ISR Capital: Interest due this June and December accounts for all of FY17 revenue
Interest on loans extended to two entities that are maturing
end of this June and December account for all of ISR Capital's full-year
revenue for 2017, the listed company said in a response to queries from the
Singapore Exchange.
ISR Capital, an investment holding company that provides
private equity investment and investment advisory, said that interest on loans
to Tantalum Holding (Mauritius) Ltd and Tantalus Rare Earths AG make up the
whole of the S$576,075 revenue posted for FY17.
Of this amount, S$563,677 of interest pegged to the loan to
Tantalum Holding (THM) will mature on June 30 and another S$12,398 tied to the
loan to Tantalus Rare Earths (TRE) on Dec 31.
ISR Capital has recognised revenue from these interest
amounts on Sep 30, 2017 and Dec 31, 2017.
A wholly-owned subsidiary of the Singapore-listed investment
holding company has extended a short-term secured bridging loan of up to S$6
million to THM and a secured term loan of an aggregate amount equal to 320,000
euro to TRE.
The terms of the THM loan call forInterest accrued to be
paid to ISR in a single bullet payment on the maturity date of the loan. The
maturity date was extended twice from Sept 28, 2017, to March 31, 2018, and
June 30, 2018. The majority shareholder of THM, REO Magnetic Pte Ltd has
pledged its entire equity interest or 60 per cent shareholding in THM as
security for the THM loan.
The TRE loan called for interest accrued to the paid up on
Dec 31, 2018, the termination date of the loan. TRE, which owns 40 per cent
equity interest in THM has pledged 8 per cent of its shareholding interest in
THM as security for the loan.
ISR Capital also disclosed in its response to a second SGX
query, that its directors' fees rose by 63.2 per cent while professional fees
and travel entertainment expenses increased by 47.4 per cent and 29.9 per cent,
respectively for FY17.
These also make up the three largest cost components of its
other operating expenses amounting to S$1.15 million for FY17.
ISR Capital closed at 0.4 Singapore cents on Monday, down
0.1 cent.
Tan Hwee Hwee
03 April 2018
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