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FINANCIAL CHRONICLE™ » DAILY CHRONICLE™ » Shareholders give thumbs up for Citrus Leisure

Shareholders give thumbs up for Citrus Leisure

4 posters

Go down  Message [Page 1 of 1]

windi5

windi5
Moderator
Moderator

Conversion of first set of warrants oversubscribed by 30%; company gets Rs. 944 m funds for luxury resort in Kalpitiya

Amidst doom and gloom in the market, it was sunshine for Citrus Leisure as its first warrant conversion had been oversubscribed by 30% whilst the move brought in fresh funds worth Rs. 944 million.
The warrants of 2011 ceased to trade on 30 September and holders of the warrants were entitled to exchange them with an equal number of ordinary shares at Rs. 30 per share.

When the deadline ended last week, the amount of shares following conversion of warrants (at Rs. 30 per share) had been around 40 million whilst the specified amount was 31.46 million reflecting an oversubscription of nearly 30 per cent.
Citrus share yesterday was trading between a high of Rs. 63.30 and a low of Rs. 59.70 before closing at Rs. 60, down by Rs. 3.20 reflecting the overall market sentiments. Around 134,400 shares of the company traded.
All major shareholders as well as others had converted the warrants. Citrus Leisure is owned nearly 37% by Divasa Equity Ltd, a company promoted by advertising industry trio deleted deleted, Varuni Amunugama Fernando and Sarwa Ameresekere.
Citrus late last year announced a multibillion five-year fund raiser inclusive of a Rights Issue backed by warrants exercisable in 2011, 2012 and 2015. The issue was oversubscribed with shareholders subscribing for an additional 7.9 million shares, an oversubscription of six times for additional shares.
Funds raised via the conversion of 2011 warrants will be used to finance the construction of 150-room luxury resort in Waskaduwa.
This venture is at the final stages of clearing the Environmental Impact Assessment requirements following completion of which construction is expected in late November.
The other venture of Citrus is Kalpitiya Beach Resort, another 150-room luxury property. Both resorts will be built with an investment of Rs. 1.9 billion each.
The other two warrants (2012) and (2015) closed at Rs. 22 and Rs 17.20 respectively, also lower in comparison to last week. The conversion of 2012 warrants (amounting to 31.4 million) is also at Rs. 30 each whilst the 2015 conversion (63 million) is at Rs. 40 each.
http://www.ft.lk/2011/10/18/shareholders-give-thumbs-up-for-citrus-leisure/

mark

mark
Expert
Expert

wow,its a good news Smile

Chabbi

Chabbi
Senior Manager - Equity Analytics
Senior Manager - Equity Analytics

I went handover my papers with cheque on last day .. when i was i saw TRIA* group Companies office personal cam & handover his applications (there were more than 10 applications) & i saw the cheque amts were more than Millions & there were plenty of additional share request with cheques ..

that time i thought i wont able to get single additional share Sad

REEF would have good round with this Execerise Smile

& any has idea if i applied 10,000 additonal how much i wud get ?? even 100??

sapumal


Vice President - Equity Analytics
Vice President - Equity Analytics

There is a hope among share holders that Divasa will gift the REEF shares they bought @65, by converting W17 (warrant price = 35, conversion price =30 ) well bellow 55 after seeing CLND gain and book making gains of subsidaries. LOL
Meanwhile Divasa has increased the stake to 37%

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