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Placement @ $0.00876 withdrawn. This will remove the overhang of shares.
Share should gradually move back to $0.01 over time
Share should gradually move back to $0.01 over time
Joelton ( Date: 14-Jul-2023 09:38) Posted:
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ICP terminates proposed share placement after Aw Cheok Huat&rsquo s cash offer
CATALIST-LISTED ICP will not proceed with its proposed placement of about 570.8 million shares at S$0.00876 apiece, for an approximate consideration of up to S$5 million, it announced on Thursday (Jul 13).
This follows the mandatory conditional cash offer by controlling shareholder Aw Cheok Huat on Jul 11 to acquire all the issued and paid-up ordinary shares of the company at S$0.007 per share.
The general offer constitutes a material adverse change which is likely to make it impracticable or inadvisable to market the placement shares or to enforce contracts for their purchase, the placement agent told ICP on Jul 12. It will likely also prejudice materially the success of the proposed placement.
The counter closed at S$0.008 on Thursday, up S$0.001 or 14.3 per cent.
The share price for ICP has fallen since the share placement was first announced. The proposed placement had been one rationale behind shareholder and board director Ang Kong Meng&rsquo s requisition for an extraordinary general meeting (EGM).
Shares of ICP closed at S$0.01 on Jun 7, before a trading halt was called ahead of the share placement announcement on Jun 8. After the halt was lifted following the announcement, the counter was unchanged.
On Jun 16, the company announced that it had received a requisition notice from Ang to convene an EGM to pass seven resolutions.
Ang said in his requisition notice that ICP&rsquo s recently proposed share placement &ldquo does not seem to be a true fundraising, as the company has not disclosed any potential acquisitions&rdquo . Instead, the company intends to &ldquo dilute shareholders&rsquo interest&rdquo , he alleged. He also sought the removal of three directors, including Aw.
ICP closed unchanged at S$0.01 on Jun 16.
The company called for a trading halt on Jul 11 afternoon, before the announcement that Aw had become ICP&rsquo s controlling shareholder that night, with a 42.63 per cent stake in the company.
A bourse filing on Jul 12 also announced that Ang had on Jul 11 sold 536 million of his shares in ICP, for S$3.75 million via a married deal. His stake in ICP fell to 5.26 per cent, from 21.34 per cent.
ACQUISITION OF INTERESTS IN HOTEL PROPERTIES IN SAPPORO AND NAGOYA, JAPAN 1.
INTRODUCTION The board of directors (the &ldquo Board&rdquo ) of ICP Ltd. (the &ldquo Company&rdquo , together with its subsidiaries, the &ldquo Group&rdquo ), wishes to announce the Group&rsquo s proposed acquisition of the trust beneficiary interest (&ldquo TBI1 &rdquo ) in 2 hotel properties (&ldquo Properties&rdquo ) in Sapporo and Nagoya, Japan (&ldquo Proposed Acquisition&rdquo ) currently operating as 2ND by hotel androoms Sapporo (&ldquo Sapporo Hotel&rdquo ) and 2ND by hotel androoms Nagoya (&ldquo Nagoya Hotel&rdquo ) respectively. In connection with the Proposed Acquisition, the following agreements were entered into on 21 September 2022: (i) The Group has, through its wholly owned subsidiary, MHI SG 1 Pte. Ltd (&ldquo MHI&rdquo ) entered into a joint venture agreement (&ldquo JVA&rdquo ) with Murray Investments Holdings Pte. Ltd (&ldquo JVCo&rdquo ) and Murray Investments Topco Pte. Ltd (&ldquo JV Partner&rdquo ), resulting in the total issued and outstanding shares of the JVCo being held in the proportion of 5% and 95% (the &ldquo Agreed Proportion&rdquo ) respectively by MHI and the JV Partner. (ii) Tower Street TMK (&ldquo TMK&rdquo or &ldquo Purchaser&rdquo ), a wholly owned subsidiary of the JVCo and a special purpose company incorporated under Japanese law has entered into a conditional Purchase and Sale Agreement (&ldquo PSA&rdquo ) with Rio Grande Godo Kaisha (&ldquo Vendor&rdquo ) to acquire the TBI of the Properties. Following completion of the Proposed Acquisition, the TBI of the Property will be held by TMK and the trustee, Mitsubishi UFJ Trust and Banking Corporation will hold the legal title to the Properties as trustee. 2. INFORMATION ON THE PROPERTIES AND THE RELEVANT PARTIES 2.1 The Properties The Sapporo Hotel was built in 2019. It has 14 floors with 212 rooms. Facilities include a food & beverage outlet, carpark and laundromat. The hotel is located in Susukino, the primary entertainment and nightlife district of Sapporo, and approximately 4 minutes&rsquo walk to Susukino train station. The Nagoya Hotel was built in 2017. It has 13 floors with 211 rooms. Facilities include a food & beverage outlet, carpark and laundromat. The hotel is located in the Sakae district of Nagoya and is within 5-10 minutes&rsquo walk to 4 metro stations which provides convenient transport connectivity. The popular Sakae shopping district is located south of the Nagoya Hotel. 1 Real estate in Japan may be held under a trust in the form of a trust beneficiary interest issued by a trust bank licensed in Japan. 2 2.2 The Vendor The Vendor is incorporated in Japan and a subsidiary of a leading global financial institution that delivers a broad range of financial services across investment banking, securities, investment management and consumer banking to a large and diversified client base that includes corporations, financial institutions, governments and individuals. 2.3 The JV Partner The JV Partner is incorporated in Singapore and a subsidiary of a US-based global asset management firm specializing in alternative investments, with $159 billion in assets under management as of June 30, 2022. The firm emphasizes an opportunistic, valueoriented and risk-controlled approach to investments in credit, private equity, real assets and listed equities with offices in Asia Pacific, such as Singapore, Hong Kong, Seoul, Tokyo, Shanghai, Beijing and Sydney. 2.4 The JVCo The JVCo, incorporated in Singapore on 25 November 2021, is a private company limited by shares and is wholly owned by the JV Partner. The JVA was entered into in conjunction with the PSA and to regulate MHI and the JV Partner&rsquo s relationship as shareholders in the JVCo. Pursuant to the terms of the JVA: (i) the JVCo shall comprise three (3) Directors, of which two (2) directors (including the Chairman of the JVCo) will be appointed by the JV Partner and one (1) will be appointed by the MHI. The quorum shall be held by two (2) Directors present at the time when the relevant business is transacted, including one (1) director appointed by MHI. (ii) The consideration payable by the Group for the 5% interest in the issued share capital of the JVCo will be wholly satisfied by cash by way of utilizing internal resources. (iii) No service agreement is entered into between the JVCo and MHI. 3. DETAILS OF THE PROPOSED ACQUISITION 3.1 Purchase Consideration and Valuation The aggregate purchase consideration for the Proposed Acquisition of JPY6.5 billion (approximately S$64.0 million2 ) (&ldquo Purchase Consideration&rdquo ) was negotiated on a willing-buyer and willing-seller basis and takes into account the independent valuation undertaken on the Properties (the &ldquo Independent Property Valuation&rdquo ) by JLL Mori Valuation and Advisory K.K. (the &ldquo Independent Property Valuer&rdquo ). The independent valuation reports as at 16 August 2022 (the &ldquo Independent Valuation Reports&rdquo ) was commissioned by TMK, and the Properties were valued at JPY8.5 billion (approximately S$83.8 million), based on discounted cashflow analysis, direct capitalisation and cost approaches. 2 Based on an exchange rate of JPY101.60: S$1.00 as at 19 September 2022. Unless otherwise indicated in this announcement, all conversions from Japanese Yen (&ldquo JPY&rdquo ) into Singapore Dollars (&ldquo S$&rdquo ) in this announcement are based on an indicative exchange rate of JPY101.60: S$1.00. 3 3.2 Estimated Total Cost of Acquisition Based on the Agreed Proportion, the estimated total cost to be incurred by the Company for the Proposed Acquisition is JPY334.4 million (approximately S$3.3 million) (the &ldquo Company&rsquo s Acquisition Costs&rdquo ) comprising the Company&rsquo s share of the Purchase Consideration estimated professional fees, transaction costs incurred or to be incurred in connection with the Proposed Acquisition and the shares in the JVCo. Capital expenditure is estimated to be approximately 10% of the Purchase Consideration
INTRODUCTION The board of directors (the &ldquo Board&rdquo ) of ICP Ltd. (the &ldquo Company&rdquo , together with its subsidiaries, the &ldquo Group&rdquo ), wishes to announce the Group&rsquo s proposed acquisition of the trust beneficiary interest (&ldquo TBI1 &rdquo ) in 2 hotel properties (&ldquo Properties&rdquo ) in Sapporo and Nagoya, Japan (&ldquo Proposed Acquisition&rdquo ) currently operating as 2ND by hotel androoms Sapporo (&ldquo Sapporo Hotel&rdquo ) and 2ND by hotel androoms Nagoya (&ldquo Nagoya Hotel&rdquo ) respectively. In connection with the Proposed Acquisition, the following agreements were entered into on 21 September 2022: (i) The Group has, through its wholly owned subsidiary, MHI SG 1 Pte. Ltd (&ldquo MHI&rdquo ) entered into a joint venture agreement (&ldquo JVA&rdquo ) with Murray Investments Holdings Pte. Ltd (&ldquo JVCo&rdquo ) and Murray Investments Topco Pte. Ltd (&ldquo JV Partner&rdquo ), resulting in the total issued and outstanding shares of the JVCo being held in the proportion of 5% and 95% (the &ldquo Agreed Proportion&rdquo ) respectively by MHI and the JV Partner. (ii) Tower Street TMK (&ldquo TMK&rdquo or &ldquo Purchaser&rdquo ), a wholly owned subsidiary of the JVCo and a special purpose company incorporated under Japanese law has entered into a conditional Purchase and Sale Agreement (&ldquo PSA&rdquo ) with Rio Grande Godo Kaisha (&ldquo Vendor&rdquo ) to acquire the TBI of the Properties. Following completion of the Proposed Acquisition, the TBI of the Property will be held by TMK and the trustee, Mitsubishi UFJ Trust and Banking Corporation will hold the legal title to the Properties as trustee. 2. INFORMATION ON THE PROPERTIES AND THE RELEVANT PARTIES 2.1 The Properties The Sapporo Hotel was built in 2019. It has 14 floors with 212 rooms. Facilities include a food & beverage outlet, carpark and laundromat. The hotel is located in Susukino, the primary entertainment and nightlife district of Sapporo, and approximately 4 minutes&rsquo walk to Susukino train station. The Nagoya Hotel was built in 2017. It has 13 floors with 211 rooms. Facilities include a food & beverage outlet, carpark and laundromat. The hotel is located in the Sakae district of Nagoya and is within 5-10 minutes&rsquo walk to 4 metro stations which provides convenient transport connectivity. The popular Sakae shopping district is located south of the Nagoya Hotel. 1 Real estate in Japan may be held under a trust in the form of a trust beneficiary interest issued by a trust bank licensed in Japan. 2 2.2 The Vendor The Vendor is incorporated in Japan and a subsidiary of a leading global financial institution that delivers a broad range of financial services across investment banking, securities, investment management and consumer banking to a large and diversified client base that includes corporations, financial institutions, governments and individuals. 2.3 The JV Partner The JV Partner is incorporated in Singapore and a subsidiary of a US-based global asset management firm specializing in alternative investments, with $159 billion in assets under management as of June 30, 2022. The firm emphasizes an opportunistic, valueoriented and risk-controlled approach to investments in credit, private equity, real assets and listed equities with offices in Asia Pacific, such as Singapore, Hong Kong, Seoul, Tokyo, Shanghai, Beijing and Sydney. 2.4 The JVCo The JVCo, incorporated in Singapore on 25 November 2021, is a private company limited by shares and is wholly owned by the JV Partner. The JVA was entered into in conjunction with the PSA and to regulate MHI and the JV Partner&rsquo s relationship as shareholders in the JVCo. Pursuant to the terms of the JVA: (i) the JVCo shall comprise three (3) Directors, of which two (2) directors (including the Chairman of the JVCo) will be appointed by the JV Partner and one (1) will be appointed by the MHI. The quorum shall be held by two (2) Directors present at the time when the relevant business is transacted, including one (1) director appointed by MHI. (ii) The consideration payable by the Group for the 5% interest in the issued share capital of the JVCo will be wholly satisfied by cash by way of utilizing internal resources. (iii) No service agreement is entered into between the JVCo and MHI. 3. DETAILS OF THE PROPOSED ACQUISITION 3.1 Purchase Consideration and Valuation The aggregate purchase consideration for the Proposed Acquisition of JPY6.5 billion (approximately S$64.0 million2 ) (&ldquo Purchase Consideration&rdquo ) was negotiated on a willing-buyer and willing-seller basis and takes into account the independent valuation undertaken on the Properties (the &ldquo Independent Property Valuation&rdquo ) by JLL Mori Valuation and Advisory K.K. (the &ldquo Independent Property Valuer&rdquo ). The independent valuation reports as at 16 August 2022 (the &ldquo Independent Valuation Reports&rdquo ) was commissioned by TMK, and the Properties were valued at JPY8.5 billion (approximately S$83.8 million), based on discounted cashflow analysis, direct capitalisation and cost approaches. 2 Based on an exchange rate of JPY101.60: S$1.00 as at 19 September 2022. Unless otherwise indicated in this announcement, all conversions from Japanese Yen (&ldquo JPY&rdquo ) into Singapore Dollars (&ldquo S$&rdquo ) in this announcement are based on an indicative exchange rate of JPY101.60: S$1.00. 3 3.2 Estimated Total Cost of Acquisition Based on the Agreed Proportion, the estimated total cost to be incurred by the Company for the Proposed Acquisition is JPY334.4 million (approximately S$3.3 million) (the &ldquo Company&rsquo s Acquisition Costs&rdquo ) comprising the Company&rsquo s share of the Purchase Consideration estimated professional fees, transaction costs incurred or to be incurred in connection with the Proposed Acquisition and the shares in the JVCo. Capital expenditure is estimated to be approximately 10% of the Purchase Consideration
For those who can can collect $0.010. Here should be the pivot
May we hv more days of uptrend
LOL ...
Sibehboeng ( Date: 10-Nov-2021 11:21) Posted:
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Those bought at 17...................
yah, then gostan over the person somemore before driving off...
ykjuay ( Date: 10-Nov-2021 09:55) Posted:
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Bought at 12..My 2nd round for tdy actually
need to lodge police report. 
juz a hit & run counter
Wa any news?
Cumed leh
MakeChanges ( Date: 10-Nov-2021 09:28) Posted:
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Seems its coming
Lai liao......:) $0.01
very long BB never Goreng Liao. They got Great Assets, when Covid Recover, HUAT KA SIAO!
Smallball ( Date: 09-Jun-2020 10:13) Posted:
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GOOD NEWS ACTUALLY, FINALLY CANCEL This Purchase.
TERMINATION OF AGREEMENTS IN RELATION TO ACQUISITION OF HOTEL PROPERTY IN OSAKA, JAPAN
https://links.sgx.com/FileOpen/ICP_Termination%20of%20JVA_8Jun2021.ashx?App=Announcement& FileID=670538
TERMINATION OF AGREEMENTS IN RELATION TO ACQUISITION OF HOTEL PROPERTY IN OSAKA, JAPAN
https://links.sgx.com/FileOpen/ICP_Termination%20of%20JVA_8Jun2021.ashx?App=Announcement& FileID=670538
[Penny Craze is Back in Singapore' s SGX: Legalized Casino is back]
Recent Award Winner goes to $CFM(5EB.SI) from 4.5 cents to 25 cents with NO End In Sight after 3 trade days. 3 White Soldiers.
Then there' s the $Metal Component(5DX.SI) one-day stunner 3.8 cents to 10.4 cents.
These are some shares Bro Greg is STUCK and Present to you similarities with usual pumps. BBs please lei, show some love here.
$ICP Ltd(5I4.SI)
Placement of 460 Million Shares at 0.85 to Private Equity in 2019.
HOTEL management company ICP has placed S$3.9 million worth of new shares representing a 14.78 per cent post-deal stake to private equity firm CMIA Capital Partners. The 460 million new ICP shares were priced at 0.85 Singapore cent apiece.
Can go look them up: https://cmia.com/
$OKH Global(S3N.SI)
NAV 0.067 CENTS. Many Logistics and Commercial Warehouses.
Come ICP n OKH, Greg teach you how to play, tomorrow u go announce Placement shares say we going into AI Startup for Property n Hotel Biz. We all HUAT together.
MALAYSIA DATUK STOCK
Real Covid Recovery Penny Play, if u LONG SIA and Support PM Lee words, ALL IN, No 2 No Sell. They have Tourism Hotel: Travellodge brand, wwhich had revamped and picking up pre-covid. Now Covid, Malaysia Govt choose it as the place to go! Let' s break 1 to 1.3 then MOON it. Walls at 1.1 to 1.3.
News 1: Singapore may reopen borders by year-end, says PM Lee in BBC interview
News 2: Up to 100,000 more Covid-19 jabs for Malaysian workers as Johor hopes to reopen border with S' pore by June
https://www.straitstimes.com/asia/se-asia/johor-to-receive-up-to-100000-more-covid-19-vaccines-for-malaysian-workers-aims-to
News 1: Singapore may reopen borders by year-end, says PM Lee in BBC interview
https://www.channelnewsasia.com/news/singapore/singapore-reopen-borders-year-end-pm-lee-hsien-loong-bbc-14403322
News 2: Up to 100,000 more Covid-19 jabs for Malaysian workers as Johor hopes to reopen border with S' pore by June
https://www.straitstimes.com/asia/se-asia/johor-to-receive-up-to-100000-more-covid-19-vaccines-for-malaysian-workers-aims-to