ISR Capital lists additional shares in REO Magnetic deal

-
ISR Capital has announced that due to a change in its issued share capital, the total consideration for its deal with REO Magnetic will be lowered to S$2.99 million from S$4.52 million.

In a filing with the Singapore Exchange (SGX), ISR said that the consideration price per share for the deal with REO - which would see ISR take an aggregate stake of 60 per cent in Mauritian company Tantalum Holding - would be adjusted to 0.4 Singapore cent from the initial price of 0.67 Singapore cent, and the number of consideration shares would be adjusted to 747.26 million shares.

This was after a conversion of S$1 million of convertible bonds into 250 million conversion shares on Dec 6.

Tantalum Holding owns 100 per cent of Tantalum Rare Earth Malagasy, which has a permit to explore and develop a concession hosting critical rare earth elements in Madagascar.

Under amended terms of the Tantalum acquisition, ISR was to issue 674.78 million of its own shares to REO Magnetic at 0.67 Singapore cent per share. However, if ISR's issued share capital increases before the company submits an application to list the consideration shares - which ISR did on Dec 19 - both the number and price of the consideration shares would be adjusted.

As a result of the recent conversion, the price per consideration share was adjusted to the one-day volume-weighted average for ISR stock before the additional listing application was submitted; the number of consideration shares was increased to stay at 29 per cent of ISR's total issued share capital.


In a separate announcement, ISR disclosed it will be placed on the SGX watch list for not meeting the criterion of a value-weighted average price of at least 20 Singapore cents and an average daily market capitalisation of S$40 million or more over the last six months, and that it has 36 months to achieve those targets or face a trading suspension or delisting.

Wong Kai Yi
21 December 2017

Comments

Post a Comment

Popular posts from this blog

Two ex-UOBKH staff charged with lying to MAS over due diligence reports on a Catalist aspirant

-
TWO former senior employees of UOB Kay Hian Private Limited (UOBKH) were charged on Wednesday for allegedly lying to the Monetary Authority of Singapore (MAS) in relation to reports on a then Catalist aspirant.   Lan Kang Ming, 38, and Wee Toon Lee, 34, each face three charges of providing MAS with false information in October 2018 in relation to due diligence reports on an unidentified company applying to list on the Catalist board of the Singapore Exchange.   MAS said in a media statement on Wednesday that it was performing an onsite inspection of UOBKH between June and August 2018, to assess the latter's controls, policies and procedures in relation to its role as an issue manager for Initial Public Offering (IPOs).   During the examination, Lan and Wee were said to have provided different versions of a due diligence report relating to background checks on a company applying to be listed on the Catalist board of the Singapore Exchange. UOBKH had acted as the issu...
Read more