- 230mil placement shares - UOB Kay Hian, Tata Capital and Religare Capital Markets (SG)
- 170mil subscription shares - Legend Financial Limited, Golden Summit International Limited, Zymmetry Investments Ltd, ICH Partners Limited and ICH Invest & Trade Ltd.
If the 400mil shares are fully subscribed for, share
capital will increase from 2,123,578,789 to 2,523,578,789
shares i.e. 15.85% of the enlarged issued share capital of the
Company. Refer announcement here.
Below new shareholdings in "blue" compiled but excludes any option shares issue to Vallianz CEO/Employees and Swiber Chairman after End 1Q2014.
Rolf’s View
This
share placement exercise is in line with what was mentioned in my previous post quoted “Vallianz expansion of its fleet will come from
potential for issuance of additional shares either via new events or
conversion of existing share options.”
Unfortunately it comes at a discount of 10% instead of premium of market pricing. Nonetheless, I think it is a better way of raising funds compare to "rights issues to public". Raising funds through Institutional participation is more convincing than raising funds via public because it signals the confidence in the the sector outlook as well as the growth prospect of the company.
Below are events announced recently to support Vallianz thirst for aggressive growth:
- Dec 13: Established a US$500 million Multicurrency Islamic Trust Certificates Issuance Programme.
- Feb 14: - Completed issuance of US$35.2
million RCCS and US$22.0 million options to strategic equity investors. Rawabi
subscribed all options while Swiber subscribe US$12 million of the US$22.0million.
- Apr 14: S$100 million 7.20% Fixed Rate Notes Due 2016 Issued Pursuant To The S$500 million Multicurrency Debt Issuance Programme
- May 14: S$60 million 7.25% Fixed Rate Notes Due 2016 Issued Pursuant To The S$500 million Multicurrency Debt Issuance Programme
- Jun 17: Share placement raising S$52 million.
Related posts:
hi, saw yr posting on vallianz,
ReplyDeletewhat do you abt vallianz after the placement?
i see their business mainly contributed by swiber which mean if swiber is down, vallianz will be down as well
my two cents
Hi Anonymous, instead of replying here, I decided to write a post to be more comprehensive. Please refer http://rolfsuey.blogspot.sg/2014/06/vallianz-dragged-by-swiber-and-shares.html
ReplyDeleteThank you for the comments. Appreciate if you can also subscribe to the notification of my posts by email.
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