TWO former senior employees of UOB Kay Hian Private Limited (UOBKH) were charged on Wednesday for allegedly lying to the Monetary Authority of Singapore (MAS) in relation to reports on a then Catalist aspirant. Lan Kang Ming, 38, and Wee Toon Lee, 34, each face three charges of providing MAS with false information in October 2018 in relation to due diligence reports on an unidentified company applying to list on the Catalist board of the Singapore Exchange. MAS said in a media statement on Wednesday that it was performing an onsite inspection of UOBKH between June and August 2018, to assess the latter's controls, policies and procedures in relation to its role as an issue manager for Initial Public Offering (IPOs). During the examination, Lan and Wee were said to have provided different versions of a due diligence report relating to background checks on a company applying to be listed on the Catalist board of the Singapore Exchange. UOBKH had acted as the issu...
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Angela Tan, Business Times
14 January 2014
WE Holdings is planning to raise between S$12.7 million to S$39.4 million in a proposed rights cum warrants issue to fund expan sion into cement business in Myanmar, coal business and working capital requirements.
The company said on Tuesday that it was planning a renounceable non-underwritten rights cum warrants issue of up to 1.31 billion new shares at 1.5 cents each.
These are coupled with up to 1.31 billion free detachable warrants, each carrying the right to subscribe for one new WE share at an exercise price of 3 cents each on the basis of one rights share with one warrant for every two existing shares.
Last May, the company unveiled plans to buy a 20 per cent stake in Dragon Cement Co for US$20 million. It has since raised S$17.66 million to fund the purchase.
Hence it is planning the rights cum warrants issue. Up to S$15 million will be used to partially fund the Dragon Cement acquisition; up to S$10 million to fund its coal expansion plans and the balance, if any, towards its working capital requirements
“The proposed rights cum warrants Issue is in line with our plan to tap on the growth opportunities in the petroleum, oil and gas and related resources sector in Myanmar. The company has decided to proceed with the rights cum warrant issue on a non-underwritten basis as the company believes that the issue price of S$0.015 for each rights share and S$0.03 for each warrant is sufficiently attractive,” WE said.
Assuming that the FY2013 warrants has been exercised in full and the issue of the Europtronic shares has been completed in full prior to the Books Closure date, the proposed issue price of 1.5 cents for each rights share represents a discount of about 65 per cent to the closing market price on January 13, 2013, and a discount of about 52 per cent to the theoretical ex-rights price of the share.
The proposed exercise price of 3 cents for each warrant share represents a discount of about 30 per cent to the closing market price of the shares on Jan 13 and a discount of about 4 per cent to the theoretical ex-rights price.
WE will be seeking specific approval from shareholders at an extraordinary general meeting to be convened to approve the rights cum warrants issue.
WE last traded around 4.2 and 4.3 cents a share.