Jaya Holdings

Jaya Holdings: Jaya received a claim notice from Mermaid Marine Asia of $15.6m due to an alleged warranty breach, in relation to its asset disposal. The warranty claim came just before the end of the six-month warranty period, before Jaya is able to distribute out remaining cash kept on its books to shareholders. Assuming the claim by Mermaid is successful, Jaya's net assets of $19.6m will fall to $4m (0.516¢/share). With the listed-shell premium of $12m attached previously, this will equate to an estimated market cap of $16m (2.07¢/share).