Macau Legend (01680) announced that the company proposes to issue 310 million rights shares through a rights issue on the basis of 1 rights share for every 2 existing shares held on the record date, at a subscription price of HK$0.3 per rights share, assuming no change in the number of issued shares on or before the record date. The total gross proceeds would amount to approximately HK$93 million.

The rights issue will be available only to qualifying shareholders and will not be extended to non-qualifying shareholders. The estimated net proceeds from the rights issue, after deducting expenses, will be approximately HK$86.9 million, assuming no change in the number of issued shares on or before the record date.

The company intends to use the net proceeds from the rights issue as general working capital, including approximately HK$30 million for settling existing trade and other payables, approximately HK$17 million for paying existing property tax payables, and the remaining portion for paying interest and general operating expenses.