Banyan Tree Holdings

[CityFarmer]

Resignations of three top managers, show more than just restructuring to me. The company is at a succession phase, where younger generation is taking over. Well, I might be wrong...

(not vested)

Banyan Tree to slash staff ahead of 'coming recession'
22 Feb 2016 09:00
By Grace Leong

Banyan Tree Hotels and Resorts will slash 12 per cent of its 1,400- plus workforce over the next few months as part of a restructuring ahead of a "relatively prolonged" global downturn.

Three of the hotel management company's top executives - Mr David Spooner, vice-president of sales and marketing; Mr Andrew Langston, vice-president of operations, Asia Pacific; and Mr Abid Butt, chief executive - have resigned as a result of the restructuring.

"The restructuring is not just a pure cost-cutting exercise. It is a periodic restructuring to become more lean, more efficient. The cost savings are expected to run into the millions," Banyan Tree Holdings executive chairman Ho Kwon Ping told The Straits Times yesterday.
...
Source: Straits Times

[brattzz]

https://www.businesstimes.com.sg/compani...1589520089

Banyan Tree seeks to raise S$50.4m in convertible bond issue

BANYAN Tree Holdings is proposing a renounceable and non-underwritten rights issue of convertible bonds to raise S$50.4 million.
The bonds will be issued at S$1 each on the basis of six convertible bonds for every 100 existing shares, the mainboard-listed hospitality group announced on Thursday.
They will have a coupon rate of 7.5 per cent per annum and a maturity date of two years. Upon maturity - and unless they are redeemed earlier, converted, purchased or cancelled - Banyan Tree will redeem the bonds at the principal together with accrued interest.
Should bondholders choose, they may convert the bonds at a conversion price of 25 Singapore cents - subject to adjustments. This is a 5.7 per cent discount to Banyan Tree's closing price of 26.5 cents on May 14, or the last traded price before the announcement.

To demonstrate their support for the rights issue, existing shareholders Ho KwonPing and Qatar Holding have first committed to take up 50 per cent of the issue on a pro-rata basis.
They have also provided an irrevocable undertaking to accept and pay for any excess entitlements that are not taken up.
Mr Ho has an interest of 42.73 per cent in Banyan Tree while Qatar's interest is 24.51 per cent.
Mr Ho and Qatar, as undertaking shareholders, will rank last in priority for the allotment of excess convertible bonds.
Banyan Tree had previously announced cash conservation measures that included unpaid leave for its associates, a wage and hiring freeze, and the suspension of non-critical capital expenditure. It estimates savings of S$70 million from its announced cash conservation measures for FY2020 ending December.
In its Thursday announcement, Banyan Tree also said it had seen a 21 per cent decline in revenue for Q1 2020 to S$64.4 million. It also reported a loss for the quarter of S$3.4 million, versus S$5.2 million in net profit for Q1 2019.
As at March 31, it had total assets of S$1.7 billion. This included cash and cash equivalents of S$117.1 million and liabilities of S$979.3 million.
After considering its financial position and the difficult operating environment, Banyan Tree said its directors believe the rights issue will "strengthen the group's capital base and provide additional funding for the group's cash flow needs".
Banyan Tree shares were trading down one Singapore cent or 3.8 per cent to 25.5 cents as at 11.21am on Friday, after the announcement.

[¯|_(ツ)_/¯]

Banyan Tree@32
Notification of New Substantial Shareholder - Ng Chee Tat Philip

https://drive.google.com/open?id=1Je40bX...2vP4Dxj7oH

Stay home and stay safe, everyone.