Achieva

Achieva: Released two positive announcements overnight, resulting in the 10% spike in share price today. i) Entered conditional agreement to sell a 49% stake in wholly-owned Achieva Technology to Serial System for $5.1m (1x book value). ii) Enter conditional agreement to purchase SUTL Marina Development and One15 Luxury Yachting, for an aggregate $21m. Purchase will be satisfied by an issue of 341.5m new shares at $0.0615/share, resulting in a RTO transaction, This will transform Achieva from an IT distributor, into a lifestyle club and yatch chartering operator. SUTL Marina Development currently operates of ONE degree 15 Marina Club at Sentosa Cove, while One15 Luxury Yachting provides yacht chartering services. Proforma FY13 NTA will decline 2.5% to 6.31¢, while loss/share will narrow from 1.47¢ to loss/share of 0.63¢.