Five new shares for PNG Air shareholders

SHAREHOLDERS of PNG Air have been allowed to subscribe for five new share in the company for each existing shares they hold.
In a market release yesterday, chairman Murray Woo advised the shareholders that for each new share subscribed for, shareholders would receive two options, exercisable as set out in the prospectus sent out.
“I am pleased that this entitlement offer is now being made to the company’s shareholders,” he said.
“You will recall that the entitlement offer was part of the recapitalisation approved by shareholders at the special meeting held on December 18, 2014. It which approved the issue of 100 million new shares in the company and 200 million options to three Mineral Resources Development group companies (MRDC) and a further 100 million new shares and 200 million options to the National Superannuation Fund (Nasfund). The MRDC Group and NasFund were already major shareholders in the company before those issues. Between them, they are now the majority holders of the company. The entitlement offer detailed in the attached prospectus allows other existing shareholders to increase their holdings by a slightly greater percentage.”