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PostPosted: August 25th, 2010, 11:36 pm 
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PostPosted: September 6th, 2011, 6:13 am 
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Singapore Companies
Published September 6, 2011

Grand Banks Yachts gets waiver from watch-list
It obtains deferment in light of $45m share subscription


GRAND Banks Yachts has been granted a waiver from entry on the Singapore Exchange's (SGX) watch-list until Dec 1, in light of a $45 million share subscription by European private equity firm Investindustrial Asian Development Holdings SA.

'An application was made by the company to (SGX) for the deferment . . . taking into account the proposed subscription,' Grand Banks Yachts said in a release to SGX yesterday. 'On Sept 5, SGX advised the company that it has granted a waiver until Dec 1, 2011.'

But if the company's average market capitalisation is less than $40 million over the last 120 market days at the next review in December, it will be placed on the watch-list immediately.

SGX places a company on the watch-list when it records pre-tax losses for the three last consecutive financial years, and has an average daily market capitalisation of less than $40 million over the last 120 market days.

On Aug 29, Grand Banks Yachts issued a notice stating that it has recorded pre-tax losses for the three most recently completed consecutive financial years and that its market capitalisation on the day of the announcement stood at $31.7 million.

On Aug 18, Grand Banks Yachts announced that it had entered into a subscription agreement under which it will issue 136.14 million new shares at $0.33 per share to Investindustrial. The price represents a discount of 9.59 per cent to the volume-weighted average price per share for trades done on Aug 18.

Upon completion, the new shares would constitute about 58.7 per cent of the company's enlarged share capital.

If all the conditions are met, Investindustrial will make a general offer for all the shares that it does not own in Grand Banks Yachts.

'The new capital . . . provides the company with additional security and time to manage through the unfavourable industry business conditions. Further, the subscriber would be able to assist the company's existing management team in expanding the product range quickly to attract new customers, strengthening the distribution system and recruiting additional executives,' Grand Banks Yachts said.

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