Sea Star in huge rights issue

Sea Star Capital Plc (SEAS- formerly MEGABET) announced that the Cyprus Securities and Exchange Commission approved the Prospectus on the issue and listing of shares and Rights, which has been prepared pursuant to the Public Offering and Prospectus Law 2005 on 10 September 2007. 

The Prospectus concerns the listing to the CSE of 384,615,384 ordinary shares of nominal value CYP0.025 cents each, which will be issued to a limited number of strategic investors. 

The Company will proceed with the issue and allocation of 267,142,860 ordinary shares of nominal value CYP0.025 cents each, which be distributed in order of precedence to the existing shareholders at the price of EUR0.26 each.  The shares will be distributed in the form of Rights.  For every issued share, 1 Right will be allocated and every Right exercised will be converted into 2 new ordinary shares of nominal value CYP0.025 cents each with an exercise price of EUR0.26 for every new share. 

The company announced that the cum-rights date has been fixed for September 25, with the SEAS shares set to go ex-rights from September 26. The rights will trade on the CSE from October 22 until November 9, while the period of exercise of rights is from November 14 until 21 with the company hoping to dispatch the allocation letters by November 28 and trading of the new shares on the CSE to commence on December 12, 2007.