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Royale Furniture Holdings Ltd Announces Placing Of New Shares Under General Mandate


Thursday, 18 Jul 2013 06:07pm EDT 

Royale Furniture Holdings Ltd announced that on July 18, 2013, after trading hours, the Company entered into the Placing Agreement with RHB OSK Securities Hong Kong Limited (the Placing Agent) pursuant to which the Placing Agent has agreed to act as the placing agent for the conditional placing of an aggregate of up to 232,000,000 Placing Shares at a Placing Price of HK$0.339 per Placing Share on a best-effort basis. The Placing Shares will be allotted and issued under the General Mandate granted to the Directors at the annual general meeting of the Company held on 20 May 2013. As at the date of this Announcement, no Shares have been allotted and issued pursuant to the General Mandate. The 232,000,000 Placing Shares to be allotted and issued represent (i) approximately 19.98% of the existing issued share capital of the Company as at the date of this Announcement; and (ii) approximately 16.65% of the enlarged issued share capital of the Company immediately following the Placing. The gross proceeds and estimated net proceeds from the Placing will be approximately HKD78.6 million and HKD77.6 million, respectively. The Board intends to apply the net proceeds obtained from the Placing for the general working capital of the Group and repayment of part of the bank loans of the Group. 

Company Quote

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2:33am EDT