Possible new controlling shareholder at Innopac
The planned $5 million stock placement planned by Innopac
Holdings could result in compliance professional Jack Lim becoming a new
controlling shareholder of the investment holding company.
Mr Lim, described as a private investor who works at an
international bank, will take 2.5 billion of the five billion placement shares
at the offer price of 0.1 cent a share. That will leave him as the largest
single shareholder with a 26.42 per cent stake of Innopac's enlarged share
capital.
Innopac shares closed at 0.2 cent on May 25. Trading had
been halted from Monday to the end of Wednesday.
Innopac did not disclose who the other placees were but said
they were independently procured by the placement agent and did not hold any
shares in the company as at May 30.
They are also not directors or substantial shareholders of
the firm and are not related to each other in any way, other than being
co-investors in the company.
Innopac will use $2.25 million of the $5 million proceeds to
support new investments and acquisitions. About $500,000 is earmarked for
developing existing investment business while the remainder will be used for
working capital and placement expenses.
The company will also seek approval from shareholders for
the proposed placement, as well as the proposed transfer of controlling
interest at an extraordinary general meeting to be convened.
Innopac shares closed at 0.2 cent yesterday.
01 June 2018
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