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TRANSPORT & LOGISTICS | Staff Reporter, Singapore
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Secura Group launches $26m IPO for 112m shares

It will use the proceeds to fund expansion plans.

Secura Group, seeking a listing on the Catalist Board, today launched its IPO of shares which comes with detachable warrants.

According to the security solutions provider, the invitation of 112m new shares at $0.25 each comes with 224m free detachable warrants, on the basis of two warrants for every share successfully subscribed.

The 112m new shares comprises 4m offer shares available for subscription to the Singapore public and 108m placement shares, together with the warrants.

The warrants will be detached from the new shares upon the allotment and issue, and will trade separately on Catalist. Each warrant may be converted to one new share at an exercise price of $0.35 each and has an exercise period of three years, beginning from and including the date of warrants’ issue.

New shares allotted and issued upon the exercise of warrants will rank equally and without preference in all respects with existing shares.

Net proceeds are expected to reach $26m, and will be used to fund the company’s expansion plans, as well as to enhance the Secura’s assets.

The IPO will close at 12 noon on 26 January 2016, and listing and trading of Secura’s shares on Catalist is expected to begin on a ready basis at 9 am on 28 January 2016.

 

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