Vallianz places out 400 million new shares at $0.13545 each to raise $52.2 mil

Vallianz Holdings is planning to issue up to 230 million shares at an issue price of $0.13545 each. In addition, Vallianz said Legend Financial, Golden Summit International, Zymmetry Investments, ICH Partners and ICH Invest & Trade has agreed to subscribe to a total of 170 million shares, representing 6.74% of the enlarged share capital after the placement and subscription.

The issue price represents a discount of 10% to the weighted average price of $0.1505 for each share based on trades done on Catalist for the full market day on 11 June 2014 up to the time of the company’s trading halt on 12 June 2014.

Assuming that all placement and subscription shares are fully taken up, the estimated net proceeds from the proposed offerings will be $52.2 million after deducting expenses. In addition, the company's issued and paid-up share capital will increase from 2.12 billion shares to 2.52 billion shares. The 400 million shares to be issued represent 15.85% of the enlarged issued share capital of the company.

Legend Financial is a special purpose investment vehicle and is beneficially owned by Yang Hsien Chuan and Ricky Au. Yang and Au are business partners in real estate developments, technology and investments.

Golden Summit International is a family office incorporated in British Virgin Islands in July 2009. It handles a number of family assets in Asia. The ultimate beneficial owner is Thomas Chan Ho Lam. Chan is a full-time private investor.

Zymmetry Investments is beneficially owned by Toe Teow Heng and Newyard Worldwide Holdings, which in turn is wholly-owned by Ren Yuanlin, a Chinese national. Newyard is the single largest shareholder of Yangzijiang Shipbuilding Holdings.

ICH Partners is a long only proprietary fund which is owned by Toe Teow Heng. Toe is currently the Managing Director of ICH Capital, a boutique financial advisory firm headquartered in Singapore with offices in China and Hong Kong.

ICH Invest & Trade is a long only proprietary fund which is beneficially owned by Toe Teow Heng and Toe Teow Teck. Toe Teow Teck is the Managing Director of ICH Invests & Trade.