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Hatten Land seeks to extend judicial management order by 180 days

Hatten Land is seeking to extend its judicial management order (JMO) by 180 days, in light of the order which expires on Oct 9.

The court has fixed the hearing date for the JMO extension application to be on Oct 6, at 10am.

Hatten Land filed an application in the general division of the Singapore High Court on Aug 5, 2024 to place the company under judicial management.

Shares in the company have been halted since Aug 2, 2024.

Hatten Land: ENTRY INTO BINDING KEY TERMS IN RELATION TO THE PROPOSED STRATEGIC INVESTMENT by Hungchi Enterprise Pte. Ltd. (the &ldquo Strategic Investor&rdquo )

Key pointers:

> the Strategic Investor shall invest an aggregate of S$11,400,000 (equivalent to approximately Malaysian Ringgit 38,131,000) (the &ldquo Investment Amount&rdquo ) via placement of new shares in the Company (each a &ldquo Hatten Share&rdquo ) or subscription for convertible debt securities or convertible equity securities or a combination of both (not less than 60% and not more than 70% of the enlarged share capital)

> Complete its due diligence within an initial period of two (2) months from the date of the Key Terms (the &ldquo Due Diligence Period&rdquo ). The Due Diligence Period may be extended by a further period of one (1) month (or such longer period as may be agreed between the Parties) by way of written notice to the Company specifying the reasons and/or documents and/or information as may be required by the Strategic Investor at any time before expiry of the Due Diligence Period

> the Strategic Investor shall procure for the novation of the Haitong Facility and the Secured Bonds to the Strategic Investor or such entity as it may designate (as the new lender)

> the Strategic Investor shall procure the Third Party and/or its associates to provide funding of up to Malaysian Ringgit 400,000,000 (approximately S$119,589,000) (the &ldquo Development Funding&rdquo ) to complete the construction of the Harbour City Development.

> the Strategic Investor shall procure the Third Party (or its associates) to assist with the negotiation and finalisation of the terms and conditions for a collaboration to be entered into by the Company (or the relevant Group Company) with a healthcare company listed on the Shenzhen Stock Exchange to secure its significant presence in Imperio Mall.

> the Strategic Investor shall procure the Third Party to operate and manage up to 200 suites in Hatten Suites as part of Hatten City Phase 1 (Hatten Place) under the management of the Company or its associates within six (6) months from the date of the Definitive Agreement (or such later date as may be agreed between the Third Party and the Company).

> the Strategic Investor shall, on a best efforts basis, procure the Third Party and its associates to procure tenants recruitment to occupy at least 300 commercial units in Elements Mall under the management of the Group.

https://links.sgx.com/FileOpen/Entry%20into%20Binding%20Key%20Terms%20in%20Relation%20to%20the%20Proposed%20Strategic%20Investment.ashx?App=Announcement& FileID=819038

Think this n the place n SMI will really hurt other penny stocks.. nobody will want to touch them... just like china stocks here....oil stocks few yrs back...scare ppl away

Joelton ( Date: 06-Aug-2024 15:49) Posted:

Hatten Land files application for judicial management trading in shares suspended

The group also aims to wind up inactive Malaysian subsidiary with zero equity value

REAL estate developer Hatten Land on Monday (Aug 5) filed an application to the general division of Singapore&rsquo s High Court to be placed under judicial management.

In a bourse filing on Monday night, the group said it has proposed Tan Wei Cheong and Lim Loo Khoon of Deloitte & Touche to be appointed the joint judicial managers of Hatten Land. Hatten Land has also applied for Tan and Lim to serve as interim judicial managers pending the determination of the application.

Hatten Land noted that the applications were filed as a &ldquo proactive measure&rdquo to facilitate the ongoing restructuring efforts, and to forestall any possible action by other creditors.

In the period after filing the application and before the court has made its decision, no step can be made to enforce security over the company&rsquo s property, or repossess any goods under any hire-purchase agreement, leasing agreement and retention of title agreement, except with the court&rsquo s permission.

In addition, no proceedings, enforcement order or other legal process can be commenced against the company, except with permission from the court and subject to the court&rsquo s terms.

As the judicial management application is related only to Hatten Land, it is not expected to disrupt the operations of the company&rsquo s subsidiaries and business units as they continue to operate under their respective management teams.

The judicial management application is also in light of the group&rsquo s latest developments, including the winding-up of its subsidiary Prolific Properties.

The subsidiary has been inactive since the pandemic as the group has prioritised the restructuring process and focused on its constrained resources on resuming construction at Harbour City.

Prolific Properties was in a net liabilities position amounting to RM11.7 million (S$3.5 million) as at Mar 31. An independent professional valuer had valued Prolific Properties&rsquo equity value as at Mar 31 to be zero.

Prolific Properties&rsquo main asset is a parcel of land in Melaka, Malaysia, which was meant for the development of a project that had not yet been completed. The land parcel was also the subject of a security granted to a Malaysian bank to secure Prolific Properties&rsquo loan, with an outstanding loan balance of approximately RM2.2 million.

The subsidiary on Aug 1 informed Hatten Land that the Malaysian court had filed a winding up order against Prolific Properties, and an official receiver from the Insolvency Department of Malaysia was appointed as the interim liquidator until Aug 29.

&ldquo As of the date of this announcement, no instructions have been received from the interim liquidator,&rdquo said Hatten Land. It also said the net impact of Prolific Properties&rsquo winding up is considered insignificant due to its zero equity value and net liabilities.

Trading in the shares of Hatten Land : PH0 0% has been halted since Aug 2. Its counter then was flat at S$0.011. The group added it had requested a trading suspension on Monday.