OneApex (formerly: Chew's Group)

[cyclone]

The Board is proposing the declaration of a special one-tier tax exempt dividend of S$0.35 per Share from retained earnings. The amount of the Proposed Special Dividend is approximately S$29,574,300.

The Proposed Special Dividend is subject to the following conditions:
(a) the approval of Shareholders for the Proposed Disposal, as well as the Proposed Special Dividend, at an extraordinary general meeting to be convened;
(b) completion of the Proposed Disposal; and
© the satisfaction of any regulatory approvals and/or statutory requirements which may be applicable in connection with the Proposed Special Dividend.

The Proposed Disposal is the proposed disposal of the entire issued and paid-up share capital of :
(A) CHEW’S AGRICULTURE PTE LTD;
(B) CHEW’S ENGINEERING SERVICES PTE LTD;
© CHEW’S GROUP INVESTMENT PTE LTD; AND
(D) CHEW’S GROUP MARKETING PTE LTD;

[pianist]

will the government make an attempt to block the acquisition of national eggs producer by a foreign hands?

[pianist]

Wonder if yesterday damage from winds would jeopadize the ongoing deal

[ngcheeki]

HEAVY THUNDERSTORM CAUSING EXTENSIVE DAMAGE TO FARM AT 20 MURAI FARMWAY
_________________________________________________________________________________
1. The Board of Directors (“Board”) of Chew’s Group Limited (“Company” and together with its subsidiaries, the “Group”) wishes to announce that a heavy thunderstorm which occurred in the afternoon of 30 March 2018 (“Heavy Thunderstorm”), has caused extensive damage to the farm of its wholly-owned subsidiary, Chew’s Agriculture Pte Ltd (“CAPL”) which is located at 20 Murai Farmway Singapore 709153 (“Farm”). CAPL is the operating entity for the Group’s business of producing and selling generic and designer eggs, liquid eggs, trading of spent grains, and food processing.
2. The Heavy Thunderstorm has caused extensive damage to 13 of the Group’s chicken sheds (which mainly housed the Group’s breeder and white egg layers chickens) and the egg production cum warehouse building, where the egg grader machine used for the sorting and packing of eggs is housed. One worker with minor injuries was reported and had received appropriate medical treatment as at the date of this announcement. The Company is currently working closely with government agencies and professional engineers to restore the egg production facilities, and the clearance of the debris and bio-assets is also underway. The Company is in the process of assessing the losses to the Group caused by the Heavy Thunderstorm and the financial impact on the Group can only be reliably determined at a later date.
3. Although the business and operations of CAPL will still be ongoing, CAPL’s production volume will be affected for the next one to two weeks. In the meantime, the management of CAPL will take measures to address operational issues such as egg collection and storage, and the setting up of a temporary sales and administrative office. The measures will include making arrangements with another egg producer in Singapore to use their egg grader/packaging machine, and in working with customers to minimise the disruption to their businesses as a result of the unexpected reduction in production volume.
4. The Company is working with its insurer to recover the loss of income, damage to the Farm and equipment and will make the appropriate claims for the same.
5. The Board further refers to the circular dated 26 March 2018 in relation to, inter alia, the proposed disposal of the entire issued and paid-up share capital of CAPL, Chew’s Engineering Services Pte Ltd, Chew’s Group Investment Pte Ltd and Chew’s Group Marketing Pte Ltd to HL Plus Pte. Ltd. (“Purchaser”), which is a wholly-owned subsidiary and nominee of Huat Lai Resources Berhad (“Huat Lai”). Both Huat Lai and the Purchaser have been informed of the above matter.
Further announcements will be made by the Company as and when there are any material
developments in relation to the aforesaid.

http://infopub.sgx.com/FileOpen/CGL_Heav...eID=495266

[pianist]

Based on today closing price, market seems to disregard the damage caused by last Saturday strong winds? Is it because investors or huat lai know that that farm in Lim Chu Kang is going to be dismantled anyway? So a stronger wind would just expedite the smooth completion of the deal and transfer of the farm to mandai new site?

[Terry]

The cash and nav value is high for the coy.

There's insurance for the damage mitigation.

The management has the intention to distribute back capital to shareholders.

The deal with HL is 11m, and the management distribute 29.5m back

Buyer's deposit 2.5m is uncertain to be forfeit or not at the moment.

Even this time round failed to do so due to natural disaster, I believe the management goal is aligned to redistribute capital back to shareholder when opportunities arise.

[cyclone]

The company declared S$0.35 per share special one-tier tax exempt dividend.
Ex Date : 27/04/2018
Pay Date : 10/05/2018

[pianist]

what is their time horizon for rto?

[ghchua]

what is their time horizon for rto?

There is no timeline as Chew's Group is not a cash company after the sale. They still have a small Hong Kong trading arm doing distribution of eggs.

[cyclone]

Term Sheet for the Proposed Sale of Shares by the Controlling Shareholder of the Company

Chew’s Group Limited announced that it has been informed by the controlling shareholder of the Company, Fenghe Investment Holding Pte. Ltd., that Fenghe had entered into a non-legally binding term sheet today with a potential third party purchaser, to sell all of Fenghe’s shareholdings in the Company comprising of 57,580,341 ordinary shares representing 68.14% of the total issued and fully paid-up share capital of the Company at the price of S$0.2107 per Sale Share, for a total of S$12,132,177.85 to be satisfied in cash.

Following the completion of the Proposed Sale, the Purchaser will make a mandatory general offer in accordance with Rule 14 of the Singapore Code on Take-overs and Mergers for all the remaining shares of the Company not already owned, controlled or agreed to be acquired by the Purchaser.

More details in http://infopub.sgx.com/FileOpen/CGL_Term...eID=509407

Chew's Group today closed at S$0.245 (+0.010).