Katrina Group’s renounceable non-underwritten rights issue of warrants, which closed on Oct 3, was oversubscribed by 108.6 million warrants.
The group proposed a renounceable non-underwritten rights issue of up to 232.5 million warrants at an issue price of 0.1 cent per warrant. Each warrant carries the right to subscribe for one ordinary share in the company at an exercise price of 2 cents per new share. This is on the basis of one warrant per one existing ordinary share in the company held by its shareholders.
The exercise price of 2 cents represents a discount of around 9.1% to the group’s last traded price of 2.2 cents per share on June 28, which is the last full market day where the shares were traded prior to the release of the announcement on June 30.
The issue price of 0.1 cent and the exercise price of 2 cents collectively represent a discount of approximately 4.5% to the company’s last traded price of 2.2 cents on June 28.
According to the group, the net subscription proceeds will be used to fund the renovation of its new food and beverage (F&B) outlets.
The group owns and operates six F&B brands in Singapore and Indonesia.
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Shares in Katrina Group 1A0 closed at 2.3 cents on Oct 6.
