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Stocks to watch: OUE, OUE C-Reit, OUE H-Trust, ASTI Holdings, Mindchamps, RHT Health Trust
THE following companies saw new developments that may affect trading of their shares on Monday:
OUE Limited, OUE Commercial Reit, OUE Hospitality Trust: OUE Commercial Real Estate Investment Trust (OUE C-Reit) and OUE Hospitality Trust (OUE H-Trust) are in a proposed merger to be effected through a trust scheme of arrangement. OUE C-Reit will acquire all issued and paid-up securities in OUE H-Trust. OUE H-Trust stapled securityholders will receive S$0.04075 in cash per stapled security and 1.3583 new OUE C-Reit units per stapled security. This means a stapled securityholder will receive S$40.75 in cash and 1,358 consideration units for every 1,000 stapled securities held. Parent company OUE Group will continue to retain 48.3 per cent of total issued units in the enlarged Reit formed from the merger. OUE C-Reit, OUE H-Trust and parent company OUE Limited have all called for trading halts before this announcement. OUE C-Reit closed down S$0.01 at S$0.52, OUE H-Trust closed up S$0.005 at S$0.735 and OUE Limited closed up S$0.03 at S$1.77 on Friday.
ASTI Holdings, Advanced Systems Automation, Dragon Group: ASTI Holdings executive chairman and CEO Michael Loh Soon Gnee is resigning from the semiconductor manufacturer and its listed units Advanced Systems Automation (ASA) and Dragon Group International (DGI) due to unspecified "personal reasons". Mr Loh’s last day of service has not been announced, but he will be transitioning his duties within the next 12 months, the companies said in regulatory filings on Sunday night. Mr Loh is currently CEO of ASA, an ASTI associate company, and CEO and executive chairman of DGI, an ASTI subsidiary. ASTI shares last traded at 4.5 Singapore cents, down 2.2 per cent, or 0.1 Singapore cent on April 5, while ASA shares closed flat at 0.1 Singapore cent on the same day. Shares of DGI are currently suspended pending a mandatory delisting after the company failed to meet minimum levels of profitability and market valuation under the Singapore Exchange's Mainboard listing rules. ASTI, as the controlling shareholder of DGI, is required to make an exit offer to other DGI shareholders.
Mindchamps PreSchool: Through a wholly owned subsidiary, Mindchamps has entered into an agreement to buy all the shares of seven companies that own and operate eight preschool centres in Sydney's suburbs, for a total of nearly A$40.84 million (S$39.4 million). The purchase consideration was arrived at on an arms' length, willing-seller-willing-buyer basis, after taking into account various factors such as the existing assets, goodwill, financial position and business prospects of each of the respective companies, MindChamps said in a regulatory filing with the Singapore Exchange on Sunday. Mindchamp shares closed down 0.76 per cent, or S$0.005, at S$0.65 on Friday.
RHT Health Trust (RHT): RHT Health Trust Manager, in its capacity as trustee-manager of RHT, said in a regulatory filing with the Singapore Exchange on Sunday that it has been notified by Fortis Healthcare International (FHIL), a controlling unitholder of RHT, and Stellant Capital Advisory Services, the sole shareholder of the trustee-manager, that they have each begun talks with various parties to explore the possibility of a sale of their interests in the trust and the trustee-manager respectively. RHT securities closed flat at S$0.018 on Friday.