Eagle: +20% at $0.09. Penny stock rises on strong volume after lunch, following significant corporate action. Company had previously disposed its main operating subsidiaries and now recommends a capital distribution of 7.85ct/sh…
Separately, mgt proposes to acquire two Msian companies, Nam Cheong Dockyard and Nam Cheong Offshore, in a reverse take-over transaction. Eagle will then become an offshore marine group involved in shipbuilding, vessel chartering, and trading in marine related pdts. Transaction involves issue of 94.4bn new shares (~99% of enlarged share base) at 0.5ct/sh, and subsequently a 50-to-1 consolidation exercise.
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