SIA shareholders give nod to $15b fundraising at virtual EGM
Singapore Airlines shareholders Thursday gave the green light for the carrier to raise up to $15b as the coronavirus pandemic thrusts the travel industry into an unprecedented crisis. The virtual extraordinary general meeting (EGM) saw 99.79% of the votes in favour of resolution one - to raise $8.8b through a 3-for-2 rights issue of shares and a convertible bond issue. The rights issue will comprise up to 1.77b new shares at $3 each, on the basis of three rights shares for every two existing shares. The aim is to raise $5.3b. The issue price represents a discount of about 53.8% to the last transacted price of $6.50 on March 25, while the theoretical ex-rights price will be $4.40. SIA will also raise up to $3.5b via a 10-year mandatory convertible bond (MCB) issue on the basis of 295 rights MCBs for every 100 existing shares. The bonds, which have zero coupon, will be priced at $1 each. <br/>
https://portal.staralliance.com/cms/news/hot-topics/2020-05-01/star/sia-shareholders-give-nod-to-15b-fundraising-at-virtual-egm
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SIA shareholders give nod to $15b fundraising at virtual EGM
Singapore Airlines shareholders Thursday gave the green light for the carrier to raise up to $15b as the coronavirus pandemic thrusts the travel industry into an unprecedented crisis. The virtual extraordinary general meeting (EGM) saw 99.79% of the votes in favour of resolution one - to raise $8.8b through a 3-for-2 rights issue of shares and a convertible bond issue. The rights issue will comprise up to 1.77b new shares at $3 each, on the basis of three rights shares for every two existing shares. The aim is to raise $5.3b. The issue price represents a discount of about 53.8% to the last transacted price of $6.50 on March 25, while the theoretical ex-rights price will be $4.40. SIA will also raise up to $3.5b via a 10-year mandatory convertible bond (MCB) issue on the basis of 295 rights MCBs for every 100 existing shares. The bonds, which have zero coupon, will be priced at $1 each. <br/>
