Company Briefs: Alliance Mineral Assets

Alliance Mineral Assets

Alliance Mineral Assets has decided not to seek a dual listing on the Australian Securities Exchange (ASX) for now, and will remain listed on only the Singapore Exchange (SGX), the miner said in an SGX announcement yesterday.

Alliance and Australia-listed Tawana Resources had proposed merging their firms and listing the merged group on ASX.

ASX declined to give an assurance that the group would be able to list. The group's ability to remain a going concern is still uncertain, and the boards have determined that they would not be able to meet this condition for listing within their current timetable.

The directors believe Alliance will be able to satisfy the conditions in due course, and will work towards an ASX listing as soon as practicable after the merger is completed, Alliance said.

Alliance will hold an extraordinary general meeting tomorrow for shareholders to vote on the proposed merger and other items. If approved, the boards expect the merger to be completed by end-October.


Ascendas Hospitality Trust

Ascendas Hospitality Trust's Pullman Sydney Hyde Park hotel experienced a gas leak that resulted in about 30 guests and employees needing medical attention, the managers of the Singapore-listed stapled real estate and business trust said yesterday.

The gas leak was caused by a pool chemical mix-up, the trust managers said in an announcement to the Singapore Exchange. The hotel has since resumed operations.

The hotel is managed by Accor, which is investigating the matter and providing assistance to employees and guests, the trust managers said. Reuters reported that at least eight people were hospitalised.


Vard

Fincantieri Oil & Gas has extended the deadline of its buyout offer for shipbuilder Vard Holdings once again, by about 31/2 weeks to 5.30pm on Oct 15, Vard said in a filing on the Singapore Exchange yesterday.

Fincantieri, which is offering 25 cents per Vard share to take the shipbuilder private, currently has effective control over a 94.73 per cent stake in Vard. It does not intend to extend the exit offer beyond 5.30pm on Oct 15, which is the final closing date.

All other terms set out in the exit offer letter remain unchanged, Vard said.

Vard's shareholders approved the delisting in July. The counter last traded at 25 cents yesterday morning before the exit offer extension was announced.

A version of this article appeared in the print edition of The Straits Times on September 20, 2018, with the headline 'Company Briefs'. Print Edition | Subscribe