ASL Marine's controlling Ang family U-turn on intention to fully subscribe to rights issue

SINGAPORE - Offshore and marine group ASL Marine reversed a previous statement that its controlling shareholders, the Ang family, would subscribe for all of their entitlements under a shareholder rights issue.

It said on Thursday night (June 20) that there was now no certainty that any or all of the Ang family members will subscribe in full for their pro-rata entitlement of rights warrants.

In a previous January 26 announcement, Ang Sin Liu, Ang Kok Tian, Ang Ah Nui, Ang Kok Eng, Ang Kok Leong and Ang Swee Kuan had indicated they planned to subscribe in full to their pro rata entitlement of rights warrants.

As listed on ASL Marine's website, Mr Ang Kok Tian is chairman and managing director of the group, Mr Ang Ah Nui is deputy managing director and Mr Ang Kok Leong is executive director.

ASL Marine's announcement on Thursday said that the Ang family owns not less than 51 per cent of the group's issued share capital for the time being and they continue to support the group and have "utmost confidence in the proposed transactions".

The company also noted that under certain debt obligations of the group, the Ang family and members of their respective families are required to maintain control in the shareholding of the company or management of the group.

ASL Marine also said the right issue will go ahead based on the authority granted by the share issue mandate passed by shareholders at the group's last annual general meeting on Oct 31, 2018. It had previously said specific approval for the rights issue would be sought from shareholders at an extraordinary general meeting.

The company said it received in-principle approval on Thursday from the Singapore Exchange for the listing of the rights issue of about 314.6 million warrants to shareholders, and an issue of 300.6 million warrants to noteholders of its series 006 notes and series 007 notes.

The rights warrants issue to shareholders and noteholders are part of the group's debt restructuring plan.

It will issue one rights warrant for every two shares owned, with each rights warrant having an issue price of $0.006. ASL Marine shares closed down $0.006 or 11.11 per cent at $0.048 on Thursday.

For the noteholders, warrants will be issued on the basis of 462,500 noteholder warrants for every $250,000 denomination of series 006 notes and 578,125 noteholder warrants for every $250,000 denomination of series 007 notes.

Shareholders who are registered to own ASL Marine shares by June 28, 5pm, will be provisionally alloted right warrants for the shareholder exercise.