News: ASF Group shareholder acquires additional shares

ASF Group (ASX:AFA) chairman Min Yang has lodged a change of shareholder interest in the company.

FY Holdings Limited in which Ms Yang has an indirect interest acquired 7,023,375 for a consideration of $1,264,207.50 through the recent rights issue, which was priced at $0.18.

In total ASF Group raised $6,093,448.56 from the offer.


Use of proceeds from the offer

ASF said that it will use the proceeds raised to:

- Fund investments in current portfolio assets, including engaging property development consultants;

- Investigate and advance business development opportunities for the Company, with the goal of creating value for shareholders; and

- Provide working capital to the company generally.


Potential additional funding

There is potential for further funding with the company having the option to place the shortfall of 19,387,709 shares, or about 36.42% of the total shares offered.