Advanced Systems Amends Terms of Proposed Convertible Bond Issue

MT Newswires07-03

Advanced Systems Automation (SGX:WJ9) amended the terms of the company's proposed issuance of SG$20 million issuance of 5% redeemable convertible notes to Advance Opportunities Fund I and Advance Opportunities Fund VCC, according to a same-day filing on the Singapore bourse.

Under the new terms signed on July 2, the maximum conversion shares could amount to 171.7 million, constituting about 23.56% of the enlarged share capital of the company post-issuance.

Conversion prices are set at 80% of average closing prices over three business days, with a minimum of SG$0.01 per share.

Advanced Systems plans to list the conversion shares on SGX-ST following the issue, according to the filing.

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