Global Yellow Pages gets SGX nod for shares, warrants issue

SINGAPORE - Global Yellow Pages said on Sunday that it has received in-principle approval from the Singapore Exchange (SGX) to issue new shares, rights shares and warrants to fund its proposed acquisition of the Gloria Jean's Coffees chain.

The SGX granted approval on Friday for Global Yellow Pages to issue up to 116.3 million shares at seven cents per share as part of the payment for the coffee chain.

The Singapore-listed publisher of business and trade directories said in December it would pay A$35.6 million (S$40.7 million) for the acquisition.

The SGX also gave the green light for Global Yellow Pages' rights-cum-warrants issue and placement of new shares, which it is undertaking to help pay for the purchase.

The company will issue three rights shares and three warrants for every two shares held by existing shareholders. It is also placing out up to 300 million new shares at seven cents apiece.

The SGX's in-principle approval is subject to certain conditions, including shareholders' approval for the proposed acquisition, rights-cum-warrants issue and share placement.