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Venturepharm Laboratories Ltd announces proposed rights issue in proportion of three rights shares for every two existing shares and issue of 2014 convertible note under specific mandate


Monday, 25 Aug 2014 12:01am EDT 

Venturepharm Laboratories Ltd:Proposes to raise not less than about HK$54.9 mln and not more than about HK$68.3 mln, before expenses, by way of issue of not less than 549,162,996 and not more than 682,900,582 new shares.Pursuant to rights issue on basis of three rights shares for every two shares in issue on record date at subscription price of HK$0.10 per rights share.Net proceeds from rights issue after deducting related expenses are estimated to be about HK$53.8 mln, assuming that none of share options are exercised and no principal of convertible notes will be converted.And there will not be any further issue of new shares or repurchase of shares on or before record date.Rights issue will be fully underwritten by underwriter on terms and subject to conditions set out in underwriting agreement.Enters into subscription agreement with subscriber, pursuant to which the company has conditionally agreed to issue and subscriber has conditionally agreed to subscribe for 2014 convertible note in principal amount of $1,000,000.Convertible note is convertible into conversion shares at conversion price (subject to adjustment(s)). 

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