Stock News: ACCS proposed 1 for 2 right issues at 4 cents each!

ACCS announced that it has entered into separate loan agreements to raise $5m, while still the completion of a proposed rights issue is still pending. It will be borrowing $2.5 million from Henry Tan – the former chairman, and brother of Victor Tan who will be standing trial soon - with another $1.5 million coming from Accord Holdings Pte Ltd. Poh Tian Peng, who invested in ACCS before it went public, is lending the remaining $1 million. In March, ACCS proposed a one-for two rights issue at 4 cents each right, to raise about $20m.