Tiger Airways gets go-ahead from Australia for its rights issue

No objections to subscription offering.

In an SGX release, Tiger Airways Holdings Limited announced it has received statements of no objections issued by the Australian Federal Treasurer (through the Foreign Investment Review Board of Australia) under Australia’s Foreign Investment Policy.

Tiger Airways has proposed renounceable rights issue of up to 164,306,044 new ordinary shares in the capital of the Company at an issue price of S$0.47 for each Rights Share.

The proposed non-renounceable preferential offering of up to S$220,000,000 in aggregate principal amount of 2.0 per cent, perpetual convertible capital securities, convertible into fully paid-up new ordinary shares in the capital of the Company, in the denomination of S$1.07 for each Convertible Security, to raise gross proceeds of approximately S$297 million. 

The FIRB Condition, being one of the conditions to which the Rights Issue and the Preferential Offering is subject, as disclosed in the Announcements, has hence been satisfied.