<TABLE border=0 cellSpacing=0 cellPadding=0 width=452><TBODY><TR vAlign=top><TD>Singapore Companies
</TD></TR><TR><TD vAlign=top width=452 colSpan=2>Published June 18, 2010
</TD></TR><TR><TD vAlign=top width=452 colSpan=2>Spice i2i to raise $133m in rights issue
By FELDA CHAY
INTERNET telephony services provider Spice i2i - formerly known as MediaRing - has proposed a rights issue to raise net proceeds of some $133 million.
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</TD></TR><TR><TD bgColor=#fffff1><TABLE border=0 cellSpacing=0 cellPadding=0 width=124 align=center><TBODY><TR><TD vAlign=top>It intends to issue up to 1.37 billion new ordinary shares at 10 cents apiece.
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</TD></TR></TBODY></TABLE></TD></TR></TBODY></TABLE>It intends to issue up to 1.37 billion new ordinary shares at 10 cents apiece.
Money raised from the one-for-one renounceable rights issue are targeted for use as working capital and capital expenditure requirements for future expansion and for funding of future acquisitions.
MediaRing took on its current identity after a deal with India's Spice Group, a telecoms and entertainment conglomerate owned by flamboyant billionaire Bhupendra Kumar Modi.
In August last year, Spice Group forked out $60 million for a 20 per cent stake, making it the single largest shareholder.
Three shareholders - Spice Innovative, Spice Global and Spice Bulls - which have a combined direct and indirect stake of 20.32 per cent, have undertaken to subscribe fully for their rights entitlements.
Spice i2i has appointed DBS Bank as manager and underwriter for the rights issue.
Since Spice Group took control of MediaRing, the renamed Spice i2i has been restructured and bought two Indian companies - a call centre and an IT services firm - for US$2 million.
In May, Spice i2i said it lost US$411,000 in the first quarter ended March 31, despite a 40.8 per cent increase in sales to US$42.1 million from US$29.9 million a year back. It made US$245,000 in Q1 last year.
Spice i2i shares closed one cent lower at 19.5 cents yesterday.
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</TD></TR><TR><TD vAlign=top width=452 colSpan=2>Published June 18, 2010
</TD></TR><TR><TD vAlign=top width=452 colSpan=2>Spice i2i to raise $133m in rights issue
By FELDA CHAY
INTERNET telephony services provider Spice i2i - formerly known as MediaRing - has proposed a rights issue to raise net proceeds of some $133 million.
<TABLE border=0 cellSpacing=0 cellPadding=5 align=left><TBODY><TR><TD bgColor=#ffffff>[FONT=Geneva, Helvetica, Verdana, Arial, sans-serif]<!-- REPLACE EVERYTHING IN CAPITALS WITH YOUR OWN VALUES --><TABLE class=quoteBox border=0 cellSpacing=0 cellPadding=0 width=144 align=left><TBODY><TR><TD vAlign=bottom>
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Money raised from the one-for-one renounceable rights issue are targeted for use as working capital and capital expenditure requirements for future expansion and for funding of future acquisitions.
MediaRing took on its current identity after a deal with India's Spice Group, a telecoms and entertainment conglomerate owned by flamboyant billionaire Bhupendra Kumar Modi.
In August last year, Spice Group forked out $60 million for a 20 per cent stake, making it the single largest shareholder.
Three shareholders - Spice Innovative, Spice Global and Spice Bulls - which have a combined direct and indirect stake of 20.32 per cent, have undertaken to subscribe fully for their rights entitlements.
Spice i2i has appointed DBS Bank as manager and underwriter for the rights issue.
Since Spice Group took control of MediaRing, the renamed Spice i2i has been restructured and bought two Indian companies - a call centre and an IT services firm - for US$2 million.
In May, Spice i2i said it lost US$411,000 in the first quarter ended March 31, despite a 40.8 per cent increase in sales to US$42.1 million from US$29.9 million a year back. It made US$245,000 in Q1 last year.
Spice i2i shares closed one cent lower at 19.5 cents yesterday.
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