<article>From its targeted $180 million stock  sale in both the Singapore Exchange (SGX) and the Philippine Stock Exchange (PSE), <a href="http://www.delmontepacific.com/Website/index.html">Del Monte Pacific Ltd</a> is now likely to raise only $149.9 million based on its latest stocks rights offering (SRO) and expense deductions.</article>

From its targeted $180 million stock  sale in both the Singapore Exchange (SGX) and the Philippine Stock Exchange (PSE), <a href="http://www.delmontepacific.com/Website/index.html">Del Monte Pacific Ltd</a> is now likely to raise only $149.9 million based on its latest stocks rights offering (SRO) and expense deductions.
In its disclosure to the PSE on Monday, the food and beverage company stated that based on the 641.9 million rights shares to be offered, the gross proceeds of the rights issue will be approximately $154.4 million but a deduction of $4.5 million in expenses will drop this to $149.9 million.
The rights shares are priced at P10.60 apiece under the Philippines Rights Issue and S$0.325 per rights share under the Singapore Rights Issue.
The issue price represents a discount of approximately 31.3% to the closing price of PhP15.44 per share on the PSE or 30.9% to the closing price of S$0.470 per share on the SGX last Friday, being the last trading day of the shares on SGX. The discount also included a 20.6% to the reference price of S$0.0409 share apiece.
DMPL said as of Friday, the company&#8217;s existing share capital is 1.3 million. The rights shares represent about 49.3% of the existing rights capital.
DMPL&#8217;s last traded price was at P16.52 or down by 0.360 (2.13%) from last Friday&#8217;s 16.88.
Last week, Del Monte Pacific said it has deferred plans for its international offering of $360 million worth of preference shares due to weak global market conditions. The offering was being undertaken to refinance its bridge loan with BDO Unibank Inc (Philippines), and also partially fund the company’s acquisition of Del Monte Corp’s consumer food business last year. That acquisition had helped extend the footprint of the group’s business to the US and South America. It had also acquired various trademarks for consumer products such as Del Monte, S&amp;W, Contadina, College Inn, Fruit Naturals, Orchard Select and SunFresh.
Also read: <a style="color: #ff0000;" href="http://www.dealstreetasia.com/stories/del-monte-pacific-cancels-360m-pref-share-offering-2302/">Del Monte cancels $360m pref share offering</a>
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Del Monte's rights offer shrinks to $149.9m

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Del Monte's rights offer shrinks to $149.9m

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