Zhitong Financial App News, Future World Holdings (00572) issued an announcement about the results of the rights issue on the basis of one rights issue for every existing share held on the record date.
At 04:00 on Tuesday, October 3, 2023 (that is, the deadline for accepting and paying the rights issue shares and applying for additional rights issue shares and making payment):
(1) effective acceptance of the provisional quota under four notices of provisional quota has been received, involving a total of 64.8685 million rights issue shares, equivalent to about 55.88% of the maximum 116 million rights issue shares offered for sale under the rights issue; and
(2) three valid applications for additional rights issue shares under the additional application form have been received, involving a total of 5.9141 million rights issue shares, equivalent to about 5.09 per cent of the maximum 116 million rights issue shares offered for sale under the rights issue.
After amalgamation, seven valid acceptances and applications involving 70.7826 million rights issue shares have been accepted and applied, equivalent to approximately 60.97% of the maximum 116 million rights issue shares offered for sale under the rights issue.
According to the above results, about 45.3129 million rights issue shares were undersubscribed, equivalent to about 39.03% of the maximum 116095491 rights issue shares offered for sale under the rights issue.
As all the prerequisites set out in the underwriting Agreement have been met and the underwriting Agreement has not been terminated by the underwriter on or before 04:00 on Monday, 9 October 2023, the underwriting Agreement has become unconditional. Due to insufficient subscription of the rights issue shares and under the underwriting agreement, the underwriter has urged the subscribers to subscribe for a total of about 45.3129 million underwriting shares, equivalent to about 39.03% of the maximum 116 million rights issue shares offered for sale under the rights issue.
In view of the insufficient subscription of the rights issue shares, the board of directors considers it fair and reasonable to accept all valid additional applications (involving a total of 5.9141 million rights issue shares) and to allot and issue all the relevant rights shares to the relevant applicants
The net proceeds from the rights issue are estimated to be about HK $64.5 million and are used to repay bank loans repaid by the Group within one year.