Mascotte raises $100 million from shares issue

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Embattled Taiwanese polysilicon manufacturer Mascotte today revealed the details of its latest fundraising exercise as it grapples with the costs incurred from the disastrous acuqisition of rival Sun Materials.

The poly maker announced details of its latest shares issue to the Hong Kong Stock Exchange, with 7.81% of the stock in the company issued as just over 1.1 billion shares priced at HK$0.09/share.

That price, a 14.29% discount on the previous closing price of HK$0.105/ share should raise a gross figure of just short of HK$100 million (US$12.9 million) to help Mascotte tackle a deficit which amounted to HK$634 million at the end of September.

The debt is largely thanks largely to the HK$2.74 billion impairment costs recorded after the purchase of Sun Materials and its Yi-Lan polysilicon factory which it subsequently transpired will never be able to produce the required standard of the polysilicon on a commercially viable basis.