Universe International (01046) said it agreed to place, on a best effort basis, up to 586 million new shares at HK$0.3411 apiece, representing a discount of about 57.36% to the closing price of HK$0.8.
The placing shares represent around 39.58% of the enlarged issued share capital of Universe International. The estimated net proceeds of about HK$192.5 million will be used for the development of its existing business in trading, wholesale and retail of watch products, for the possible acquisition of a target company principally engaged in film and advertising production, provision of public relations services, holding and sponsoring stage performance, concerts and other cultural events in Hong Kong, Taiwan and the People's Republic of China; for the possible acquisition of a group of companies principally engaged in the production of frames for eyeglasses and other optical products; for the developing of money lending business; and for the working capital of the Group.
Besides, Universe International proposes to raise about HK$120.55 million to HK$134.36 million through a rights issue on the basis of two rights shares for every one share in issue held at HK$0.202 apiece, representing a discount of 74.75% to the closing price of HK$0.8. The minimum net proceeds of about HK$114.8 million will be applied for the developing of money lending business; for the provision of loan facilities to Round Table Performance Entertainment Limited, a 70% owned subsidiary of the company which is principally engaged in holding and sponsoring stage performance, concerts and other cultural events, as well as developing the entertainment business in Hong Kong and PRC; and for the working capital of the Group.
The board lot size of shares will be changed from 5,000 shares to 15,000 shares with effect from 24 July.
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