RATIONALE AND USE OF PROCEEDS. 4.1. Since 21 December 2015 when the Company became a cash company, the Company had, in compliance with Rule 1018(1) of the Listing Manual, placed at least 90% of the Company's cash and short-dated securities into an escrow account (“Escrow Account”). The amount placed in the Escrow Account cannot be drawn down until the completion of the acquisition of a business which is able to satisfy SGX-ST's requirements for a new listing, except for payment of expenses incurred in a reverse takeover approved by shareholders and pro-rata distributions to shareholders.
RATIONALE AND USE OF PROCEEDS. The Consideration Amount under each of the Sale and Purchase Deed represents a discounted amount of the Transferring Receivable Amount. Taking into consideration (i) the early repayment of the Transferring Receivable Amount to optimise cash flows for working capital purposes, (ii) the limitation of exposure to and reduction in credit risk of SPE, and (iii) the working capital requirements of SPE, the Board is of the view that the Assignments are in the best interests of SPE. The proceeds from the Assignments will be utilised for the Group’s working capital requirements.
RATIONALE AND USE OF PROCEEDS. 4.1 The Company intends to utilize the proceeds from the Loan entirely for its working capital requirements of the Group’s existing businesses. Use of Proceeds S$ Estimated expenses for the issuance of the Loan 36,000 Working capital requirements of the Group’s existing businesses 3,964,000 The Company will make periodic announcement(s) as to the use of the proceeds from the Loan as and when such proceeds are materially disbursed and whether such use is in accordance with the stated use. The Company will also provide a status report on the use of the proceeds raised from the Loan in its interim and full-year financial statements issued under the Catalist Rules and the Company’s annual report. Where there is any material deviation from the stated use of proceeds, the Company will announce the reasons for such deviation. Where the proceeds have been used for working capital purposes, the Company will provide a breakdown with specific details on how the proceeds have been applied in the announcements and annual report.
RATIONALE AND USE OF PROCEEDS. The Company has decided to enter into the Loan Agreement to fulfil its repayment obligations under the Bond Restructuring Agreement and provide general working capital.
RATIONALE AND USE OF PROCEEDS. The Company decided to enter into the Agreement so as to strengthen its balance sheet and cash flow. The net proceeds from the CN shall be applied towards making investments and for general working capital of the Group. The net proceeds from the CN, after deducting the Advanced Interest, Arranger’s Fee, and legal expenses of S$257,500, is S$3,242,500 (the “Net Proceeds”). The Company intends to use the Net Proceeds in the following manner: Use of Net Proceeds Percentage Allocation (%) General working capital Approximately up to 10-20% Investments and general corporate purposes Approximately up to 80-90% Pending the deployment of the Net Proceeds, such proceeds may be deposited with banks or financial institutions, invested in short-term money market instruments or marketable securities, and/or used for any other purpose on a short-term basis, as the Directors may, in their absolute discretion, deem fit from time to time. The Company will make periodic announcements on the use of the Net Proceeds as and when they are materially disbursed. The Company will disclose a breakdown with specific details on the use of the Net Proceeds for working capital in such announcements. The Directors are of the opinion that, after taking into consideration the present bank facilities and Net Proceeds, the working capital available to the Group is sufficient to meet its present requirements.
RATIONALE AND USE OF PROCEEDS. 4.1 The Company is of the view that the entry by the Company into the Convertible Loan Agreement is beneficial to the Company, and the Group, as the proceeds from the Loans will enable the Group to pursue the expansion of its business in other jurisdictions, primarily in the People’s Republic of China (“PRC”). The proceeds from the Loans will be used to finance the business operations and activities of the Company’s subsidiary to be incorporated in the PRC (the “PRC Subsidiary”). The Company will be making the relevant announcement at the appropriate juncture once the incorporation of the PRC Subsidiary is completed.
RATIONALE AND USE OF PROCEEDS. 6.1 The Directors are of the opinion that, after taking into consideration all available financing proposition available, the Bond presents itself as the most suitable fund raising option for the Group at this juncture and it is in the interest of the Company to undertake the Bond issuance and pay the Arranger for the Arranger’s fees and Facility Fee (in the form of New Shares) per the terms as stated in the Agreement and the Arranger Agreement, respectively, to raise additional funding for the purpose of completion of Project Capital City.
RATIONALE AND USE OF PROCEEDS. 4.1 The Company intends to utilize the proceeds from the Loan entirely for business expansion including but not limited to, capital expenditure, expansion of markets in relation to the Group’s business and potential acquisitions. Use of Proceeds Based on Minimum Loan (S$10 million) raised Based on Loan (S$20 million) raised Estimated expenses for the issuance of the Minimum Loan or Loan S$70,000 S$85,000 Business expansion (including but not limited to, capital expenditure, expansion of markets in relation to the Group’s business and potential acquisitions) S$9,930,000 S$19,915,000
RATIONALE AND USE OF PROCEEDS. 3.1 The Company is currently undergoing a court-supervised process to reorganise its liabilities and has been granted moratorium against enforcement actions and legal proceedings by creditors pursuant to section 211B of the Companies Act (Chapter 50) of Singapore (“Companies Act”). The Shares have also been suspended from trading on the SGX-ST since 14 June 2019.
RATIONALE AND USE OF PROCEEDS. The estimated net proceeds to be raised from the Convertible Loan, after deducting estimated fees and expenses of approximately S$15,000, is approximately S$985,000. The Company intends to use the proceeds from the Convertible Loan for working capital purposes, business growth and investment opportunities in the following manner: Use of Proceeds Net Proceeds Amount (S$) Percentage of Proceeds (%) Working capital* 635,000 64.5 Business growth and investment opportunities 350,000 35.5 Total net proceeds 985,000 100 *Working capital includes day to day operating expenses for the Group such as professional fees, listing fees, staff cost, and office expenses. Following the completion of the proposed diversification of new business into properties development and properties investment, the Company anticipate no revenue to be generated during the initial stage of the proposed new business. The Board is of the view that the Convertible Loan is beneficial to and in the best interests of the Company as it will assist to fund the Company's operating expenses for the next 12 months while the Company is in transition period to the new business activities. Pending deployment of the net proceeds from the Convertible Loan, such proceeds may be placed as deposits with financial institutions in short term money markets or debt instruments or for any other purposes on a short term basis, but in accordance with the terms of the Convertible Loan Agreement, as the Directors may, in their absolute discretion, deem fit. The Company will make periodic announcements on the utilisation of the net proceeds as and when the net proceeds from the Convertible Loan are materially disbursed and whether such a use is in accordance with the stated use. Where there is any material deviation from the stated use of the proceeds, the Company will announce the reasons for such deviation. The Company will also provide a status report on the use of the net proceeds in its annual reports, if applicable.
