New investors buying out Jasper Investment (Amended)

Singapore

TWO new majority investors have launched a bid to buy out the remaining shares in Jasper Investment after taking a controlling stake of over 80 per cent in the vessel management and operations outfit through a S$1.25 million share purchase deal.

Triton No 9 Pte Ltd and Polaris Nine LLP have concluded a sale and purchase agreement to absorb 80.77 per cent of Jasper Investment from Morton Bay Pte Ltd. The acquisition deal valued shares in Jasper at S$0.0004.

Triton and Polaris are extending a mandatory offer to purchase the interests held by the minority shareholders of Jasper at the same price of S$0.0004 per share. Shares in the counter closed at S$0.005 on Monday.

Triton will also extend a loan of US$870,000, pegged at an annualised 9 per cent interest, as part of the takeover bid to tide over the working capital requirements of Jasper Investment.

The takeover bid came after Jasper posted a US$26.15 million loss after tax for the first quarter ended June 30, 2015, citing discontinued operations.

As at June 30, 2015, Jasper had no fixed assets on its books, following the announced seizure of its drillship, Jasper Explorer, by its bondholders to the stock exchange on Jan 22, 2015.

Trade and other payables on Jasper's balance sheet totalled US$750,000, in excess of some US$419,000 of current assets on its balance sheet.

Jasper also flagged in January the possible ownership transfer of a second vessel, an accommodation semi-submersible, to the shipbuilder responsible for its construction, Yiulian Shipyard, although the intent of the Chinese shipbuilder remains unclear at press time.

In June, Jasper announced the award of two vessel management contracts with Global Shipping and GoLNG pegged at monthly fees of US$60,000 and US$22,500, respectively, with effect from July 6.

Its new anchor shareholders plan to introduce Jasper to barge transportation for infrastructural works in North Asia.

The first contract opportunities have already been identified and a subsidiary will be set up to manage the new business, as outlined in the terms of the mandatory unconditional cash offer to the minority shareholders.

Jasper also plans to take on its first vessel management and operations contracts tied to barge transportation for infrastructural works in North Asia, following an introduction to the business by its new anchor shareholders.

The board of Jasper is appointing Morgan Lewis Stamford as an independent adviser to the directors of the company for the purpose of assessing the offer.

Amendment note: The numbers in bold have been corrected. We apologise for the error.