Corporate digest

Clearbridge Health

INTEGRATED healthcare company Clearbridge Health is looking to raise S$11 million through a convertible bond issuance to seize acquisition opportunities for medical clinics and centres and laboratories in South-east Asia.

On Thursday, Clearbridge said that it has signed a subscription agreement to issue S$11 million in bonds. The bonds will bear an interest of 7 per cent per annum, and are convertible by bondholders into new shares any time during the three-year tenure at a conversion price of S$0.28 per conversion share.

This represents a premium of 78.1 per cent to the volume-weighted average price for trades done on Jan 31, 2019, the full market day on which the subscription agreement is signed, it said. If fully converted, the conversion shares will represent about 7.4 per cent of the company's enlarged share base.

Clearbridge plans to use part of the proceeds to complete the proposed investment in PT Indo Genesis Medika, announced in August 2018. The remaining funds raised will be used for mergers and acquisitions, joint ventures, strategic collaborations and/or investment as well as general working capital purposes.

The convertible bonds have been offered to corporate and private investors that includes Coop International, an investment company and a subsidiary of Singapore-listed Bonvests Holdings.

Members of the Clearbridge's management team, including its non-executive, non-independent chairman Johnson Chen; executive director and CEO Jeremy Yee; chief commercial officer Jonathan Liau; chief business officer Simon Hoo; and other employees of the company have subscribed for the bonds.

The proposed subscription of the bonds by Mr Yee and Mr Chen will be subject to shareholders' approval at an extraordinary general meeting to be convened. The subscriptions by the other investors do not require shareholders' approval.

Secura Group

Security solutions provider Secura Group on Thursday announced the appointment of former Wearnes Automotive executive, Barry Kan Kheong Ng, as CEO and executive director, with effect from Feb 1, 2019. The former chief, Paul Lim Choon Wui, had announced his resignation in October 2017 "to pursue his personal interests and to spend more time with his family".

The search for a candidate for the position has gone on for more than a year. The group on Thursday also said it has appointed Joey Matthias Lim as non-executive and non-independent director; and Christina Teo Tze Wei as independent director, with effect from Feb 1, 2019.

Meanwhile, Tan Wee Han, non-executive, non-independent director, has resigned from the firm due to an increase in work and personal commitments.