A proposed NOL Rights Issue was announced this morning by NOL to raise approximately S$1.437 billion. Existing shareholders will be given the option to subscribe for 3 Rights Shares at $1.30 for every 4 existing shares that they own.
The Rights Issue is renounceable and based on yesterday’s price, the theoretical ex-Rights price is S$1.43 per share.
Temasek Holdings, having an interest in 67.43% in NOL’s shares, has agreed that it will subscribe and pay in full all the Rights Shares that the Temasek Entities are entitled to.
The underwriter for this issue is DBS and the indicative timetable for the NOL Rights Issue will be announced at a future date pending approval from SGX-ST.