rights Issue at 31.06% Discount

Stock News11-19

SILKWAVE INC (00471) announced a proposed rights issue on a 1-for-3 basis at HK$0.455 per share, representing a discount of approximately 31.06%.

The company plans to raise up to: (i) HK$163.7 million by issuing a maximum of 359,821,602 rights shares (assuming full subscription and no change in issued shares before the record date), or (ii) HK$174.3 million by issuing up to 383,161,602 rights shares (assuming full subscription and full conversion of convertible notes before the record date).

After deducting expenses, the estimated net proceeds would be: (i) Approximately HK$162 million (first scenario), or (ii) Around HK$172.6 million (second scenario).

Fund allocation plan: - 33.5% for CMMB business technology development and infrastructure upgrades - 29.2% for trading business - 8.4% for strengthening operational teams and business development in CMMB and trading - 4.2% for marketing activities and new customer promotion programs - 16.3% for general working capital - 8.4% reserved for potential investment opportunities

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