Country Heights plans one warrant for every two shares held

In a filing with Bursa Malaysia, Country View said that the acquisition

KUALA LUMPUR: Country Heights Holdings Bhd (CHHB) has proposed a bonus issue of up to 137.853 million on the basis of one warrant for every two existing shares held.

The property company said on Wednesday the bonus issue of warrants was not expected to raise any immediate funds as the warrants will be issued at no cost to entitled shareholders.

CHHB said the exercise price of the warrants would not be at a discount of more than 10% to the five-day volume weighted average price (VWAP) of the shares prior to the price-fixing date.
 
It said the exercise price of the warrants would be assumed at RM1.41. 

The exercise price of warrants would be 50% of the audited net asset per share of RM2.83 for the financial year ended Dec 31, 2017. 

“The exact quantum of the proceeds that may be raised by CHHB from the exercise of the warrants would depend upon the exercise price of the warrants and the actual number of warrants exercised during the tenure of the warrants. 

“Nevertheless, the company intends to utilise the proceeds arising from the exercise of the Warrants, if any, as working capital for the group, as and when received by the company,” CHHB said.