Mercator Lines Singapore Arm allots shares at S$0.76

Mercator Lines Ltd has announced that Mercator Lines (Singapore) Ltd has allocated 270,191,126 Ordinary Shares at a price of S$ 0.76 per share for its initial public offering and further allocated 74,114,035 Ordinary Shares to the holders of Series A Convertible Bonds in consultation with the joint book runners of the IPO.

The gross proceeds from the above issue to Mercator Lines (Singapore) Ltd aggregates to USD 181.8 million, including USD 39 Million from ordinary shares allocated to Bondholders upon exercise of right to convert Series A, Convertible Bonds (USD 35 Million Principal amount along with accreted interest amount).

Upon allotment of above ordinary shares, the shareholding pattern of Mercator Lines (Singapore) Ltd will be as under:

1. Mercator International Pte Ltd (100% subsidiary of the Company)

- No of Shares: 900,850,000
- % Holding: 72.33%

2. Public (IPO investors)

- No of Shares: 270,191,126
- % Holding: 21.69%

3. Series A Convertible Bond Holders

- No of Shares: 74,114,035
- % Holding: 5.98%

The ordinary shares of Mercator Lines (Singapore) Ltd are scheduled to be listed on December 14, 2007 on the main board of Singapore Stock Exchange, Singapore.

Source : Equity Bulls

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