A number of directors at Macau casino operator SJM Holdings Ltd has applied for excess rights shares following the firm’s launch of a rights issue at the end of August, according to the latest relevant transaction records filed with the Hong Kong bourse.
Hong Kong-listed SJM Holdings – which promotes a portfolio of gaming and hotel properties including Grand Lisboa (pictured) – had initiated a rights issue on the basis of one rights share for every four existing shares held as of August 29, 2022, at a subscription price of HKD2.08 (US$0.26) per rights share.
The firm had said it expected to raise net proceeds of nearly HKD2.94 billion from the exercise. The subscription price represented a discount of approximately 29 percent to the theoretical ex-rights share price.
On September 14, SJM Holdings’ co-chairman and executive director Angela Leong On Kei subscribed to, and paid for, 114,587,500 rights shares provisionally allotted to her under SJM Holdings’ rights issue. She applied for 38,000,000 excess rights shares on the same date. In aggregate, these exercises cost Ms Leong HKD317.88 million, and her long position in the firm was raised from its previous level of 8.49 percent, to 9.02 percent.
On the same date, SJM Holdings’ vice-chairman, executive director and chief executive, Ambrose So Shu Fai, subscribed to, and paid for, 30,831,980 rights shares provisionally allotted to him under the exercise. That day he also applied for 30,000,020 excess rights shares. The exercises cost the CEO in aggregate HKD126.53 million, and saw his long position in the firm raised from its previous level of 2.66 percent, to 3.09 percent.
On September 14, the casino operator’s chairman as well as executive director, Daisy Ho Chiu Fung, subscribed to and paid for, 3,820,000 rights shares provisionally allotted to her. She additionally subscribed to, and paid for, 1,850,000 rights shares. On the same date, Ms Ho applied for 38,500,000 excess rights shares.
In aggregate, these exercises cost Ms Ho HKD91.87 million, and saw her long position in the firm increased from the earlier 0.32 percent, to 0.86 percent.
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