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Stocks to watch: Boardroom, Atlantic Navigation, Abterra, Cordlife
THE following companies saw new developments that may affect trading of their shares on Monday:
Boardroom: Mainboard-listed corporate services provider Boardroom plans to buy subsidiaries of a Malaysian company in the same line of business. Boardroom inked a conditional share sale agreement on July 13 with Symphony House Group, it said in an announcement on Monday morning. It will pay about RM164.1 million (S$55.6 million) for the Symphony Corporatehouse Sdn Bhd unit and three wholly owned subsidiaries, which offer accounting and payroll services, share registration, and issuing services for primary market securities offerings, among other businesses. Boardroom last closed on July 13 at S$0.77, up by 4.05 per cent on the previous day.
Atlantic Navigation: Atlantic Navigation on Monday said it has entered into a conditional share subscription agreement with Saeed Investment to issue about 263 million new shares at a price of 9.89 US cents apiece to raise US$26 million. This subscription price represents a 10.5 per cent premium to the counter's volume-weighted average price of 12.2 US cents per share on June 13, 2018, being the last full market day preceding the agreement. The subscription shares also represent about 100.89 per cent of the firm's existing share capital, and will represent about 50.22 per cent of its enlarged share capital should the proposed subscription be completed.
Abterra: Mineral and resources company Abterra was suspended from trading on the Singapore Exchange (SGX) on Monday morning, after its request for an extension on time to hold its annual general meeting was rejected by the bourse operator in a letter received on July 13. Abterra had asked in April to push back the meeting deadline by four months, to Aug 31 at the latest, after Mazars LLP sought to resign as the company's statutory auditors while citing outstanding audit matters at a 51 per cent-owned Abterra subsidiary.
Cordlife Group: Cordlife on Monday said it is in "confidential and non-binding discussions" related to the structuring of possible transactions, though no definitive agreements have been signed, and there is no certainty that any of these will materialise. The statement from the private cord-blood banker was released in response to queries from the Singapore bourse regarding "unusual price movements" in the company's shares last Friday. On July 13, the counter lost 13.7 per cent to close at S$0.60 apiece, down 9.5 Singapore cents. Some 451.7 million shares exchanged hands.