Invitation in respect of 90,000,000 Shares comprising 64,000,000
New Shares and 26,000,000 Vendor Shares as follows:
1. 4,500,000 Offer Shares at S$0.23 for each Offer Share by way of
public offer; and
2. 85,500,000 Placement Shares at S$0.23 for each Placement
Share by way of placement,
payable in full on application.
| |
Indicative date/time |
Event |
| |
6 May 2008, 12.00 noon |
Close of Application List |
| |
7 May 2008 |
Balloting of applications, if necessary (in the event of over-subscription for the Offer Shares) |
| |
8 May 2008, 9.00 a.m. |
Commence trading on a "ready" basis |
| |
13 May 2008 |
Settlement date for all trades done on a "ready" basis on 8 May 2008 |
The gross proceeds to be raised by our Company and the Vendor from the issue of the Invitation
Shares are approximately $20.7 million. The net proceeds (after deducting the estimated issue
expenses of approximately $2.4 million), are estimated to amount to approximately $18.3 million.
The gross proceeds to be raised by our Company from the issue of the New Shares are
approximately $14.72 million. The net proceeds (after deducting the estimated issue expenses of
approximately $2.20 million), are estimated to amount to approximately $12.52 million.
The Directors intend to apply the net proceeds as follows:
- approximately $3.0 million to expand our manufacturing facilities (including the acquisition of
plant, equipment and machinery);
- pproximately $2.5 million to expand our sales and marketing team and establish a research and development team in order to access new markets, capabilities, customers and businesses;
- approximately $5.5 million to enter into potential strategic acquisitions or joint ventures to expand our existing product and service range and to acquire new technologies; and
- the balance to be used as general working capital requirements for our existing operations as well as to cater to our additional working capital purposes.
Pending the specific deployment of the net proceeds as aforesaid, we may use the funds as
working capital or invest in short-term money market instruments as our Directors may, in their
absolute discretion, deem fit.
Please refer to Section 10.5 on "Business Strategy and Future Plans" of this Prospectus for further
details on a. to d. above.
In the opinion of our Directors, no minimum amount must be raised by the Invitation.
Issue Price |
23.0 cents |
NET TANGIBLE ASSETS
NTA per Share based on the audited combined financial position of our Group as
at 30 September 2007 adjusted for the Subdivision and the Restructuring
Exercise referred to in Section 6.3 of this Prospectus ("Adjusted NTA per Share"): |
|
- before adjusting for the estimated net proceeds of the New Shares and
based on the pre-Invitation share capital of 136,630,026 Shares
|
16.6 cents |
- after adjusting for the estimated net proceeds of the New Shares and based
on the post-Invitation share capital of 200,630,026 Shares
|
17.5 cents |
Premium of Issue Price per Share over Adjusted NTA per Share: |
|
- before adjusting for the estimated net proceeds of the New Shares and
based on the pre-Invitation share capital of 136,630,026 Shares
|
38.6% |
- after adjusting for the estimated net proceeds of the New Shares and based
on the post-Invitation share capital of 200,630,026 Shares
|
31.4% |
EARNINGS |
|
| Historical net EPS of our Group based on the audited financial results for FY2007
and on the pre-Invitation share capital of 136,630,026 Shares |
4.4 cents |
| Historical net EPS of our Group based on the audited financial results for FY2007
had the Service Agreements set out in Section 11.5 on "Service Agreements" of
this Prospectus been effected since the beginning of FY2007 and based on the
pre-Invitation share capital of 136,630,026 Shares(1) |
4.3 cents |
PRICE EARNINGS RATIO |
|
| Historical price earnings ratio based on the historical net EPS of our Group for
FY2007 |
5.2 times |
Historical price earnings ratio based on the historical net EPS of our Group had
the Service Agreements set out in Section 11.5 on "Service Agreements" of this
Prospectus been effected since the beginning of FY2007(1) |
5.3 times |
MARKET CAPITALISATION |
|
Market capitalisation based on Issue Price of S$0.23 per Share and post-
Invitation share capital of 200,630,026 Shares |
S$46.1 million |
|
|
Prospectus Summary