SGX asks Vividthree to explain why company is raising more funds

CATALIST-LISTED visual effects studio Vividthree Holdings told the bourse on Thursday that it has had to turn to a new fundraising exercise for working capital, despite unused proceeds from its initial public offering in 2018.

The Singapore Exchange had raised a set of three queries over Vividthree's plan, which was announced on Wednesday, to place out up to 15.88 million new shares for at least S$0.126 apiece. The board clarified in its reply that the number of shares and their price tag have yet to be fixed, with the final placement price to be determined by a book-building exercise. Shareholders will be informed of the number of shares and the placement price, it said.

Meanwhile, Vividthree had about S$1.15 million left in IPO proceeds as at Sept 30, 2019, the SGX pointed out in its queries. "The group has not fully utilised its IPO proceeds, why is the company raising more funds for general usage now?" asked the bourse operator."What specific plans does the company have?"

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