Artivision Technologies has launched a rights issue to raise up to $26.31 million to expand its media solutions business.
Artivision will issue up to 876.9 million new shares at 3 cents each, on the basis of five rights shares for every six held.
The issue price is a 28.6% discount to Artivision’s last closing price of 4.2 cents on Thursday.
Some $2.75 million of the proceeds will be used to offset interest-free loans granted by Algotech to Artivision for working capital needs. The balance will be used for general corporate and working capital purposes, such as the purchase of media video viewership and repayment of bonds.
Five shareholders – Algotech Holdings, Artivision co-founders Soh Sai Kiang Philip and Ofer Miller, Non- Executive Director Ching Chiat Kwong, and Chief Executive Officer Kenneth Goh Tzu Seoh – have given undertakings to subscribe to all the rights shares that they are entitled to.
Algotech, an investment holding company wholly owned by Soh, the company’s non-Executive Chairman, has an 11.1% stake in Artivision.
The actual number of rights shares to be issued depends on whether certain parties with whom the company has convertible securities agreements decide to convert these loans and options into new shares, says artivision.
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Artivision will issue up to 876.9 million new shares at 3 cents each, on the basis of five rights shares for every six held.
The issue price is a 28.6% discount to Artivision’s last closing price of 4.2 cents on Thursday.
Some $2.75 million of the proceeds will be used to offset interest-free loans granted by Algotech to Artivision for working capital needs. The balance will be used for general corporate and working capital purposes, such as the purchase of media video viewership and repayment of bonds.
Five shareholders – Algotech Holdings, Artivision co-founders Soh Sai Kiang Philip and Ofer Miller, Non- Executive Director Ching Chiat Kwong, and Chief Executive Officer Kenneth Goh Tzu Seoh – have given undertakings to subscribe to all the rights shares that they are entitled to.
Algotech, an investment holding company wholly owned by Soh, the company’s non-Executive Chairman, has an 11.1% stake in Artivision.
The actual number of rights shares to be issued depends on whether certain parties with whom the company has convertible securities agreements decide to convert these loans and options into new shares, says artivision.
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