Gelonghui, March 19 | Heritage Education Group (08195.HK) announced that on March 19, 2024, the placement agent entered into a placement agreement with the company. According to this, the company has already agreed to use the placement agent to place up to 384.62 million shares to no less than six undertakers on a best-effort basis. The placement price is HK$1.30 per share, a discount of about 19.75% from the closing price on March 19.
Assuming that there is no change in the issued share capital of the company from the date of announcement to the date of completion, the maximum number of shares placed under the placement is approximately (i) 9.2% of the 419,279,264 shares of the company's current issued share capital at the date of this announcement; and (ii) 8.4% of the issued share capital of the company after allotting and extending the maximum number of placed shares issued by the company.
It is anticipated that the maximum total proceeds and net proceeds from the placement will be approximately HK$50 million and HK$49.4 million respectively. Assuming that all placed shares are successfully placed, the net price of each placed share will be approximately HK$1.29.