Company briefs

Grand Banks Yachts

THE yacht builder issued a profit warning yesterday, saying it expects to report a net loss for the financial year ending June 30.

It cited its acquisition of Palm Beach Motor Yachts and restructuring expenses.

The mainboard-listed firm said the projected net loss also factors in discounts and incentives given to expedite the sale of older model inventory yachts as it focuses on developing new vessels.

Revenue from new orders - which took the order book to $31.6 million as at March 31 - will be recognised largely in the next financial year.

Grand Banks Yachts is due to release its results in the week starting on Aug 24.

Blumont Group

THE company is proposing a renounceable and non-underwritten rights issue of up to 1.43 billion new shares.

Each rights share will be issued at 0.675 cent on the basis of one for every two existing ordinary shares held by shareholders.

The $9.57 million to be raised will be used to strengthen Blumont's balance sheet and make partial repayment to its creditor, Wintercrest Advisors, said the firm in statement.

Frasers Hospitality Trust

THE trust yesterday launched a private placement of 150 million new stapled securities at an issue price of 81 to 82 cents each.

It aims to use net proceeds of around $120 million in its acquisition of a 75-year leasehold interest in Sofitel Sydney Wentworth.

TCC Hospitality will subscribe for 59.3 million new stapled securities under the private placement.

A version of this article appeared in the print edition of The Straits Times on June 26, 2015, with the headline 'Company briefs'. Print Edition | Subscribe