TTA trims fund-raising target | Bangkok Post: business

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TTA trims fund-raising target

Minor shareholders had baulked at B9bn

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The SET-listed Thoresen Thai Agencies (TTA), a dry bulk shipping service, has revised down its fund-raising plan to 6 billion baht plus warrants from 9 billion planned earlier after the bigger amount failed in a recent shareholder vote. 

With the next annual shareholder meeting to be held by the end of January, the company hopes that a lower capital increase will help boost investor confidence in the plan.

TTA also changed its rights offering ratio from a previous 1:1 to 5:2, as it was one of the main points of contention with investors, plus free warrants with the exercise right within 2.5 years at a price of 17 baht. The whole plan will proceed over a period of 30 months.

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