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Annica Holdings Ltd Announces Change In Use Of Proceeds Arising From Renounceable Non-underwritten Rights Issue Of 656,139,662 Ordinary Shares


Wednesday, 12 Jun 2013 05:56am EDT 

Annica Holdings Ltd announced that In the Offer Information Statement, it was stated that the Rights Issue was made to strengthen the Company’s cash position and the Company intended that 90% of the proceeds from the issuance of the Rights Issue be applied towards funding the operations of the Company’s subsidiaries and 10% for general working capital purposes. The Board further refers to the Company’s earlier announcements on the acquisition of shares of Industrial Power Technology Pte Ltd and The Think Environmental Co. Sdn. Bhd and the proposed acquisition of the property located at 38 Kallang Place, Singapore 339166 which remains uncompleted as of the date of this Announcement. The Property is being leased by Industrial Power as its office and operating premises. The purchase consideration for the Property is $2,500,000. The intends to re-allocate approximately $1,500,000 of the Rights Issue Proceeds to fund the Purchase Consideration with the balance from internally generated resources. As a result, the breakdown of the use of the Rights Issue Proceeds is changed as follows: 74% for the Funding the operations of the Company’s subsidiaries, 10% for General working capital purposes and 16% for the Purchase of Property. 

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6 Mar 2015