Oceanus: Proposes restructuring exercise. To issue 269.3m shares at $0.072 to GOP for a total consideration of $19.4m to settle a loan. This is approx a 12% disc to the VWAP of $0.082 on 5 Apr. Co will also acquire the remaining 30% stake in OFG SG an OFG HK that GOP owns for $900k through issuing 12.5m shares at $0.072. GOP is owned by the founder of priv co KYH Intl which co-owns the Skylight brand of abalone. OFG SG and OFG HK are invt holding cos involved in the abalone processing business and management of F&B outlets.
The total new issued shares is approx 12.3% of enlarged share capital.
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