News: ASF Group extends closing date to underwritten issue

ASF Group (ASX:AFA) is extending the closing date on its fully underwritten non-renounceable rights issue to raise up to $10,056,629 before costs from 22 July 2014 to 31 July 2014.

The issue would see up to 55,870,162 new fully paid shares issued at an issue price of $0.18 on the basis of one new share for every eight  shares held on the 8 July 2014.

Significantly, the offer is fully underwritten by the three largest shareholders of the ASF Group, FY Holdings Limited; Ruby Bridge Group and Suntimes International Ltd.

Each of the underwriters has severally agreed to subscribe for their full entitlement under the offer and to underwrite 33.3% of the shortfall.

FY Holdings Limited and Suntimes International Ltd are related parties of the Company.

Funds raised under the rights issue will be used to finance investments in current portfolio assets, including engaging property development consultants as well as investigate and advance business development opportunities and provide working capital.