proposed for a 1-for-4 open offer to place 1.83 billion shares at HK$0.1 per share, representing a 17.36% discount to the closing price of HK$0.121 on the last trading day. Kingston Securities would be the underwriter of the open offer, and the underwriter shall not subscribe for such number of the untaken shares which will result in the shareholding in the group to exceed 19.9% of the voting rights of the group upon the completion of the open offer.
Assuming no qualifying shareholders takes up his/her/its entitlements under the open offer, shareholding of Growth Harvest will be diluted from 29.76% to 23.81%, while public shareholding will be diluted from 70.24% to 56.19%.
The group said the estimated net proceeds from the open offer will be about HK$181 million. The Board intends to apply the net proceeds from the open offer for the repayment of the group's promissory note.
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