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Mascotte Holdings Ltd Announces Placing Of New Shares


Monday, 24 Dec 2012 04:53am EST 

Mascotte Holdings Ltd announced that it has entered into the Placing Agreement with the Placing Agent whereby the Company conditionally agreed to place, through the Placing Agent, on a fully underwritten basis, 176,000,000 Placing Shares at a price of HKD0.165 per Placing Share. The Placing Shares represent approximately 40.04% of the Company‚Äôs existing issued share capital of the Company of 439,550,104 Shares as at the date of this announcement and approximately 28.59% of its issued share capital as enlarged by the Placing. The aggregate nominal value of the Placing Shares under the Placing will be HKD1,760,000. The Placing Price of HKD0.165 per Placing Share represents a discount of approximately 9.34% to the closing price of HKD0.182 per Share as quoted on the Stock Exchange on December 24, 2012, being the date of the Placing Agreement; and a discount of approximately 8.33% to the average closing price of approximately HKD0.180 per Share as quoted on the Stock Exchange for the five consecutive trading days immediately prior to December 24, 2012. The gross proceeds from the Placing will be HKD29.04 million. The Company plans to use the net proceeds of approximately HKD27.62 million from the Placing for the interest payment of the outstanding indebtedness of the Group. 

Company Quote

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3:57am EDT