Friday 29 Mar 2024
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KUALA LUMPUR (Oct 22): Shares in IT company Vortex Consolidated Bhd fell 5.56% in active trade after the group said it intends to raise up to RM54.89 million through a series of corporate exercises that involve a share consolidation, rights issue with warrants, and a right issue of new irredeemable convertible preference shares (ICPS).

At 9.07am, Vortex fell 0.5 sen to 8.5 sen with 1,72 million shares traded.

Vortex plans to consolidate every two existing shares into one, which would result in an adjustment to its share price.

For illustration, based on the company’s last transacted market price of 8.5 sen per share, the adjusted reference price would be 17 sen post-consolidation.

Vortex will then carry out a renounceable rights issue of up to 60.989 million new shares on the basis of one rights share for every five consolidated shares held on an entitlement date to be determined. The issuance comes with one free detachable warrant for each rights share subscribed.

The issue price of the rights share has been fixed at 15 sen each.

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