Pan Asia Data (HKG:1561) entered into a supplemental memorandum of understanding with PC Dynamic and Power Circles to amend the terms of a proposed restructuring, including an HK$80 million share subscription, according to a Monday Hong Kong bourse filing.

Under the revised terms, PC Dynamic will subscribe for 212 million consolidated shares at HK$0.37736 each, with the HK$80 million subscription expected to give the investor and its concert parties about 66.55% of the enlarged share capital.

The proposed restructuring also includes a 10-for-1 share consolidation, a creditors' scheme to restructure the company's debt, a change in board lot size and termination of the share option scheme.

About HK$30 million of the subscription proceeds will be used to discharge debts under the creditors' scheme, HK$10 million to settle restructuring fees and HK$40 million for general working capital.

The investor will also provide an unsecured, interest-free HK$8 million loan to fund professional fees related to the restructuring and subscription.

The proposed subscription would normally trigger a mandatory general offer obligation, so the company will seek a whitewash waiver from Hong Kong's Securities and Futures Commission.

The waiver and restructuring remain subject to regulatory and shareholder approval.

Shares of the firm were up 78% in Tuesday morning trade.