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The Straits Times (Singapore)
September 6, 2013 Friday
Proposed reverse takeover lifts APS shares
Cemetery operator to get mining exploration rights in Armenia as part of deal
Mok Fei Fei
SHARES of cemetery operator Asia-Pacific Strategic Investments (APS)
more than doubled in price after news of a potential reverse takeover
deal.
The stock added 10.3 cents to close at 18.6 cents with 9.7 million
shares changing hands after a trading halt was lifted at 3.17pm
yesterday.
Catalist-listed APS called for the halt on Wednesday morning and
issued a statement yesterday announcing that it had entered into a
non-binding memorandum of understanding with investor George H.
Richmond.
Under the deal, APS will buy 100 per cent of Mr Richmond's Coeur Gold
Armenia, which holds two mining exploration rights in Armenia.
The rights to mine for gold, silver, antimony and copper began last
November and will last for 25 years, APS said.
It will pay for the mining rights in cash and with new shares.
Mr Richmond is expected to hold 60 per cent of the proposed enlarged
share capital after the reverse takeover exercise.
As part of the deal, China Global Energy & Resources (CGER), a Chinese
firm engaged in a diverse range of businesses including mining, will
also come on board as an investor.
CGER will inject $200 million to subscribe for about 30 per cent of
APS' enlarged share capital.
The deal values APS at $667 million.
APS chief financial officer Lee Keng Mun told The Straits Times
yesterday: "It is a very attractive and profitable deal. It shows that
Singapore companies that have clean balance sheets and structures are
still appealing."
He added that APS does not plan to sell off its bereavement business for now.
This is not the first time that APS has attempted a reverse takeover.
In April last year, it announced it was buying the rights to convert
up to seven oil-based generation units into coal-based power
generators in Pakistan via such an exercise. However, it announced in
May this year that the deal was off.
The proposed new deal is subject to regulatory and shareholder approvals.
From: Baghdasarian
September 6, 2013 Friday
Proposed reverse takeover lifts APS shares
Cemetery operator to get mining exploration rights in Armenia as part of deal
Mok Fei Fei
SHARES of cemetery operator Asia-Pacific Strategic Investments (APS)
more than doubled in price after news of a potential reverse takeover
deal.
The stock added 10.3 cents to close at 18.6 cents with 9.7 million
shares changing hands after a trading halt was lifted at 3.17pm
yesterday.
Catalist-listed APS called for the halt on Wednesday morning and
issued a statement yesterday announcing that it had entered into a
non-binding memorandum of understanding with investor George H.
Richmond.
Under the deal, APS will buy 100 per cent of Mr Richmond's Coeur Gold
Armenia, which holds two mining exploration rights in Armenia.
The rights to mine for gold, silver, antimony and copper began last
November and will last for 25 years, APS said.
It will pay for the mining rights in cash and with new shares.
Mr Richmond is expected to hold 60 per cent of the proposed enlarged
share capital after the reverse takeover exercise.
As part of the deal, China Global Energy & Resources (CGER), a Chinese
firm engaged in a diverse range of businesses including mining, will
also come on board as an investor.
CGER will inject $200 million to subscribe for about 30 per cent of
APS' enlarged share capital.
The deal values APS at $667 million.
APS chief financial officer Lee Keng Mun told The Straits Times
yesterday: "It is a very attractive and profitable deal. It shows that
Singapore companies that have clean balance sheets and structures are
still appealing."
He added that APS does not plan to sell off its bereavement business for now.
This is not the first time that APS has attempted a reverse takeover.
In April last year, it announced it was buying the rights to convert
up to seven oil-based generation units into coal-based power
generators in Pakistan via such an exercise. However, it announced in
May this year that the deal was off.
The proposed new deal is subject to regulatory and shareholder approvals.
From: Baghdasarian