Future Machine Proposes 1-for-2 Rights Offering; Shares Fall 6%

MT Newswires Live07-24

Future Machine (HKG:1401) said it would offer existing investors the opportunity to buy more shares in the company, according to a Hong Kong bourse filing Wednesday.

Shares of the mobile phones and printed circuits company fell nearly 6% in afternoon trade Thursday.

The company said it would offer one share for every two stocks held in the company by way of a rights offering priced at HK$0.28 per share.

The company could raise up to HK$140 million if all 500 million shares in the offering are subscribed, it said.

Any shares unsubscribed would be offered to other investors.

Imperium International Securities will oversee the placement on the company's behalf.

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