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, with maximum gross proceeds of approximately HK$93 million. The rights issue will only be available to eligible shareholders and will not be extended to ineligible shareholders.

The net proceeds from the rights issue, after deducting expenses, are estimated to 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 for general working capital, including approximately HK$30 million for settling existing trade and other payables; approximately HK$17 million for settling existing property tax payables; and the remaining amount for interest payments and general operating expenses.