Winking Studios will proceed with its dual listing on the London Stock Exchange’s (LSE) Alternative Investment Market (AIM). The decision came after Winking Studios’ shareholders approved the proposed issue and placement of 130 million new ordinary shares in the company to be carried out in conjunction with the proposed dual listing at an extraordinary general meeting (EGM) on Oct 28.
On Nov 8, Winking Studios entered into a placing agreement with its nominated adviser, Strand Hanson, and broker, S.P. Angel Corporate Finance LLP. Under the agreement, S.P. Angel has procured subscribers for a total of 52,666,667 fully paid-up ordinary shares in Winking Studios at a placing price of 15 British pence or 26 cents, with the full consideration at GBP7.9 million or $13.5 million.
The placing price per share represents a discount of some 11.3% to the volume weighted average price (VWAP) of 29 cents on the shares traded on Nov 8. Winking says it had obtained specific shareholders' approval at the EGM for the placing price to be at a discount of more than 10% to the VWAP for trades done on the Singapore Exchange S68 Securities Trading Limited (SGX-ST) for the full market day on which the placing price is determined.
The proposed placing is not underwritten and is not intended to be offered or as an invitation to Singaporeans and its residents.
Shares in Winking Studios closed at 29 cents on Nov 8.
