Oxley proposes dividend in specie of Aspen shares

OXLEY Holdings is proposing to distribute a dividend in specie of shares in Aspen (Group) Holdings held by Oxley, with shareholders receiving 23 Aspen shares for every 1,000 shares they hold.

Aspen, listed on the Singapore Exchange’s mainboard, is based in Malaysia and engages in property development, glove manufacturing and the restaurant business. Its market capitalisation was S$53.1 million as at Sep 2.

Oxley currently holds 101.3 million Aspen shares, representing about 9.4 per cent of the total number of issued shares.

The company’s directors said the proposed distribution will unlock shareholder value by allowing shareholders to individually and directly participate in the ownership of, and enjoy returns from, securities held in two separately listed entities without any additional cash outlay.

Shareholders who hold ordinary shares in Oxley as of the record date, which will be announced at a later date, are entitled to the distribution. Fractional entitlements will be disregarded.

Based on the latest announced unaudited financial statements for the 18-month period ended Jun 30, 2022, Aspen had revenue of RM379.6 million (S$118.5 million) and loss before tax of RM131.4 million.

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Oxley reports wider H2 loss of S$20.3m; overseas revenue and margins also down

Net asset value (NAV) and NAV per share were RM508.9 million and RM0.4698 as at June 30.

Shares in Oxley closed at S$0.16 on Thursday (Sep 8), up 0.63 per cent or S$0.001. Shares in Aspen closed at S$0.049, down 2 per cent or S$0.001.