This article first appeared in The Edge Financial Daily on May 8, 2019 - May 14, 2019

KUALA LUMPUR: Vortex Consolidated Bhd said its rights issue of shares with warrants and rights issue of irredeemable convertible preference shares (ICPS) to raise RM54.89 million have been oversubscribed.

In a Bursa Malaysia filing yesterday, Vortex said its one-for-five rights issue of 60.989 million new shares was 122.18% subscribed. The rights shares — at an issue price of 15 sen apiece — come with one free warrant each.

From the rights shares subscription, 91.47% represented valid acceptances while 30.71% were total valid excess applications, said Vortex, translating to a 22.18% oversubscription.

Meanwhile, its three-for-one rights issue of 914.83 million ICPS was 110.67% subscribed. The ICPS has an issue price of five sen each.

Valid acceptances for ICPS rights issue stood at 69.09% and excess applications at 41.58%, an oversubscription of 10.67%.

“The rights shares with warrants and ICPS are expected to be listed and quoted on the ACE Market of Bursa Securities on May 15,” Vortex said.

The two rights issues follow an exercise to consolidate two existing Vortex shares into one, completed on Jan 25.