Redeeming preference shares with IPO proceeds was priority from the start: Sim Leisure Group.
INVESTORS in theme park operator Sim Leisure Group will make known how they feel about the majority of its initial public offering money going into redemption of S$5.6 million in preference shares, when it debuts on Friday.
SLG had from the outset prioritised redeeming its outstanding redeemable convertible preference shares held by Penang Development Corp with the IPO proceeds, the group said on Thursday in response to a query fromThe amount needed to fully redeem the outstanding shares adds up to 96.45 per cent of the amount SLG expects to raise. This order of priority for the use of the IPO proceeds was stated in its preliminary prospectus.
"In view that the total gross proceeds is approximately S$5.81 million, the use of proceeds was updated accordingly and none of the gross proceeds from the placement would go towards expansion and working capital purposes," SLG said."Nevertheless, the Group is confident that this would not have a material adverse impact on its operations and business plans," it added.
The group also said that it previously mentioned in the preliminary prospectus its plans to fund its business strategy and expansion plans using internal resources and/or external financing. SLG lodged its offer document on Feb 22 and is set to debut on the Singapore Exchange's Catalist board on Friday at 9am.
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