MINERVA GROUP (00397) has disclosed plans to conduct a rights issue aimed at raising up to HK$43.3 million, before expenses, assuming no additional shares are issued or repurchased before the record date. The rights issue will not be underwritten. It involves the issuance of up to 1.141 billion new shares at a subscription price of HK$0.038 per share, based on the condition that no further shares are issued or bought back prior to the record date. The offering is structured on the basis of one new share for every two existing shares held by shareholders on the record date.