$MICROLN (0126.MY)$ MICROLN (0126, Main Board Technology) pr...

MICROLN (0126, Main Board Technology) proposed to place preferred shares at the “12 to 1 free 3 vouchers” ratio to raise RM89.37 million from them to repay loans and working capital.

On Friday (March 15), the company issued a statement stating that it proposes to issue 89.36 million 6,347 “redeemable preferred shares” (PRS) and 268.09 million 9040 free vouchers.

The company suggests that the issue price of preferred shares is RM1. For every 12 existing shares held, 1 preferred share can be subscribed, and 3 vouchers are attached.

The preferred stock price of RM1 per share is 43.91 cents over the 5-day weighted average theoretical minus price of the stock, with a total premium of 12.18 cents or 27.74%; the exercise price of each voucher is 36 cents.