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Stocks to watch: Nico Steel, Metech, Noble, First Ship Lease Trust
THE following companies saw new developments which may affect trading of their shares on Tuesday:
Nico Steel: The steel products company is likely to see "a significant increase" in its forthcoming six-month earnings due to higher revenue and margins from its own brand of metal alloy materials, the company said.
Metech International: The e-waste management company has proposed to consolidate every 50 existing ordinary shares in the company into one ordinary share, the firm announced on Monday night after market close. Shares in Metech doubled to close at 0.2 Singapore cent apiece on Monday, before this announcement.
Noble Group: The commodity trader has agreed to swap out its A$32 million of convertible notes issued by Australia-listed miner Sundance Resources for a package of cash, shares and options valued at A$26.7 million.
First Ship Lease Trust: The trust manager said on Monday that it has settled a legal suit that it brought against its former chief executive officer, Alan Hatton. The legal suit was made public in July 2017, with FSL Trust alleging that Mr Hatton had breached his duties. Mr Hatton subsequently filed a counterclaim. On Monday, the parties said that both the claim and the counterclaim have been "amicably resolved, and the allegations of all parties are withdrawn".