The Trendlines Group has entered into a subscription agreement with 11 subscribers for a total of 51,447,751 new ordinary shares at 6.666 cents per share.
This will result in gross proceeds raised of about $3.42 million.
This proposed subscription is not underwritten and there is no placement agent appointed for the purpose of the proposed subscription. The subscribers were introduced by a business contact of the company.
The 11 subscribers are Khoo Thomas Clive, Tan San-Ju, Lee Oon Gim, Chia Soon Joo, Choo Chiau Beng, Wong Hong Eng, Ng Hwee Min, Seow Chuan Bin, Chan Siew Yin, Tan Poh Lee, and Teo Zheng Long.
Following the completion of the subscription agreement, the subscribers will have 0.66%, 1.04%, 0.55%, 0.33%, 0.33%, 0.27%, 0.2%, 0.11%, 0.11%, 0.11%, and 0.05% of the enlarged share capital respectively.
Khoo Thomas Clive is currently a shareholder in Trendlines and a substantial shareholder in three other listed companies including Zixin Group, TOTM Technologies and SHS Holding.
Pursuant to the proposed subscription, the total issued share capital of the company will increase from 1,320,365,802 shares to 1,371,813,553 shares. The placement shares represent about 3.90% of the existing issued share capital of the company, and about 3.75% of the enlarged issued share capital.
The subscription price of 6.666 cents represents a discount of approximately 10% to the volume weighted average price (VWAP) of 7.41 cents per share in the capital of the company based on the trades done on the SGX-ST on Dec 8.
The Trendlines Group said that it noted active interest from new investors and existing shareholders of the company to invest in the company, as evidenced by previous fundraising rounds being oversubscribed.
Shares in Trendlines closed flat at 7.7 cents on Dec 9.
