STARWIN PRODUCTS LIMITED RENOUNCEABLE RIGHTS ISSUE

Following approval by Starwin Products Limiteds (SPL or the Company) shareholders at their Annual General Meeting on 19 June 2013, the Company embarked on a Renounceable Rights Issue (Offer) of 333,359,264 ordinary shares of no par value at GHS 0.03 per share to interested shareholders.

The Securities and Exchange Commission (SEC) and the Ghana Stock Exchange (GSE) approved SPLs Offer Circular on 29 August 2014 and on 4 September 2014, respectively. IC Securities (Ghana) Limited (IC Securities) is the Financial Advisor and Sponsoring Broker for the Offer.

On 17 November 2014, a shareholder of the Company (Applicant) filed a motion to restrain Starwin Products Limited and IC Securities from proceeding with the issuance of additional shares described as a Renounceable Rights Issue. On 8 December 2014, the Accra High Court before Justice Samuel K.A. Asiedu, Justice of the High Court, dismissed the motion on the basis of no merit in the evidence provided by the Applicant.

The Offer period closed, and all shareholders who took part in the Offer received their subscriptionson 17 December 2014.

a) How much was SPL hoping to raise?

b) Before the rights issue, SPL had issued 259,647,284 shares which were trading at GHS 0.04 per share. If all existing shareholders exercised their rights, what was the value of SPL at the end of the rights issue (all things equal)?

c) SPL is registered in Ghana. How many rights must have been issued?

d) Each right entitled the holder to buy how many new shares?