First Sponsor proposes rights issue, bonus issue to raise up to S$399.3m

HONG Leong-linked property developer First Sponsor Group has withdrawn its initial application for a rights issue involving warrants exercisable into convertible securities, and is now proposing instead to undertake a rights issue involving warrants directly exercisable into shares, along with a bonus issue to raise up to S$399.3 million.

The company is also proposing a bonus issue, under which shareholders will get one warrant for every 10 existing common shares held, also with a S$1.30 strike price. The rights issue books closure date and the bonus issue books closure date will fall on the same date, which will be announced at an appropriate time, First Sponsor said.

After deducting professional fees and related expenses of about S$1 million, estimated net proceeds from the issue of the Series 2 convertible securities under the rights issue are expected to be about S$146.9 million.

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