Intercontinental Aerospace Science and Technology (01725) issued an announcement1980sarcadegamesOn May 2, 2024 (after the trading session), the company entered into a subscription agreement with the subscriber Li Xiaofei, under which the company has agreed to allot and issue, and the subscriber has conditionally agreed to subscribe for 30 million subscription shares, equivalent to (I) 9% of the total issued share capital of the company as at the date of this announcement1980sarcadegames.32%1980sarcadegames; and (ii) the total issued share capital of the company expanded by the issue of subscription shares is approximately 81980sarcadegames.52% (assuming that there is no change in the issued share capital of the company from the date of this announcement to the completion of the subscription). The subscription price of HK $1.51 per subscription share is about 19.68% off (I) the closing price of HK $1.88 per share quoted by the Stock Exchange on the last trading day.

The directors believe that the subscription provides an opportunity for the Group to raise capital, while expanding the company's shareholder base and strengthening the company's capital structure. The Directors therefore consider that the subscription is in the best interests of the company and its shareholders as a whole.

The total proceeds from the subscription will be about HK $45.3 million and the net proceeds will be about HK $45 million (after deducting the expenses of the subscription). The Directors intend to apply the net proceeds from the subscription to the general working capital of the Group.