Pacific Star Development (formerly: LH Group)

[desmondxyz]

Simply put it seems like a debt to equity swap?

sent from my Galaxy Note 7

Yes. For Chuan Hup, it is a debt to equity swap.

Swap for some shares of MSH.  MSH has a 50% interest in PSDH which is the sole shareholder of PSD.

PSD is the target of acqusition of LH Group. Chuan Hup gets some shares of LH Group.

Current share issued by LH is 15.7mils, RTO will issue 193.3mils new shares @ 60cts. Upon completion, LH enlarged share base will be 209mils. CHH will hold ard 28% of RTO'ed LH.

[opmi]

Msian presales booked with Low deposits. Don't know if people will sign S&P when TOP.

[cyclone]

Simply put it seems like a debt to equity swap?

sent from my Galaxy Note 7

Yes. For Chuan Hup, it is a debt to equity swap.

Swap for some shares of MSH.  MSH has a 50% interest in PSDH which is the sole shareholder of PSD.

PSD is the target of acqusition of LH Group. Chuan Hup gets some shares of LH Group.

Current share issued by LH is 15.7mils, RTO will issue 193.3mils new shares @ 60cts. Upon completion, LH enlarged share base will be 209mils. CHH will hold ard 28% of RTO'ed LH.

Current share issued by LH is 15.7 million, RTO will issue 132.5 million new shares @ 80 cents. Upon completion, LH enlarged share base will be 148.2 million, CHH will hold around 59,151,600/148.2 million = 39.91%. 
This excludes LH share placement to satisfy a portion the cash consideration.

Based on LH Group 20 May 2016 announcement, page 3, paragraph 5.2.

the issue and allotment of 132,500,000 new ordinary shares (the “Consideration
Shares”) to the Vendor (or to such nominee(s) and/or persons as the Vendor may direct)
at the issue price of S$0.80 (“Issue Price”) per Consideration Share. Such Consideration
Shares are to be credited as fully paid and free from all encumbrances and ranking pari
passu in all respects with the ordinary shares in the capital of the Company existing as at
the Completion Date; and

For purposes of raising funds for the Cash Consideration, the Company shall carry out a
conditional placement exercise (the “Conditional Placement”). Pursuant to the Conditional
Placement, the Company shall issue new ordinary shares in the share capital of the Company
(“Conditional Placement Shares”) at S$0.80 per share (the “Conditional Placement Price”)
to raise an aggregate of between S$6,000,000 to S$10,000,000.

This is also inline with Chuan Hup 30 Novermber 2016 announcement. Page 2

LH, a company listed on the Mainboard of the Singapore Exchange Securities Trading Limited, had announced the
Proposed PSD Acquisition on 3 March 2016, 25 April 2016, 20 May 2016 and 25 November 2016 pursuant to which LH
will acquire 100% of the shares in the entire issued and paid-up share capital of PSD. In return, LH will satisfy the
Proposed PSD Acquisition by, inter alia, issuing and allotting 132,500,000 new ordinary shares to PDSH (or to such
nominee(s) and/or persons as PDSH may direct). For more information on the Proposed PSD Acquisition, please refer to
the SGXNET. 

As the LH Consideration Shares represents more than 30% of LH’s enlarged share capital upon the completion of the
Proposed PSD Acquisition, the Company is seeking a waiver from the Securities Industry Council from the requirement to
make a mandatory general offer for the remaining shares of LH under the Singapore Code on Take-overs and Mergers.

[desmondxyz]

Simply put it seems like a debt to equity swap?

sent from my Galaxy Note 7

Yes. For Chuan Hup, it is a debt to equity swap.

Swap for some shares of MSH.  MSH has a 50% interest in PSDH which is the sole shareholder of PSD.

PSD is the target of acqusition of LH Group. Chuan Hup gets some shares of LH Group.

Current share issued by LH is 15.7mils, RTO will issue 193.3mils new shares @ 60cts. Upon completion, LH enlarged share base will be 209mils. CHH will hold ard 28% of RTO'ed LH.

Current share issued by LH is 15.7 million, RTO will issue 132.5 million new shares @ 80 cents. Upon completion, LH enlarged share base will be 148.2 million, CHH will hold around 59,151,600/148.2 million = 39.91%. 
This excludes LH share placement to satisfy a portion the cash consideration.

Based on LH Group 20 May 2016 announcement, page 3, paragraph 5.2.

the issue and allotment of 132,500,000 new ordinary shares (the “Consideration
Shares”) to the Vendor (or to such nominee(s) and/or persons as the Vendor may direct)
at the issue price of S$0.80 (“Issue Price”) per Consideration Share. Such Consideration
Shares are to be credited as fully paid and free from all encumbrances and ranking pari
passu in all respects with the ordinary shares in the capital of the Company existing as at
the Completion Date; and

For purposes of raising funds for the Cash Consideration, the Company shall carry out a
conditional placement exercise (the “Conditional Placement”). Pursuant to the Conditional
Placement, the Company shall issue new ordinary shares in the share capital of the Company
(“Conditional Placement Shares”) at S$0.80 per share (the “Conditional Placement Price”)
to raise an aggregate of between S$6,000,000 to S$10,000,000.

This is also inline with Chuan Hup 30 Novermber 2016 announcement. Page 2

LH, a company listed on the Mainboard of the Singapore Exchange Securities Trading Limited, had announced the
Proposed PSD Acquisition on 3 March 2016, 25 April 2016, 20 May 2016 and 25 November 2016 pursuant to which LH
will acquire 100% of the shares in the entire issued and paid-up share capital of PSD. In return, LH will satisfy the
Proposed PSD Acquisition by, inter alia, issuing and allotting 132,500,000 new ordinary shares to PDSH (or to such
nominee(s) and/or persons as PDSH may direct). For more information on the Proposed PSD Acquisition, please refer to
the SGXNET. 

As the LH Consideration Shares represents more than 30% of LH’s enlarged share capital upon the completion of the
Proposed PSD Acquisition, the Company is seeking a waiver from the Securities Industry Council from the requirement to
make a mandatory general offer for the remaining shares of LH under the Singapore Code on Take-overs and Mergers.

Thanks Cyclone for the details...I was looking at the old agreement. 
So in the worst case, LH will raise 10 mils by issuing 12.5mil shares at 0.80. 
So CHH stake upon RTO completion will be diluted to 59,151,600/160.7 million = 36.8%

[cyclone]

1 -> 3 Share Split

Share split of every one (1) existing ordinary share in the capital of the company held by shareholders into three (3) shares.

Trading in the shares on a pre-split basis will cease at 5.00 pm on Wednesday, 15 February 2017 and trading in the Split Shares on a post-split basis will commence from 9.00 am on Thursday, 16 February 2017.

[cyclone]

The company changed its name to “Pacific Star Development Limited” with effect from 8 February 2017.

The change of the Company’s trading counter name on the SGX-ST will take effect at 9.00 am on Thursday, 16 February 2017 and the new trading counter
name will be “Pacific Star Dev”.

[cyclone]

PACIFIC STAR DEV'T: Offering prime-location homes near Iskandar marinas & ferry terminal

Written by Leong Chan Teik
Published: 25 April 2017

Yacht owners as well as sea lovers will find Puteri Cove Residences probably more alluring than any property investment they can make in Iskandar, Johor.

There are two marinas within a stone's throw, and the sea view from the condominium is sweeping -- think Sentosa Cove.

Puteri Cove Residences and Quayside, now being constructed by SGX-listed Pacific Star Development, is sited close to key developments such as Kota Iskandar, the new administrative centre of Johor.

And as Pacific Star CEO Glen Chan pointed out to visiting analysts and media last week, EduCity, which comprises several brand-name universities, is just minutes away as are the likes of Gleneagles Medini Hospital and Legoland.

More details in  https://nextinsight.net/story-archive-ma...-and-jetty

[cyclone]

As a result of the increase in the total number of shares of PSDL to 499,660,878 shares (excluding 2,675,400 Shares held in treasury), Chuan Hup’s shareholding interest in PSDL has decreased from 37.34% to 35.52%.

[cyclone]

Pacific Star Development inks MOU to be exclusive Asset Manager for e-commerce start-up Crowdvilla

Pacific Star Development Limited  announced that PSD Singapore Pte. Ltd., a wholly-owned subsidiary of the Company, has on 2 May 2018 entered into a non-binding memorandum of understanding with Reitech Pte. Ltd. ("Reitech") and Crowdvilla Ltd. ("Crowdvilla").

Crowdvilla is a Singapore-incorporated company which is launching a global e-commerce shared holiday properties programme which involves real estate tokenisation and blockchain technology. Crowdvilla is expected to raise funds of up to US$50 million by way of a token sale in 3Q 2018.

Reitech is a Singapore-incorporated company which works on blockchain technology and will be the technology partner for Crowdvilla’s business operations.

Pursuant to the MOU, it is intended for PSDS to be appointed as the exclusive asset manager for Crowdvilla to source, evaluate and shortlist shared-use hospitality properties for Crowdvilla to acquire or rent. Over time, PSDS will help Crowdvilla build up a sizeable global property portfolio to meet the holiday needs of Crowdvilla’s users. PSDS will be paid asset management fees for performing its role as Crowdvilla’s asset manager.

More details in :
1. http://infopub.sgx.com/FileOpen/20180502...eID=502705
2. http://infopub.sgx.com/FileOpen/20180502...eID=502706

[cyclone]

Pacific Star Development concludes 18M ended June at $8.4 mil after business model restructuring

By: Michelle Zhu
27/08/18, 07:53 am

SINGAPORE (Aug 27): Pacific Star Development, formerly known as LH Group, announced $8.4 million in earnings for the 18 month period ended June 2018 (18M17), up 12% from the 12 months ended June 2016 on higher revenue.

This comes after the successful restructuring of its business model to focus on real estate development following a $140 million reverse takeover (RTO).

The company last year announced a change of its financial year end to June 30 from Dec 31 previously.

Revenue for the 18M under revenue doubled to $121.4 million from $59.1 million in 12M16, as the group’s project in Puteri Cove Residences & Quayside in Puteri Harbour continued to contribute positively to group revenue and earnings.

In line with the higher revenue, cost of sales doubled to $63.1 million from $30.1 million in 12M16.

More details in https://www.theedgesingapore.com/pacific...tructuring

Financial result and related announcement in :
1. http://infopub.sgx.com/FileOpen/PressRel...eID=522794
2. http://infopub.sgx.com/FileOpen/20180827...eID=522793