Homepage
PR Newswire
18-02-2011, 06:46 AM
Not vested.
Business Times - 18 Feb 2011
Biosensors to issue shares to two big investors
It'll raise $201m, placing out 216.3m shares to Atlantis and Ever Union
By NISHA RAMCHANDANI
STENT maker Biosensors International Group is looking to raise gross proceeds of some $200.81 million by placing out 216.32 million new ordinary shares to investment boutiques Atlantis Investment Management (Hong Kong) and Ever Union Capital.
Atlantis and Ever Union, which are independent of each other, will each subscribe to around 108.16 million shares at $0.9283 per share.
The placement price of $0.9283 represents a discount of about 10 per cent to the weighted average price of $1.0314 per share for trades done on the Singapore Exchange (SGX) from 9am on Feb 16 to 9.15am on Feb 17, when a trading halt was effected.
Biosensors, which is keen to grow its market share and revenue in China, said that the strategic alliance would be beneficial.
Atlantis manages investments in healthcare companies while Ever Union is an investment holding company with more than US$4 billion under management in sectors such as healthcare.
'Given Atlantis' and Ever Union's track record and expertise of investing in PRC healthcare companies . . . adding Atlantis and Ever Union as strategic investors will help the company penetrate the PRC market through the sharing (of) . . . their expertise and experience,' Biosensors said. 'The company may be able to leverage on their relationship with their investee and other companies to add strategic value to the company's business in the PRC.'
The shares will be issued in line with the general mandate obtained at an annual general meeting last July since the mandate authorises the company's directors to issue new shares, with the maximum number to be issued capped at 20 per cent of the total share capital.
The placement shares represent approximately 19.55 per cent of the existing issued and paid-up share capital of Biosensors and will represent about 16.35 per cent of the enlarged issued and paid-up share capital after the placement.
Up to 80 per cent of the proceeds from the placement will be used to finance new clinical trials, for capital expenditure and asset acquisitions, while the balance will be used as general working capital
Business Times - 18 Feb 2011
Biosensors to issue shares to two big investors
It'll raise $201m, placing out 216.3m shares to Atlantis and Ever Union
By NISHA RAMCHANDANI
STENT maker Biosensors International Group is looking to raise gross proceeds of some $200.81 million by placing out 216.32 million new ordinary shares to investment boutiques Atlantis Investment Management (Hong Kong) and Ever Union Capital.
Atlantis and Ever Union, which are independent of each other, will each subscribe to around 108.16 million shares at $0.9283 per share.
The placement price of $0.9283 represents a discount of about 10 per cent to the weighted average price of $1.0314 per share for trades done on the Singapore Exchange (SGX) from 9am on Feb 16 to 9.15am on Feb 17, when a trading halt was effected.
Biosensors, which is keen to grow its market share and revenue in China, said that the strategic alliance would be beneficial.
Atlantis manages investments in healthcare companies while Ever Union is an investment holding company with more than US$4 billion under management in sectors such as healthcare.
'Given Atlantis' and Ever Union's track record and expertise of investing in PRC healthcare companies . . . adding Atlantis and Ever Union as strategic investors will help the company penetrate the PRC market through the sharing (of) . . . their expertise and experience,' Biosensors said. 'The company may be able to leverage on their relationship with their investee and other companies to add strategic value to the company's business in the PRC.'
The shares will be issued in line with the general mandate obtained at an annual general meeting last July since the mandate authorises the company's directors to issue new shares, with the maximum number to be issued capped at 20 per cent of the total share capital.
The placement shares represent approximately 19.55 per cent of the existing issued and paid-up share capital of Biosensors and will represent about 16.35 per cent of the enlarged issued and paid-up share capital after the placement.
Up to 80 per cent of the proceeds from the placement will be used to finance new clinical trials, for capital expenditure and asset acquisitions, while the balance will be used as general working capital
My Value Investing Blog: http://sgmusicwhiz.blogspot.com/