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18-04-2012, 06:56 AM
(This post was last modified: 23-10-2013, 02:16 PM by CityFarmer.)
The Business Times
Published April 18, 2012
APS in $568m RTO deal with Bright Eagle
By Lee U-wen
BEREAVEMENT care services provider Asia-Pacific Strategic Investments Ltd (APS) has struck a $568 million conditional sale-and- purchase agreement with Bright Eagle Enterprises Group, an engineering solutions provider in the power generation industry.
The proposed deal, should it be completed, will result in a reverse takeover (RTO) of APS by Bright Eagle, a company incorporated in the British Virgin Islands.
APS stands to gain full ownership of two joint development agreements secured by Bright Eagle. These involve the conversion of up to seven fuel oil-based generation units into coal-based power generators in Pakistan.
In a statement yesterday, APS said it would pay $275.3 million through $20 million in cash, 474.7 million new shares issued at 40 cents each, 234.6 million unlisted warrants issued at two cents, and its entire bereavement business.
The issue price of 40 cents each for the new shares is equivalent to the last traded price of APS, while each unlisted warrant may be exchanged for a new APS share at an exercise price of $1.50 until the May 16, 2014 expiry date.
The cost of $292.7 million for the second and third stages of the joint development agreements will be financed through the issue of 731.8 million new APS shares.
Subject to approval by the Singapore Exchange, a circular containing details of the proposed S&P agreement will be dispatched to APS shareholders, who will vote at an extraordinary general meeting to be convened at a later date.
As Bright Eagle intends to maintain the public listing status of APS and will own more than 80 per cent of the enlarged issued share capital after the completion of all three stages, shareholders will also be asked to vote in favour of a "whitewash waiver" to absolve Bright Eagle from having to make a general offer for the remaining shares in APS.
Commenting on APS's new proposed business direction, its group chief executive officer Choo Yeow Ming said: "This business has excellent prospects in Asia, where we see many opportunities to convert both new and existing fuel oil-based power generating units so they can run on coal, which is a cheaper alternative."
According to Bloomberg data, APS shares last closed at 40 cents on April 4. The company has requested that its trading halt be lifted at 8.30am today.
Published April 18, 2012
APS in $568m RTO deal with Bright Eagle
By Lee U-wen
BEREAVEMENT care services provider Asia-Pacific Strategic Investments Ltd (APS) has struck a $568 million conditional sale-and- purchase agreement with Bright Eagle Enterprises Group, an engineering solutions provider in the power generation industry.
The proposed deal, should it be completed, will result in a reverse takeover (RTO) of APS by Bright Eagle, a company incorporated in the British Virgin Islands.
APS stands to gain full ownership of two joint development agreements secured by Bright Eagle. These involve the conversion of up to seven fuel oil-based generation units into coal-based power generators in Pakistan.
In a statement yesterday, APS said it would pay $275.3 million through $20 million in cash, 474.7 million new shares issued at 40 cents each, 234.6 million unlisted warrants issued at two cents, and its entire bereavement business.
The issue price of 40 cents each for the new shares is equivalent to the last traded price of APS, while each unlisted warrant may be exchanged for a new APS share at an exercise price of $1.50 until the May 16, 2014 expiry date.
The cost of $292.7 million for the second and third stages of the joint development agreements will be financed through the issue of 731.8 million new APS shares.
Subject to approval by the Singapore Exchange, a circular containing details of the proposed S&P agreement will be dispatched to APS shareholders, who will vote at an extraordinary general meeting to be convened at a later date.
As Bright Eagle intends to maintain the public listing status of APS and will own more than 80 per cent of the enlarged issued share capital after the completion of all three stages, shareholders will also be asked to vote in favour of a "whitewash waiver" to absolve Bright Eagle from having to make a general offer for the remaining shares in APS.
Commenting on APS's new proposed business direction, its group chief executive officer Choo Yeow Ming said: "This business has excellent prospects in Asia, where we see many opportunities to convert both new and existing fuel oil-based power generating units so they can run on coal, which is a cheaper alternative."
According to Bloomberg data, APS shares last closed at 40 cents on April 4. The company has requested that its trading halt be lifted at 8.30am today.
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