According to the Zhitong Finance App, Global Printing House (08448) announced the stock offering results. Due to insufficient subscriptions for shares offered and placement matters, a total of about 119 million shares were not taken up, which is equivalent to about 39.86% of the shares offered. New Metro has fulfilled its underwriting obligation to take on all unpurchased shares under the underwriting agreement (as amended and supplemented by the supplementary share offering agreement). Based on the 119 million unsubscribed shares underwritten by New Metro, together with the 106 million shares provisionally allocated and subscribed by New Metro and the number of shares New Metro already held on the record date, the total number of shares held by New Metro was approximately 297 million shares, which is equivalent to about 59.45% of the company's expanded issued share capital after the share offering was completed.
Since all conditions contained in the placement agreement (as amended and supplemented by the supplementary placement agreement) and the underwriting agreement (as amended and supplemented by the supplementary placement agreement) have been fulfilled, and the placement agreement (as amended and supplemented by the supplementary placement agreement) and the underwriting agreement (amended and supplemented by the supplementary share offer agreement) were not terminated by the placement agent and NewMetro respectively, the share offering became unconditional at 5:00 p.m. on January 31, 2024.
The total amount raised from the stock offering is approximately HK$34.43 million, while the estimated net proceeds from the share offering (after deducting all estimated expenses) is approximately HK$32.81 million, which will be used to repay trade and other payables and accruals; repay part of shareholders' loans; and general working capital.