The three investors for the convertible loan notes are Hong Kong-based investment holding firms EnerIHC Holding and Royal Investment Global as well as China-based Shenyang Pufei Technology Co. Mak Yuen Yee Selina, David Chic and Liang Jian are the sole shareholders for the firms respectively. Upon conversion, each subscriber will obtain a maximum shareholding of 10.82% of the enlarged share capital.
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Healthbank states that the net proceeds from the notes are estimated at $3.28 million. $2.48 million will be utilised for business expansion and development opportunities, while the remaining $0.8 million will be for working capital purposes.
The notes are convertible into a maximum of 37.5 million new shares. Based on pro forma financials using FY2020 ended December 2020 financial statements, assuming the notes are fully converted, Healthbank’s paid-up capital would increase from RMB29.19 million ($6.01 million) to RMB45.25 million, while total shares would increase from 78 million to 115.5 million. Net tangible assets per share would decrease from 83.16 RMB cents to 70.06 RMB cents, while loss per share would decrease from 6.29 RMB cents to 4.25 RMB cents.
Shares in Healthbank closed flat at 8.8 cents on March 22.
