GOLDWAY EDU (08160) issued an announcement on July 16, 2024 (Tuesday) ...
GOLDWAY EDU (08160) announced that as of 4 pm on July 16, 2024 (Tuesday), the deadline for accepting 15 preliminary quota notification letters, a total of 62,308,704 shares of the offering shares, or approximately 57.19% of the total number of offering shares submitted, were validly applied for and accepted. Excluding shareholders on the record date, there were zero unsold offering shares for excluded shareholders. Based on the results of valid applications and acceptances under the aforementioned preliminary quota notification letter, the total number of offering shares for which subscription rights were not validly subscribed for due to the compensation arrangement was 46,645,251 offering shares. The Company has made compensation arrangements under Rule 10.31(1)(b) of the GEM Listing Rules through a placement agency agreement, whereby the company is conditionally appointing a placement agent to act as the company's placement agent to use the best efforts basis to induce the placee to subscribe for unsubscribed offering shares.
At 6 pm on July 26, 2024 (Friday), all 46.6453 million shares of unsubscribed offering shares were successfully placed at a price of HKD 0.145 per share (equivalent to the subscription price) in the placement agent's placement of unsubscribed offering shares. Therefore, there were no net income available for distribution to the inaction shareholders.
As all the conditions relating to the offering and placement set out in the offering circular have been fulfilled, the offering and placement became unconditional on July 29, 2024 (Monday). Prior to the completion of the offering and placement, the total number of issued and merged shares was 36.318 million shares. Based on the results of valid applications and acceptances under the preliminary quota notification letter and the placement, approximately 0.109 billion shares of offering shares were allotted and issued, representing 100% of the total number of offering shares available for subscription under the offering.
Therefore, the total amount raised by the offering was approximately HKD 15.8 million, with a net proceeds of approximately HKD 15 million. The Company intends to use the net proceeds of the offering: (1) HKD 10 million for developing new businesses, of which approximately HKD 2 million will be used for office leasing and related expenses, approximately HKD 2.5 million will be used for salaries and other administrative expenses for setting up new sales offices in China, and approximately HKD 5.5 million will be used for the initial operational capital of the parking system and other related facilities; and (2) HKD 5 million for general working capital of the group.