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(10-01-2022, 11:32 AM)forum456 Wrote: https://www.theedgesingapore.com/news/eq...7-discount
raise money by issuing more shares
share price will drop to $7.3 ?
This was expected thats why the stock went down on Friday.
It is taking advantage of high stock price to raise money.
I don't think it is positive.
They are selling stock at 7.30-7.50 that is more than 10% below price before they announced they will buy the bank.
The only good thing is they are not borrowing any money for the acquisition
.
I, being poor, have only my dreams; I have spread my dreams under your feet; Tread softly because you tread on my dreams.
>
(This post was last modified: 10-01-2022, 11:45 AM by
sgbuffett.)
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WTF
iFAST Corporation is raising $75 million by issuing 10 million new shares at a discount of between 4.5% and 7% from its last close of $7.85.
In documents seen by The Edge Singapore, the wealth management FinTech platform's base offer size is between 10.0 million and 10.3 million new shares, or some 3.6%-3.7% of existing outstanding shares, offered at between $7.30 and $7.50 per share.
iFAST also announced a $30 million upsize option of some 4.1 million new shares, representing between 1.4%-1.5% of existing outstanding shares.
The company will use the proceeds to fund the proposed acquisition of BFC Bank Limited, along with general corporate and working capital, says iFAST.
CGS-CIMB Securities (Singapore) is the sole placement agent and sole bookrunner for this offering.