PNE Micron: Announced plans for a reverse takeover deal yesterday to list an Indonesian based owner of resort villas and hotels list on SGX and dispose of existing business. The deal is approx $225.5m with a new issue of 2.7b new shares at $0.085 which was a 143.4% premium to 3 Mar closing at $0.035. Co’s existing business will be sold to current shareholders for $17.3m ($0.085 per share) by cancelling 203.4m shares that they own...
To comply with Rule 429 of Catalist rules, co’s shares will also undergo a 3 to 1 share consolidation to increase the issue price above 20c, at approx 25.5c per share. Upon completion of the deal, 82.5% of PNE Micron will be owned by the Indonesian group. The group consists of Khardom Invt, Vast Base Holdings and Super Ace Invts which are ultimately owned by two individuals Mr Yanuar Arsad and Mr Suwito with net tangible assets of $257.2m.
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