Offer from SI Infrastructure
The board considered SI Infrastructure’s offer to be superior, given the latter’s financial stability and the potential for synergy. Under a deal2 signed on 16 June 2009, SI Infrastructure would subscribe for up to 1.67 billion new shares and a non-renounceable rights issue of 98.45 million new shares at an exercise price of 2 cents per share, on the basis of one rights share for every two existing shares held. Net proceeds from this issue were estimated to be between US$21.2 million and US$23.9 million. With the successful completion of the deal, SI Infrastructure would hold not less than 83.3 per cent and up to 85 per cent of AWT’s enlarged share capital.