Swiber / Enzer

Swiber proposed to inject one of its subsidiaries, Samson into Enzer in exchange for 176m new Enzer shares at issue price of $0.0375/sh. Deal to be valued at not more than S$6.6m, and will allow Swiber to hold up to 29.4% of Enzer’s enlarged share base. Samson’s only asset is a vessel, to be leased to another Swiber subsidiary for a period of 10yrs. Deal not expected to result in significant financial impact to the group. DMG initiated Swiber with a $1.35 target last Friday.