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Stocks to watch: CDL, Starhill Reit, Oxley, Boardroom, Pacific Star, FSL, Alpha Energy, Accrelist
THE following companies saw new developments that may affect trading of their shares on Monday:
City Developments Limited: Mainboard-listed City Developments Limited has launched a renewed takeover bid for its London-listed subsidiary Millennium & Copthorne Hotels (M&C) – this time with a higher cash offer of 685 pence per share, up from the previous 620 pence bid in December 2017 that was blocked by M&C's minority shareholders. Shares of CDL closed at S$8.47 on Friday, up 16 Singapore cents, before the announcement was made late on Friday night.
Starhill Global Reit: The real estate investment trust (Reit) is keeping the base rent unchanged for the Toshin master lease at Ngee Ann City for the next three years starting from June 8, 2019, under its latest review, its manager announced on Saturday. Toshin is the master tenant occupying all retail areas except level five of Ngee Ann City. The Toshin lease contributed to about a fifth of Starhill Global Reit’s portfolio gross rent as at March 31. Units of Starhill Global Reit were trading up one Singapore cent at S$0.745 as at 9.04am on Monday.
Oxley Holdings: The mainboard-listed property developer has received aggregate proceeds of S$210 million after the first completion of its S$1.025 billion sale of Chevron House, it said in a bourse filing on Friday evening. Oxley Holdings transferred an 82.35 per cent stake in Oxley Beryl, which owns Chevron House, to the buyer Golden Compass (BVI). Shares of Oxley Holdings closed flat at S$0.30 on Friday.
Boardroom: Its free float fell below the 10 per cent mark as at Thursday 5pm, the corporate secretarial services firm said on Friday after the market closed. Salacca, the GK Goh Holdings unit that launched a takeover offer for the mainboard-listed company, does not intend to restore the free float requirement and will seek to delist it. Trading in Boardroom shares was halted at 9.54am on Friday, and the company requested the halt to be lifted at 5.03pm. Its shares traded at S$0.88 before the trading halt, unchanged from the previous day.
Pacific Star Development: Three directors of the Catalist-listed firm resigned on Friday, amid its shift from the aluminium business to property development and new board appointments in the past week. In separate bourse filings on Friday evening, Pacific Star announced that independent director Heng Su-Ling Mae and non-executive directors Peh Siong Woon Terence and Tan Hai Peng Micheal will be stepping down from the board. Shares of Pacific Star closed flat at S$0.15 on Friday.
First Ship Least Trust: The sponsor of First Ship Lease (FSL) Trust has made a mandatory general offer for the shipping trust, after taking up new units in FSL Trust via the recent preferential offering. FSL Holdings is offering S$0.0585 in cash for each FSL Trust unit, which represents a 33 per cent premium to the last transacted price per unit of S$0.044 on Thursday. The offeror does not intend to delist FSL Trust from the mainboard, but reserves the right to assess its options if FSL Trust's free float falls below the minimum requirement. FSL Trust was added to the Singapore Exchange’s watch list on Thursday. Its units closed flat at 4.4 Singapore cents on Friday. On Monday morning, FSL Trust requested to lift its trading halt.
Alpha Energy: The Catalist-listed firm is restructuring a loan it took from ING Capital to fund the 95 per cent of tax credits available to working interest owners of the Mustang Field in 2015. As at June 7, ING Capital is owed a loan balance of US$13.3 million. Under the latest agreement, Alpha Energy and TPNSD will make repayments to ING in quarterly instalments of US$600,000 starting June 15, 2020. Alpha Energy shares closed flat at S$0.054 on Friday.
Accrelist: Corporate accretion services provider Accrelist will no longer launch its artificial intelligence retail tech solutions and will instead focus on facial recognition verification services, the Catalist-listed firm announced in a bourse filing on Friday after the market closed. In a separate filing on the same day, Accrelist also said it extended the deadline for a memorandum of understanding related to the proposed acquisition of Liaoning Mealplus Technology, a developer of software and machinery for the food and beverage industry. Shares of Accrelist last traded at 0.3 Singapore cent on June 4.