Grantham 22nd of August, BWI Int'l (02339.HK) announced that the company plans to issue up to 0.287 billion new shares to eligible shareholders at a subscription price of 0.168 Hong Kong dollars per share, at a discount of approximately 13.85% from the closing price on August 21st.
Assuming that the number of shares issued before or on the record date remains unchanged, and all the shares to be issued through the rights issue have been fully subscribed, the total amount raised from the rights issue will be around 48.2 million Hong Kong dollars. The estimated net proceeds from the rights issue will be around 46.5 million Hong Kong dollars, with the following intended uses within twelve months after the completion of the rights issue: (a) 55% for operating funds of the group's production plants in Poland and the Czech Republic (including employee salaries, purchase of raw materials, and other expenses); (b) 25% for operating funds of the company's headquarters in Hong Kong (including employee salaries, rental expenses, and professional fees); and (c) 20% for operating funds of the group's technical centers in Poland and France (including engineers' salaries).