SINGAPORE – A $14 million fundraising plan by former Cathay Cineplexes operator mm2 Asia to raise monies for debt repayment through a share placement has fallen through, the entertainment company said on April 1.
The placement agreement, which aimed to offer some 1.9 billion shares at a minimum of 0.8 cent apiece, “has lapsed and terminated and is of no further effect”, mm2 Asia said. This is because conditions under the agreement were not satisfied by the extended cut-off date of March 31.
This comes as the company on March 9 announced a separate share placement plan, alongside a rights issue, to raise funds for restructuring and working capital needs through a partnership with private equity fund, Hildrics Asia Growth Fund VCC.
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