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PSL HOLDINGS LIMITED
(Incorporated in the Republic of Singapore on 9 October 1997)
Invitation in respect of
25,000,000 New Shares of $0.10 each comprising:-
(a) a minimum of 1,250,000 Offer Shares at $0.15 for each Offer Share
by way of public offer;
(b) up to 6,250,000 Reserved Shares at S$0.15 for each Reserved Share
by way of offer to employees and business associates of the Group; and
(c) 17,500,000 Placement Shares at $0.15 for each Placement Share
by way of placement
payable in full on application
The Board of Directors of PSL Holdings Limited ("PSL" or
the "Company") is pleased to announce that at the close of the Application List
at 12.00 noon on 7 October 1998, there were 1,716 applications for the 1,250,000 Offer
Shares available to the public for subscription. In total, subscribers applied for
26,880,000 Offer Shares, with application moneys received amounting to approximately $4.03 million. The 6,250,000 Reserved Shares were fully taken up by the employees and business associates of the Company and its subsidiaries.
Based on the 1,250,000 Offer Shares available to the public for
subscription, the offer to the public is approximately 21.5 times subscribed.
To ensure a reasonable spread of shareholders of the Company, the Board
of Directors of the Company has decided on the following basis of allotment:-
| Range of Offer Shares Applied for
(‘000) |
|
Balloting Ratio |
|
No. of Offer Shares Allotted Per
Successful Application (‘000) |
|
Percentage of Total No. of Offer Shares
Available to the Public (%) |
| 1 |
|
6 : 20 |
|
1 |
|
11.52 |
| 2 to 9 |
|
7 : 20 |
|
1 |
|
19.68 |
| 10 to 19 |
|
8 : 20 |
|
2 |
|
23.68 |
| 20 to 99 |
|
9 : 20 |
|
4 |
|
16.96 |
| 100 to 499 |
|
10 : 20 |
|
8 |
|
17.92 |
| 500 and above |
|
12 : 20 |
|
16 |
|
10.24 |
| |
|
|
|
|
|
100.00 |
The 17,500,000 Placement Shares were also fully taken up by
institutions and other sophisticated investors. The spread of placees is as follows:-
| Range of Placement Shares Applied for |
Number of Placees |
| (‘000) |
|
| 1 to 9 |
0 |
| 10 to 49 |
7 |
| 50 to 99 |
1 |
| 100 to 999 |
22 |
| 1,000 and above |
12 |
The Company has provisionally set 9 October 1998 as the commencement
date for trading of the Company’s Shares on a "when issued" basis. This
will be confirmed by the Stock Exchange of Singapore Limited in a later announcement.
The return of unsuccessful applications using printed Application Forms
will commence today and is expected to be completed by 9 October 1998. For unsuccessful
Electronic Applications, it is expected that the full amount of the application moneys
will be credited to the applicants’ accounts with their Participating Banks (as
defined in the Prospectus dated 28 September 1998) within three market days after the
close of the Application List.
In respect of partially successful applications, the balance of the
application moneys is expected to be refunded without any interest or share of revenue or
other benefit to the applicants, by ordinary post at their own risk (in the case of
applications made using printed Application Forms) or by being automatically credited to
the applicants’ accounts with their Participating Banks (in the case of Electronic
Applications) within 14 days after the close of the Application List.
The Board of Directors of PSL is pleased to advise that CPF members
may, with effect from the date on which the Company’s Shares are traded on a
"when issued" basis as indicated above, use their CPF savings (subject to 20%
sub-limit) to purchase the Company’s Shares under and subject to the requirements of
the CPF Investment Scheme.
The Company wishes to thank the public who have applied for the New
Shares, the relevant authorities and all who have helped in one way or another in the
Company’s public offering, for their support and assistance.
Issued by
The Development Bank of Singapore Ltd
For and on behalf of
PSL Holdings Limited
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