TIMELESS (08028) plans to raise approximately HKD 29.1 million through a 2-for-1 rights issue.

TIMELESS (08028) announced that the company proposes to issue 169 million shares at a subscription price of HK$0.178 per share, with a basis of one share for every two existing shares held on the record date, in order to raise a maximum amount of approximately HK$30 million. The rights issue is only open to eligible shareholders and will not be extended to ineligible shareholders. The net proceeds from the rights issue, after deducting expenses, are estimated to be approximately HK$29.1 million. As of the date of this announcement, the company has granted 5.7 million outstanding warrants under the 2013 share option scheme, which can be converted into 5.7 million shares upon exercise, and no warrants have been granted under the 2023 share option scheme. According to the terms of the share option scheme, adjustments may be made to the number of shares to be issued upon exercise of the warrants (including adjustments to the exercise price and/or unexercised warrants under the scheme), with the aim of maintaining the total subscription price paid by the warrant holder as close as possible (but not exceeding) to that before the adjustment; and any such adjustment shall not result in an increase in the proportion of the issued share capital of the company that the warrant holder has the right to subscribe for if all outstanding warrants are exercised immediately before the adjustment.