Sincap

Sincap: just queried by SGX for its trading activity. Stock is up 12.6% today at $0.161 and has doubled since the start of Jun. No overnight news to highlight. Focus remains on its proposed diversification into property development in South Perth in Western Australia. Repost from 12 Aug: Sincap entered into a preliminary agreement with the vendors to acquire LTN Land, which holds a 59% stake in a plot of land situated at 1 Richardson Street, South Perth, Australia, which is being developed into a mixed-property development. The purchase consideration of $38.5m (15% discount to independent valuation) will be satisfied by the issue of 260m new Sincap shares (74% of existing share base) at $0.148 each. The parties have an exclusive period of three months for negotiations.