Enzer plans renounceable rights issue of convertibles for up to S$24.88 million

By Jennifer Chiou

New York, Aug. 22 - Enzer Corp. Ltd. announced plans for a renounceable rights issue of three-year 3% unsecured convertible bonds for up to S$24,875,750.

Interest will be payable semiannually.

Omega Capital Ltd. is the manager.

The Singapore-based distributor of electronic components and consumer products said that the securities will be offered on the basis of one convertible bond for every four ordinary shares.

The conversion price of S$0.25 per new share represents a discount of 40.2% to the S$0.4179 closing price of Enzer stock on Aug. 21.

Based on Enzer's share capital of 84.625 million shares, up to 21,156,250 convertible bonds will be issued.

On July 26, the company said it entered into a subscription agreement with Ariel Singapore Pte. Ltd. under which Arial will subscribe to up to 14.878 million shares at S$0.22 each.

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