June 9, 2020 / 10:50 PM / a month ago

BRIEF-AFT Pharmaceuticals Seeks To Raise Up To About NZ$12 Mln

June 10 (Reuters) - AFT Pharmaceuticals Ltd:

* PRIMARY PLACEMENT TO RAISE APPROXIMATELY NZ$10 MILLION BY ISSUE OF NEW SHARES IN AFT

* SEEKING TO RAISE UP TO ABOUT NZ$2 MILLION THROUGH NON-UNDERWRITTEN SPP

* PLACEMENT INCLUDES SECONDARY SALE OF ABOUT NZ$3.5 MILLION WORTH OF SHARES BY AF TRUST

* SEES CAPITAL RAISING TO INCREASE FREE FLOAT OF AFT FROM ABOUT 11% TO 31%

* PLACEMENT ALSO INCLUDES SECONDARY SALE OF ABOUT 16 MILLION EXISTING SHARES BY CRG

* EQUITY RAISED UNDER PLACEMENT & SPP TO BE APPLIED TO RETIRE ONE OF CO’S WORKING CAPITAL FACILITIES, AMONG OTHERS

* RETIREMENT OF WORKING CAPITAL FACILITY EXPECTED TO REDUCE ANNUAL INTEREST COSTS BY ABOUT NZ$0.85 MILLION PER ANNUM

* AF TRUST TO REMAIN LARGEST SHAREHOLDER POST DEAL WITH ABOUT 69% STAKE

* AF TRUST HAS NO CURRENT INTENTION TO SELL FURTHER SHARES IN CO

* CRG IS SELLING 100% OF ITS HOLDING IN CO

* RETIREMENT OF WORKING CAPITAL FACILITY EXPECTED TO REDUCE FY20 PRO FORMA NET DEBT TO NZ$25.1 MILLION BEFORE TRANSACTION COSTS Source text for Eikon: Further company coverage:

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