Bangkok--13 Jun--PR FOCUS
SHAREHOLDERS FULLY SUPPORT TRUE’S PLANS TO ROLL OUT 3G SERVICES WITH THE BETTER THAN EXPECTED SUBSCRIPTION TO THE RIGHTS OFFERING TO FINANCE THE 3G EXPANSION WHICH WILL BRING MAXIMUM BENEFITS TO THE THAI PEOPLE
True Corporation Plc (SET: TRUE) announced the results of its successful Baht 13,119 million rights offering (RO) which received more than Baht 14,506 million in paid subscriptions, approximately Baht 1,387 million in excess of the offer. True would like to thank its shareholders for demonstrating their support of the company, which not only reflected shareholders’ confidence in the growth potential of all areas of True Group’s business but also helped strengthen the Group’s financial position and provide it with a key opportunity to become the leading mobile business. True Group announced the expansion of its 3G business to provide Thai people nationwide with equal access to information and news. The company will return the proceeds in excess of the offer to shareholders within June 17, 2011 by the method indicated by each shareholder in their RO subscription form.
True Group CEO and President Mr Suphachai Chearavanont said, “We would like to thank all shareholders for showing their trust and confidence in the company by exercising their rights to buy the shares, which were oversubscribed. This reflects their ongoing support and loyalty toward the company and their confidence in True Group’s business potential and its ability to leverage investment opportunities to develop cutting-edge technologies and deliver efficient 3G services. The funds raised by the rights offering will help strengthen the company’s financial position and will be primarily allocated to finance the growth and expansion of new businesses, especially the rolling out of its 3G business. We are confident that this will strengthen True Group, enabling us to open up boundless communications for all target groups nationwide, regardless of their location, so they will all have equal access to information.”
“The better than expected success of the rights offering will help transform True Group from being the third ranked mobile operator to becoming the leading mobile business, in line with our current leadership of the Broadband and pay-TV sectors. This is also an important development for Thai people nationwide who will be able to access information and news more equally. Currently just 15% of Thai households can access and benefit from Broadband Internet services.”
The 6,727,436,752 new ordinary shares were offered to existing shareholders on a pro rata basis, with a subscription ratio of 1 existing share for 0.865 new ordinary shares at Baht 1.95 per share. If there were shares remaining after the first round of the offering, the remaining shares would be allotted to shareholders who had expressed their intention to subscribe for shares in excess of their entitlement, restricted to not more than 2 times their entitlement. After the end of subscription period, which ran from May 30 to June 3, 2011, shareholders had subscribed to shares amounting to Baht 14,505,834,725.85 or 110.58 % of the total offered. The company will return the excess proceeds, which totals Baht 1,387,333,067.25 to shareholders who did not receive share allocations or incomplete share allocations within June 17, 2011 (two weeks from June 3, 2011 which was the last day of the subscription period), according to the methods indicated by each shareholder in their RO subscription form, which are either by the automatic transfer of money to the bank account of the shareholder or by issuing checks payable to the shareholder.
“The company would once again like to thank all of its shareholders for their confidence, trust and support of True over the years. The company will expand its business while maintaining its commitment to create the greatest value and benefits for shareholders, customers and Thai people. Moreover, we will elevate the company’s communications to be on a par with international standards which will make us more internationally competitive,” concluded Mr. Suphachai.
For more information (media enquiries only), please contact:
Ref:(083) 10/06/2011
Corporate Communications & Marketing PR - True Group
[email protected]
PR FOCUS Co., Ltd.