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Stocks to watch: Auric Pacific, Del Monte, ISR Capital, Neo Group

Friday, March 10, 2017 - 08:59

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Auric Pacific: Sunshine bread maker Auric Pacific on Friday said that as at 5pm on March 9, the offeror, Silver Creek Capital, and its concert parties held in aggregate 86.45 per cent of the total shares in Auric.

The offeror would need to acquire or receive acceptances representing 3.55 per cent of the shares in order to hold more than 90 per cent to satisfy the acceptance condition and declare the offer unconditional.

Del Monte Pacific: Food and beverage company Del Monte Pacific on Friday said that it has returned to the black for its third quarter ended Jan 31, 2017. Its net profit reached US$8.5 million, reversed from net losses of S$4.8 million a year ago.

But this was largely due to a smaller sum of US$5.4 million in one-off expenses from the severance and closure of the North Carolina plant in Q3 FY17, compared to last year's one-off expenses of US$12.4 million.

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Stripping out one-off items, net profit was US$11.6 million, a fivefold increase from US$2.1 million a year ago. Revenue was largely flat at US$604 million.

ISR Capital: Shares of ISR Capital extended their losses on Thursday, a day after the company disclosed that David Rigoll, its largest shareholder, has not only resigned as an executive director but breached a moratorium by offloading some of his stake in the open market.

Mr Rigoll had resigned with effect from March 6 following a pay dispute with the board of directors. He has accused ISR of not paying him his salary for February this year.

Neo Group: Catering outfit Neo Group intends to take a stake in food and beverage distributor Asia Farm F&B Pte Ltd (AFF). Neo Group said on Thursday that it had struck a deal with five parties to have the exclusive right to negotiate the acquisition of AFF shares between Thursday and June 30.

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