Under the agreements, Charming Global Enterprises will subscribe for 44.54 million shares in Cordlife for a total consideration of $7.1 million while Ng will subscribe for 6.7 million shares for $1.1 million.
Cordlife Group will raise some $8.2 million through the proposed placement of 51.2 million new shares in the company at 16 cents apiece. The number of shares represents about 20% of Cordlife’s total shares. It will represent 16.6% of the enlarged capital. The issue price represents a 4.9% premium to the two-week volume weighted average price of 15.25 cents per share for trades done on the Singapore Exchange (SGX:S68
) (SGX) on April 15.
On April 16, Cordlife entered into two separate subscription agreements with Charming Global Enterprises and high net worth individual (HNWI) Darren Ng Junwei. Charming Global Enterprises is owned by Jiao Shuge, who is the co-founder of CDH Investments, a Beijing-based private equity and venture capital firm.
