Beverly JCG Ltd. Announces S\$500,000 Share Subscription Boost
Beverly JCG Ltd., a company incorporated in the Republic of Singapore, has struck a subscription agreement to issue 61,728,395 new ordinary shares at S\$0.0081 each. This move, aimed at raising S\$500,000 in gross proceeds, is pivotal for strengthening the company’s financial foundation.
Key Details of the Subscription
The subscription agreement, dated 20 December 2024, involves Mark Phillip Jones, a private investor with no existing ties to the company. This move is significant as it represents a 10% discount to the volume-weighted average price of S\$0.0090 per share on the Singapore Exchange (SGX-ST) as of the same date.
Implications for Shareholders
The issuance is exempt from typical underwriting and placement agent involvement, being conducted under a private placement exemption per the Securities and Futures Act of Singapore. Importantly, there will be no moratorium on these shares, allowing them to rank equally with existing shares in terms of rights, save for dividends and distributions declared before the subscription’s completion.
Financial Projections and Utilization of Funds
Based on the latest audited financials for the year ending 31 December 2023, the company anticipates a positive shift in its net tangible assets (NTA) per share from S\$(0.302) to S\$(0.203) post-subscription. The subscription’s proceeds are earmarked for business expansion (10%) and working capital needs (90%), including manpower costs and compliance fees.
What Shareholders Need to Know
Shareholders should be aware that the company’s financial position is deemed adequate for current needs, even without this subscription. However, the additional funds are expected to further bolster the company’s capital base. The directors have confirmed their belief in the accuracy and completeness of this disclosure.
Cautionary Note and Next Steps
Investors are advised to exercise caution as there’s no certainty regarding the completion of the share issuance under current terms. The company will make further announcements upon receiving approval from the SGX-ST for listing these shares on the Catalist.
The subscription agreement is available for inspection at the company’s registered office for three months from the announcement date.
Disclaimer
This article is intended for informational purposes only and does not constitute financial advice. Investors should conduct their own research or consult a financial advisor before making investment decisions.
