OSK Property fixes rights shares at RM1 each (6661)

KUALA LUMPUR: OSK Property Holdings Bhd has fixed the issue price of its rights shares at RM1 and the warrants at 1.0 sen each.

It said on Tuesday the issue price of RM1 per rights share was equal to the par value of the shares as well as the theoretical ex-all price of RM1 based on the five-day weighted average market price of RM1.20 per share up to July 16.

OSK Property said the issue price of 1.0 sen per warrant pursuant to the restricted issue of warrants was due to the expired warrant B 2007/2012.

It added the warrant B was out-of money and the price of 1.0 sen was a price deemed attractive to entice the holders of Warrants B to subscribe for the warrants.

To recap, the corporate exercise involved a renounceable rights issue of up to 23.73 million new rights shares on the basis of one rights share for every 10 existing shares with up to 71.21 million free warrants. This was on the basis of three free warrants for every one rights shares subscribed for.

It also proposed a bonus issue of up to 47.47 million OSK Property shares on the basis of two new shares for every one rights shares subscribed by the existing shareholders.

Part of the exercise was a restricted issue of up to 49.99 million new warrants to the holders of the unexercised 2007/2012 warrant B on the basis of one new warrant for every one warrant B.