Inotera Memories Inc. (TSEC:3474) announced a private placement of 2,400,000,000 common shares on February 20, 2013. The company is seeking shareholders approval for the transaction and is expected to close within one year from the meeting. The actual price per share of the issuance shall not be lower than 80% of the higher of the following two calculations before the price determination date of the Issuance price, the simple average closing price of the common shares ... of the company for either one, three, or five business days before the price determination date, after adjustment for any distribution of stock dividends, cash dividends or capital reduction, the simple average closing price of the common shares of the company for the thirty business days before the price determination date, after adjustment for any distribution of stock dividends, cash dividends, or capital reduction, and the actual offering price is pending, and the board, with a percentage not lower than such approved by the shareholders meeting, is authorized to determine the aforesaid offering price based on the status of negotiations with the potential placees and the market situation. All securities to be issued will have a hold period of three years. On the same day board of directors approved the transaction. On May 10, 2013, the company announced that the shareholders approved the transaction. On May 14, 2013, the company announced that returning investor, Nanya Technology Corp. and Nan Ya Plastic Corp. will invest in the transaction. The company will issue shares at TWD 9.47 per share in the transaction. Nanya Technology Corp. will subscribe for 211,193,000 shares. On closing of the transaction, the investor will increase its stake in the company from 25.46% to 26.29%. The transaction was approved by the board of directors on the same date. On the same day, the company closed first tranche of 633,580,000 shares for gross proceeds of TWD 6,000,002,600. Nan Ya Plastic Corp. subscribed for approximately 422,000,000 shares and Nanya Technology Corp. subscribed for approximately 211,000,000 million shares.
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