UOL
Property group UOL's independent financial adviser has advised shareholders that they vote to waive their rights to receive a mandatory general offer from Haw Par Corp, as a result of a share swap agreement announced in June.
The share swap, initiated by UOB's Wee family, which controls both companies, will see UOL issue 27.3 million new shares to Haw Par. Haw Par is giving UOL 60 million shares in United Industrial Corp (UIC) in exchange for the UOL shares.
This is based on an exchange ratio of 2.2 UIC shares for one share in UOL. This puts a premium on UIC shares of 3.2 per cent versus the swap ratio of 2.27 implied by the volume-weighted average trading prices for both counters in the three months to June 20.
In a circular to shareholders yesterday, Deloitte & Touche Corporate Finance, the independent financial adviser, said the Whitewash Resolution, when considered in the context of the share swap, is "fair and reasonable".
Global Logistic Properties
Global Logistic Properties has posted a net profit of US$144.2 million (S$196.4 million) in the first quarter, down 28.9 per cent from the same period a year ago.
Revenue in the three months to June 30 was US$261.8 million, up 26.7 per cent, although the bottom line was affected by lower revaluations.
Core earnings excluding revaluations were stable year on year, underpinned by recurring income from operations and the continued expansion of its fund management platform.
Earnings per share was 3.08 US cents, down from 4.12 US cents a year ago.
Net asset value per share was US$1.88 as at June 30, from US$1.86 as at March 31.
GP Industries
GP Industries has posted a net profit of $5.4 million in the first quarter, up 5 per cent from the same period a year earlier.
Revenue in the three months to June 30 was $274.8 million, up 13.5 per cent, mainly due to a 16.8 per cent revenue growth of GP Batteries International.
Earnings per share was 1.12 cents, up from 1.06 cents a year ago.
Net asset value per share was 71.41 cents as at June 30, up from 70.69 cents as at March 31.
